HBA President's Holiday Reception set for December 13

The annual President's Holiday Reception is just around the corner:

• President's Holiday Reception
• Tuesday, December 13
• 5:30 p.m. until 8 p.m.
• Home of Eric and Teresa Hedrick, 102 Cape Charles Drive, Greenville
• No charge to participate compliments of our Presenting Partner, Piedmont Natural Gas, and Host Partner, Cornerstone Contractors

Parking is available at the HBA Office, 5 Creekside Park Court, Greenville,  A shuttle will run regularly from the HBA Office to the site of the party.

The President's Holiday Reception is the annual holiday party for HBA of Greenville members to gather, celebrate the spirit of the holidays, and wish joy and cheer to one another before taking a break to spend time with our families.

The President's Holiday Reception also will be an opportunity for HBA members to celebrate a successful year with President Wayne Moore.

President Wayne Moore, along with our Presenting Partner, Piedmont Natural Gas, and Host Partner, Cornerstone Contractors, invite HBA members to celebrate the season at the President's Holiday Reception.

To RSVP for the President's Holiday Reception, click here.

Greenville County to host public meeting on new Flood Insurance Rate Maps

Greenville County announced a public meeting on the new Flood Insurance Rate Maps.  Representatives from Greenville County, S.C. Department of Natural Resources, and the Federal Emergency Management Agency will be on hand to answer questions.

• December 14, 2011
• 4 p.m. until 8 p.m.
• Greenville County Square, Conference Room A, 301 University Ridge, Greenville SC

SC HELP Foreclosure Prevention Program Now Available Statewide

Responsible, but struggling, homeowners in danger of losing their homes to foreclosure in South Carolina can apply for mortgage payment assistance through a program administered through the S.C. State Housing Finance and Development Authority. The program, the South Carolina Homeownership and Employment Lending Program (SC HELP) is making more than $300 million available in South Carolina to struggling homeowners.

SC HELP is designed to help homeowners who are falling behind on mortgage payments due to circumstances beyond their control. These may include unemployment, catastrophic illness, death of a spouse, and/or divorce. The South Carolina program receives its funding from the U.S. Department of the Treasury. “SC HELP could continue until 2017,” said Lisa A. Bussey, Legislative Outreach Manager of the state housing authority.

Bussey urges homeowners who are or may be falling behind in mortgage payments to apply to SC HELP as soon as they begin to experience trouble. “Our goal is to make certain no potential beneficiary goes un-served. If you think you may qualify, please apply.”

Homeowners can apply online at www.SCMortgageHelp.com. SC HELP officials emphasize that using the online application is the fastest and most efficient way to begin the process. Homeowners without internet access may call toll-free to 855-HELP-4-SC (855-435-7472) to begin the process.

Eligibility is determined on a case-by-case basis, but for those who qualify, assistance may include:

• Monthly Payment Assistance - assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self-sustainability.
• Direct Loan Assistance - for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance - in cases where the mortgage cannot be salvaged, funds may be provided to help transition families from homeownership to rental housing in cases where a short-sale or deed-in-lieu of foreclosure occurs.

Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:

1. Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)
2. Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences
3. The property securing the mortgage must be owner-occupied as a full-time residence
4. Borrower must provide a financial hardship affidavit
5. Mortgage can be no more than 120 days delinquent
6. Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a non-recourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced prior to the loan termination date, funds will be recovered should sufficient equity be available from the transaction. The Property Disposition Assistance Program will provide a one time, lump sum grant to the recipient.

FHFA reports lower mortgage interest rates

The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.19 percent based on loans closed in October. This is a decrease of 0.19 percent from the previous month.

The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 20 basis points to 4.36 percent in October. These rates are calculated from the FHFA’s Monthly Interest Rate Survey of purchase-money mortgages. These results reflect loans closed during the October 25-31 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-September.

The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.17 percent in October, down 19 basis points from 4.36 percent in September. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.29 percent in October, down 20 basis points from 4.49 percent in September.

This report contains no data on adjustable-rate mortgages due to insufficient sample size. 

Initial fees and charges were 0.83 percent of the loan balance in October, down 0.11 percent from 0.94 in September. Twenty-eight percent of the purchase-money mortgage loans originated in October were "no-point" mortgages, down one percent from the share in September. The average term was 28.7 years in October, down 0.3 years from 29.0 years in September. The average loan-to-price ratio in October was 78.4 percent, up 0.1 percent from 78.3 percent in September. The average loan amount was $218,500 in October, down $2,200 from $220,700 in September.

To view the historical rate index for mortgage interest rates at the Federal Housing Finance Agency, click here.

HBASC announces 2012 Housing Advocacy Agenda

Your Home Builders Association of South Carolina announced the Housing Advocacy Agenda for 2012 following its annual Legislative Conference in Columbia on November 9.

1. Multi-lot Discount: Allow for a grace period for annual re-certification to reduce risk of losing property tax discount, and increase from 5 to 8 the years the discount is available due to the economic downturn. Bill up in Senate. 
2. Reverse Anti-Economic Development Case: SC Supreme Court decision said any discharge into the environment must be permitted, and anyone can have standing in the case. Ominous decision for land development & construction – permit nightmare! Bill to be introduced. 
3. IECC 2009 Adoption: The PURC Advisory Committee is scheduled to move forward with recommendations to the General Assembly to adopt the IEEC 2009 energy code. Bill to be introduced. 
4. Immigration Reform: There is new political pressure in our state due to concerns over the Hispanic growing population in the US. We would anticipate that immigration reform legislation may have to be introduced if the Court rules against the recently passed state law - similar to the Arizona law. Bill challenged in court! 
5. Impact Fees: HBA has to defend the state impact fee law every year every year, as some areas of the state continue to push for school impact fees, and more liberal interpretation of our state’s impact fee law. Recent court action helped! 
6. Comprehensive Tax Reform: General Assembly will possibly pursue a comprehensive review of taxes in 2012 based on some of the TRAC Committee recommendations with additions, deletions, and changes to the SC tax code. Tax reform bill likely be introduced. 
7. Private Transfer Fees: A bill was passed last session to ban the use of private transfer fees in SC. Bill will be up for passage in Senate in 2012. 
8. Labor Unions Expand Their Influence: Business interests are concerned that labor unions will attempt to undermine our right-to-work state by state and federal legislation.

Watch for Calls to Action from your Home Builders Association in support of these housing-related public policy issues.

HBA members save $500 when they buy a GM vehicle

HBA members can save $500 when buying a vehicle from a GM dealer.

Click here to learn more about which vehicle qualify for the GM $500 discount.

To qualify, download a proof of membership form by clicking here.  Take the form to your GM dealer.  Negotiate your best deal, then present your membership form for an additional $500 off of your purchase.

Only vehicles purchased by the HBA member of record qualify for the discount.  The program can not be combined with another private offer.

HBA members save money when buying a Lowe's

Did you know HBA members who use their Lowe's Account Receivable account save five percent on their purchases?  Plus, visit LowesForPros.com/NAHB and save an additional two percent through December 7, 2011.

Click here to visit LowesForPros.com/NAHB for details on savings for HBA members.