• Affording a down payment is a major hurdle for many would-be buyers.
• Top lenders introduced a mortgage that requires just 1% down payment, versus the usual 3% minimum.
• It's available to first-time and repeat homebuyers and could save them thousands of dollars.

Imagine getting approved for a mortgage on the home of your dreams and making a down payment of just 1% of the purchase cost. 

That has become reality for many lower income Americans thanks to new mortgage programs introduced by United Wholesale Mortgage and Rocket Mortgage — the two largest US lenders in 2022 — that aim to make homeownership more affordable at a time when high interest rates and home prices have put the the market into a deep freeze.

The programs from Rocket Mortgage and UWM  let some homebuyers who make 80% or less of their area's median income put just 1% down on a home, 2 percentage points less than the minimum for a conventional loan. The lenders make up the difference, and that, for example, can result in a savings of $4,000 toward the downpayment on a $200,000 home.

"We thought about how we were going to help consumers that are on the fence," Alex Elezaj, the chief strategy officer at UWM, told Insider. "A couple thousand dollars is make it or break it for a lot of people that are trying to get into a home."

Housing affordability in the United States is at an all-time low. Elevated inflation has brought on the steepest Federal Reserve interest rate increases since the 1980s, pushing up borrowing costs for many Americans. In a stark contrast to the homebuying bonanza of 2021, housing demand has fallen sharply with buyers grappling with a year of higher mortgage rates and stubbornly high home prices.

This has led to fewer home sales nationwide, and a recent jump in rates has dashed hopes for a better spring selling season, at least for now. Originations of home loans are expected to drop more than 19% this year, after falling by nearly half in 2022, according to the Mortgage Bankers Association.

The mortgage programs are making buyers more confident 

Addressing down payments — which have become the largest hurdle to homeownership for a millennial generation in their prime homebuying years — is a way to bring buyers back to the market, according to the lenders and brokers trying to close deals. 

Whitney Beaubien, an independent mortgage broker from Belleville, Michigan — a small town of less than 4,000 people just 32 minutes outside of Detroit — said that UWM's 1% down payment program has already helped several of her clients close the deal on their home purchases. 

"I had a client who was already pre-approved through their bank and received an offer for payment assistance of 3% down," Beaubien told Insider. "I was able to win them over with 1% down payment assistance, as well as give them a better rate." They saved thousands of dollars in closing costs, she said.

"These 1% down payment assistance programs are really making homeownership more affordable for borrowers, Beaubien added."

A few thousand dollars goes a long way In Belleville, Michigan, where the median home-sale price is $232,000, according to Redfin. Assuming a borrower wants to make a 3% down payment, the outlay would amount to $6,690. However, if they were to use UWM's 1% down payment program  — which caps its grants at $4,000 — they are looking at spending only $2,690.

Beaubien said the savings gained from UWM's down payment assistance program is truly making a difference for her clients.

"A lot of homebuyers, especially first-time homebuyers, will get discouraged about what the closing costs and down payment may look like," Beaubien said. "The nice part about the product is that it allows them to get into a home without the fear of not having enough money saved up."

Original article: https://www.businessinsider.com/buy-a-house-low-1-downpayment-limited-income-2023-5

There are many reasons why people are interested in relocating to the Charleston, South Carolina area. Here are some of the most common reasons:

Beautiful Scenery: Charleston is known for its beautiful beaches, historic architecture, and lush greenery. The area offers many opportunities for outdoor recreation, including boating, fishing, golfing, and hiking.

Vibrant Culture: Charleston is a city with a rich history and vibrant culture. It is home to many museums, theaters, art galleries, and music venues, as well as a thriving food and beverage scene.

Strong Economy: Charleston has a diverse and growing economy, with major industries including healthcare, tourism, aerospace, and technology. The area is also home to several major military installations, which provide many jobs and opportunities.

Low Cost of Living: Despite its many amenities, Charleston has a relatively low cost of living compared to other major cities in the U.S.

Southern Hospitality: Charleston is known for its friendly and welcoming atmosphere, and many people are drawn to the area because of its sense of community and Southern charm.

Overall, Charleston offers a unique combination of natural beauty, cultural richness, economic opportunity, and quality of life that makes it an attractive destination for many people.

Charleston, South Carolina has many beautiful beaches, each with its own unique charm. Here are some of the best beaches in the area, in no particular order:

Kiawah Island - Located about 25 miles south of Charleston, Kiawah Island is a secluded paradise with 10 miles of unspoiled beach, marshes, and maritime forests. It's known for its world-class golf courses and luxury resorts.

Isle of Palms - This pristine beach is a favorite among families and water sports enthusiasts. It offers wide stretches of white sand, calm waters, and a variety of activities, including kayaking, paddle-boarding, and parasailing.

Sullivan's Island - With its historic lighthouse, quaint beach cottages, and quiet, undeveloped shoreline, Sullivan's Island is the perfect place to escape the crowds and soak up some sun.

Folly Beach - Known for its laid-back vibe, Folly Beach is a popular spot for surfing, fishing, and relaxing on the sandy shores. It's also home to a pier, a variety of restaurants and shops, and the Morris Island Lighthouse.

Edisto Beach - Situated about an hour's drive from Charleston, Edisto Beach is a small, charming beach town with a relaxed atmosphere. The beach is wide and uncrowded, and there are plenty of opportunities for shelling and fishing.

Overall, the Charleston area offers a range of beaches to suit different preferences, from lively and bustling to quiet and secluded.

If you are interested in purchasing real estate in any of these areas please contact me:

Vito Boscaino

Real Estate Advisor

KingOne Properties International

614.571.9054

vitoboscaino@gmail.com

http://www.HomesAndCondosCharleston.com

Good times and good eats abound in this beloved South Carolina city.

By 

Betsy Cribb

 

 

Published on March 7, 2023 

I don’t have to work hard to convince my fiancé to join me for a weekend trip to visit my parents in my South Carolina hometown. For starters (and this admittedly is a biased opinion), my mom and dad are a delight to be around—but they also live in Charleston, which Southern Living readers have named The South’s Best City several years running. At this point, the Holy City requires no introduction or persuasive arguments in its favor: The booming food scene, colorful historic homes, and waterfront views make the case for themselves. It’s easy to fill a weekend itinerary there, and I’m never able to hit all my favorite spots in just one trip. Here are the places that land on my Charleston bucket list whenever I’m home, from the lauded, well-known destinations to the ones that fly a bit further under the radar.

Leon’s Fine Poultry & Oyster Shop

The worst kept secret in the city is hands-down my favorite restaurant to take visitors, especially first-timers. For me, no other place in town captures so well the relaxed ease that seems woven into Charleston’s very DNA. Housed in an old garage and outfitted with warm wooden tables and an art collection that feels like it was passed down from generation to generation until it landed here, Leon’s is the kind of place that feels like it’s always been part of the Charleston dining landscape—a triumph considering it’s a relative newcomer, opened in 2014. Fried chicken and oysters may be the main draws on the menu, but don’t miss the scalloped potatoes either.

Arthur Ravenel Jr. Bridge

The two-and-a-half mile cable-stayed crossing between downtown Charleston and the suburb of Mount Pleasant is a scenic place to break a sweat. Climb the hilly spans on the protected pedestrian path, and stop at the top to catch your breath and score a bird’s-eye view of the sparkling Cooper River and downtown Charleston, including the many steeples that earned my hometown its Holy City moniker.

Marina Variety Store & Restaurant

In a destination filled with Instagram-worthy diners and boutique-y brunch spots, this casual, teetering-on-unbothered, harborfront joint isn’t appearing in the curated pages of luxury travel magazines. But at breakfast time, its familiar siren call beckons locals in droves. Here, you can count on a well-poached egg, plenty of salt in your grits, and silver dollar pancakes that’ll please even the pickiest tiny eater. 

Croghan’s Jewel Box

When there’s a special occasion to be celebrated in my family, our go-to spot for finding meaningful, heirloom-worthy gifts is this century-old shop on King Street that’s helmed by the third and fourth generations of the same family. Beyond curating an incredible assortment of new and estate jewelry and silver, they also carry the Goldbug Collection, a cheeky, more approachable line of pieces designed in-house and inspired by the city.

Cru Café

Just steps off the beaten path in an old Single House, this Charleston institution (it celebrated 20 years in 2022) serves up a thoughtful medley of flavors in homey surrounds. For a true Holy City experience, snag a table on the porch, and start with an order of the fried green tomatoes, which come topped with sheep’s milk feta, smoked tomato caramel, and pork belly croutons so good that my dad’s been known to order a side dish of just those.

Melton Peter Demetre Park

Only a few miles from downtown, James Island is largely residential without much draw for tourists. It’s where I grew up, and we spent many a low-tide afternoon hunting for sharks’ teeth on the little beach at a place we called Sunset Park. (I’ve since learned that many other locals refer to it as Sunrise Park. Tomato, to-mah-to, I suppose.) For a true locals-only experience, head to the city-owned waterfront spot, where you can picnic with panoramic views of downtown Charleston and Mount Pleasant or cast a line off the 190-foot fishing pier.

Sullivan’s Island

For a quintessential Lowcountry beach day, there’s no stretch of sand more alluring than the pristine shore of Sullivan’s Island, a small barrier island ten miles from downtown Charleston. There’s not a trace of touristy kitsch in this bitty beach town, where historic homes line oak-shaded streets and storybook cottages invite passersby to stop and smell rose-wrapped trellises.

Chez Nous

Tucked in an historic house on a hidden away street, you likely wouldn’t just happen upon this neighborhood eatery that feels like a mini escape to Europe, and that’s half the charm. The cozy surrounds are elevated but inviting, and the handwritten menu of seasonally driven dishes changes daily. It’s fortunate, too, that the menu is so tiny (two appetizers, two mains, two desserts), as it provides a good excuse to order one of each.

Bowens Island Restaurant

Even after nearly eight years in Birmingham, Alabama, there's one thing I still can't stomach: Gulf shrimp. I'll take South Carolina's small crustaceans any day over the rubbery monstrosities they've tried to talk me into eating here. So when I'm home, there's only one place to load up on the good stuff, and that's Bowens Island, a nearly 80-year-old family-owned restaurant perched in a few ramshackle structures on the river. Order a fried shrimp platter with hushpuppies and slaw, or go for the Frogmore Stew (for the uninitiated, that's a shrimp boil), a drool-worthy combination of boiled shrimp, potatoes, corn, and sausage.

https://www.southernliving.com/editors-favorite-charleston-shops-restaurants-7096617

Create a small backyard pharmacy in any size yard. This Medicinal Garden Kit empowers people to take their health into their own hands, while adding beauty and value to any home.

Everyone should have a medicinal garden in their backyard. This way you can easily go and pick the remedy you need at any time. Your backyard pharmacy will be there for you even in times of crisis when pharmacies might be closed or looted.  

Imagine stepping into your backyard and looking at your new colorful medicinal garden. Your backyard will smell of fresh lavender and chamomile. 

You can pick any of these medicinal plants and turn it into the remedy you need. This kit contains all the seeds for 10 herbs, inside the Medicinal Garden Kit. All these seeds have been handpicked from the very best plants, providing nothing less than premium quality seeds. 

With your seeds kit, you’ll also receive a FREE Medicinal Guide that shows you how to turn these 10 plants into tinctures, ointments, salves, poultices, decoctions, infusions, essential oils —all in minute detail so you can follow our guide even if you’ve never made an herbal medicine in your life.

Spring planting season will soon be here. This is an easy home-improvement project that will not only bring beauty to your yard, but offers alternative medicinal options not available at your pharmacy.

For more information on how to plant and use this seed kit, click here:

>>Medicinal Seed Kit<<

What is Charleston’s secret to holding the top spot year after year? A commitment to reinvention. With a new wave of restaurants, hotels, and experiences popping up around every corner, there’s always good reason to plan a visit.

HOME SALES AND BUYER INTEREST CONTINUE TO INCREASE IN THE CHARLESTON REGION

NOVEMBER 10, 2021 (Charleston, SC) 1,975 homes sold in October in the Charleston region at a median price of $365,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume is up 13% with 20,345 homes sold thus far in 2021 compared to 17,963 at this point in 2020. Median price is $346,937, a 16% increase from this point last year, when the median price was $299,000.

Inventory data shows 50% fewer homes for sale over the last 12-month period, with 1,982 homes listed as “active” for sale in the CHS Regional MLS database at the end of September—representing one month’s worth of available inventory.

“October’s home sales represent the highest volume of sales we’ve seen since this summer—buyer interest in our market has never waned and we’re seeing that with a consistent year of growth for both sales and pricing” said 2021 CTAR President Rusty Hughes. “Sales are 13% higher than 2020, which was a record-breaking year and median price is up 16%” he said.

Berkeley County
581 homes sold at a median price of $290,000 in Berkeley County in October, 514 single-family homes and 67 condos/townhomes.

Year-to-date, 5,196 single-family homes have sold at a median price of $332,700. Today’s report shows a 29% increase in sales and a 17% increase in median sale price. 689 condos/townhomes have sold at a median price of $228,719 so far this year—a 7% increase in sales and 16% increase in price.

There are currently 519 residential properties for sale in Berkeley County; 462 single-family homes and 67 condos/townhomes.

Charleston County
894 homes sold at a median price of $417,500 in Charleston County in October, 655 single-family homes and 239 condos/townhomes.

Year-to-date, 6,872 single-family homes have sold at a median price of $500,000. Today’s report shows a 3% increase in sales and a 19% increase in median sale price. 2,650 condos/townhomes have sold at a median price of $297,500 so far this year—a 20% increase in sales and 19% increase in pricing.

There are currently 949 residential properties for sale in Charleston County; 692 single-family homes and 257 condos/townhomes.

Colleton County
34 homes sold at a median price of $313,500 in Colleton County in October, 27 single-family homes and 7 condos/townhomes.

Year-to-date, 306 single-family homes have sold at a median price of $260,000. Today’s report shows a 4% increase in sales and a 16% increase in median sale price. 45 condos/townhomes have sold at a median price of $269,000 so far this year—a 13% rise in sales and 12% increase in pricing.

There are currently 71 residential properties for sale in Colleton County; 67 single-family homes and 4 condo/townhomes.

Dorchester County
402 homes sold at a median price of $289,233 in Dorchester County in October, 326 single-family homes and 76 condos/townhomes.

Year-to-date, 3,194 single-family homes have sold at a median price of $310,000. Today’s report shows an 8% increase in sales and 15% increase in median sale price. 575 condos/townhomes have sold at a median price of $226,200 so far this year—a 37% increase in sales and 22% increase in pricing.

There are currently 237 residential properties for sale in Dorchester County; 226 single-family homes and 11 condos/townhomes.

For additional information, please contact me directly:

Vito Boscaino

KingOne Properties International

Mobile: 614.571.9054

Email: vitoboscaino@gmail.com

Website: http://www.HomesAndCondosCharleston.com

The John McCall House Circa 1784. An exquisite home in the heart of Charleston's premiere neighborhood, South of Broad, features an abundance of historic details with modern luxuries. This stately, light filled home was completely restored and renovated down to the studs in 2006-2007. Piazzas overlook the spacious manicured garden courtyard. There is a wonderful outdoor area for sitting and entertaining. The sophisticated, highly detailed interior was handcrafted with heavy molding, wainscotings, and heart pine floors. The main level rooms are grand in scale with elegant proportions. Off of the formal living room and dining room the rear wing has a Butler pantry with a powder room, Scotsman Icemaker, sink and bar. 

The elegant eat-in kitchen includes custom wood cabinets, Calcutta gold marble countertops, Sub-Zero refrigerator, and a Wolf stove, with double oven. Just off the kitchen is the Media room/Den and rear porch. There are rear interior stairs to the ground floor living area of the kitchen as well. The house has seven fireplaces throughout. The second floor has a larger parlor, master suite and dressing area with mahogany built-ins. French doors will lead you to the second-floor piazza. The master bath has double sinks, private water closet, shower, and separate tub finished in marble, glass, and stone. The 3rd floor has a dormered bedroom and full bath. On the ground floor there is a guest suite with a living room/office, two bedrooms, and three full baths, and a laundry room, and many light filled French doors that all open to the private courtyard and grounds, including a large patio with fountain, Lemon and Orange trees and irrigation system. Off-street parking for three vehicles.

Click here for full listing information:  http://www.homesandcondoscharleston.com/property/20027377/