August, 2009
Free Financial Wellness Seminars -
Every Thurday at 6 p.m.
Professional Members of the Asheville Strategic Alliance will be providing weekly financial solution seminars, open to the public and free of charge.
Seminar Details
*WHERE: The Asheville Strategic Alliance
149 South Lexington Avenue
Asheville, NC 28801
(Downtown, inside the Lexington Station building).
*WHEN: Every Thursday (see schedule below)
Opens at 5:30 p.m. - Seminar begins at 6 p.m.
*A question-and-answer session is provided at the end of each seminar.
Schedule for August, 2009:
August 13, 2009
Mortgage Loan Modifications:
Are They A Scam? Is Foreclosure Inevitable?
* ASA SPEAKERS: Mary Hart, Stefanie Upham, Attorneys, The Hart Law Group; David Kanis, Mortgage Banker, Ashford Mortgage Advisors' Anthony Mitchell, Anthony Mitchell Insurance/AAA.
August 20, 2009
Create A Money Mission Statement
Part of the Forum's 'Take Charge of Your Money, Life & Future' Series
* ASA SPEAKER: Reeta Wolfsohn, Center for Financial Social Work
* DESCRIPTION: Learn how to create this powerful tool and will discover important self-truths, which will facilitate taking control of your money and gaining control of your life (see more detailed information in the article at the end of this newsletter).
August 27, 2009
How to Set Up the Right Bookkeeping System:
10 Mistakes Business Owners Make
Part Two of the Forum's 'Small Business Boot Camp' Series
* ASA SPEAKER: Mike Sowinski, CPA, CFO Consultants
September 3, 2009
Wills, Trusts, Powers of Attorney, and Eldercare Legal Issues
Part One of the Forum's 'Planning Ahead' Series
* ASA SPEAKER: Mary Hart, Attorney, The Hart Law Group.
FHA Loans Are Back!
Asheville home loans' expert David Kanis says that serious first-time homebuyers should look to FHA government-backed mortgages as their best bet in securing a loan when buying their dream home today.
By Byron Belzak
One mortgage banker, who has been lending money to homebuyers in the Southeast for the past 17 years, believes Federal Housing Administration (FHA) loans are the best-kept secret in the real estate market today.
"Despite the media chatter to the contrary, there are definitely mortgage loans available," said David Kanis, branch manager of Ashford Mortgage Advisors, Asheville, North Carolina. "And FHA loans have now returned to center stage, especially for the first-time homebuyer."
While two giant government institutions - Fannie Mae and Freddie Mac - continue to guarantee the American dream of homeownership, they require credit scores higher than many would-be buyers can qualify for today.
"FHA, on the other hand, is lending to first-time homebuyers, and they're making it easier to do so," said Kanis, who cited a number of reasons why.
The government's definition of a first-time homebuyer is someone who has never purchased a home before or has not owned a home within the past three years.
"FHA loans require a down payment of only 3.5% of the sales price of the home by the borrower, and are much more lenient on credit scores," said Kanis. That is, a buyer's FICO score could be considerably less to qualify for an FHA loan than on other loans.
There's more good news about why FHA loans are becoming a first-time homebuyer's best route to homeownership. The money to be used as the down payment for an FHA loan can be a gift from a relative. It does not have to be "seasoned," meaning it does not have to be in a borrower's checking or savings account for two months prior to closing.
Here's the cherry on top of the FHA money cake. "FHA allows the seller to pay the buyer's closing costs," said Ashford Mortgage Advisors' David Kanis, who believes that one must be careful not to miss today's low interest rates in hopes they will edge lower.
He explained that FHA allows the home seller to contribute up to 6% of the purchase price to help the buyer close, and this translates into the buyer needing to bring less cash to the closing.
Follow Your Money Mission Statement
Reeta Wolfsohn will be conducting two free seminars in August 2009 to show how to create and follow your Money Mission Statement
By Byron Belzak
"Money is the number one stressor in people's lives; the number one cause of divorce; the number one reason employees contact their EAP (employee assistance program) department," says Reeta Wolfsohn of the Center for Financial Social Work. "It contributes to most violence, crime, child and domestic abuse. Regardless of the economy, money problems contribute to all types of other problems."
One of Wolfsohn's first and favorite steps for inspiring change is helping people create a personal Money Mission Statement.
"A money mission statement is such a simple and powerful method for aligning your spending choices with your hopes, dreams and wishes," said Wolfsohn. "It makes certain that you ask yourself whether or not a particular expenditure supports your money mission statement."
What are some examples of those who have crafted an effective money mission statement? Example one: "I will just say, No, to those who want me to spend money on them that I can't afford to spend." Another example: "I am responsible for my financial future, and I am ready to make it wonderful." Yet, another example: "I choose to be more money-wise to improve my life and my future."
"It's all very personal, and people know when they are following their money mission statement and when they're not," said Wolfsohn. "It's an effective, easy, satisfying way to begin to take control. It works."
Reeta Wolfsohn, CMSW, has been a keynote speaker at numerous national and state conferences. CNN Money, Associated Press, and National Public Radio have interviewed her because of her unique approach to helping people change their personal financial behavior. She is the founder of the Center for Financial Social Work and can be contacted at reeta@financialsocialwork.com or visit www.financialsocialwork.com.
Free Seminar:
Create A Money Mission Statement
Conducted by Reeta Wolfsohn - part of the Financial Wellness Forum's 'Take Charge of Your Money, Life & Future' Series (see details for August 20 above).
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