[I. CALL TO ORDER]
[00:00:06]
QUALIFIED AFFORDABLE HOUSING COMMITTEE MEETING IS NOW IN SESSION PLEASE RIGHT.
GOOD MORNING AND WELCOME TO SEPTEMBER. WE WILL DO OUR ROLL CALL CHAIRMAN FRED HAMILTON, EMILY BURDEN THE NO IS POLITE SHE'S HERE I HAVE HER HERE.
MEG JAMES, DOUG MCGILL HERE, GWEN CHAMBERS HERE AND VERONICA NAVARRO HERE RIGHT NOW.
OKAY WILL CALL YOU HAVE OF JUNE 10TH MEETING MINUTES IN THE POOL TO ACCEPT THOSE MEMBERS
[III. ADOPTION OF MINUTES]
JULY TEN SO NOTICE TO COME OUT SECOND ALL IN FAVOR THE MOTION I CALL ALL OF THOSE GUYS UP[IV. PUBLIC COMMENT]
OKAY PUBLIC COMMENT YOU HAVE SOMEONE THAT WE'RE GOING TO GET A COMMENT FROM YES WE DO HAVE ONE VISITOR TODAY I IF YOU KIND OF ALREADY TOLD US THAT YOU MA'AM BUT JUST FOR THE RECORD IF YOU WOULDN'T MY REBECCA HINSON WAS ON CONSTRUCTION RIGHT REBECCA HINSON FROM SKYLARK CONSTRUCTION SKY LIME CONSTRUCTION TELL US ABOUT TIME BUSINESS SO WE CAN'T YEAH WE WANT EVERYBODY THAT'S GOING TO DO CONSTRUCTION SCOTT CONSTRUCTION IS A RESIDENT ALL CUSTOM BUILDER. WE ARE LICENSED IN NORTH AND SOUTH.WE'RE WORKING ON OUR GEORGIA LICENSE STORE RIGHT NOW WE DO CUSTOM HOMES AS WELL AS COMMERCIAL OUTFITS FOR THE CITY OF CHARLOTTE AS WELL AS IN THE FOUR COUNTY AREA.
THANK YOU AND WELCOME TO OUR MEETING. I HAVE ANOTHER PAGE.
WOULD YOU LIKE TO BE AMONG THE FIRST CITIZENS BACK JUST A MOMENT RIGHT CHAIRMAN I WILL PASS IT BACK TO YOU. I'M SORRY I DIDN'T IT FIRST CITIZENS BANK IS JUST HERE TO TO LISTEN IN TO WHAT WE HAVE GOING ON THIS MORNING. I'D LIKE TO ASK YOU A FEW QUESTIONS SO COME ON UP. YEAH, I WILL HELP YOU WITH YOUR SHINE THIS AND TELL ME YOUR NAME AGAIN. ETHAN RILEY. YEP.
THE FIRST IS THE BANK HAVING AN AFFORDABLE HOUSING LINE ITEM ON THE AGENDA.
HOW CAN WE GO BACK LATER TODAY ? I'M ACTUALLY ONE OF THE NEW BRANCH MANAGERS IN BLUFFTON AND IN SAVANNAH SO WE'RE GOING TO BE DOING A LOT MORE PAIRING UP WITH THE COMMUNITY AND ABOUT THESE PROGRAMS AND HOW WE CAN ASSIST AS IT WAS BACK IN THE CHANGE CARD WITH YOU SMILE AND WE CAN TELL YOU HOW CAN HELP US IT'S GREAT WONDERFUL.
THANK YOU SO FOR APPROPRIATE THANK YOU THANK YOU AND WE HAVE A DO YOU LIKE TO BE INTRODUCED YET? ABSOLUTELY. IT'S GREAT NOW ARE YOU I'M JOEY RYAN. I'M WITH YOU. PERFECT.
YEAH. SO I'M JOEY RYAN. I'M WITH COASTAL STATES BANK AND THE MORTGAGE DIVISION AND WE'VE BEEN HELPING WITH THE IN THE I'VE BEEN KIND OF ASSIGNED THE PROJECT FOR THE MAY PROJECT THAT HAS BEEN KIND OF IN THE WORKS FOR A LITTLE BIT HERE AND HAVE BEEN TRYING TO DO PART TO TRY TO ASSIST AS MUCH AS POSSIBLE WITH THE ONES HAVE GOTTEN THE PROJECT COMPLETED ONCE WE'VE WE'VE RECEIVED A LIST OF ALL THE OF ALL THE QUALIFIED APPLICANTS EVERYTHING KIND OF GETTING THEM QUALIFIED WORKING WITH THEM TO TO GET A MORTGAGE AND BE ABLE TO HELP THEM THROUGH THAT PROCESS BECAUSE IT'S DEFINITELY GOING TO BE SOMETHING THAT WE WERE GOING TO NEED YOU TO WE'RE GOING TO NEED YOU TO TO DO THAT IN ABOUT 5 MINUTES AND OH YEAH. YEAH, ABSOLUTELY. ALL RIGHT.
SO THOSE ARE OUR GUESTS FOR TODAY AND BEFORE WE GET DOWN TO THE NITTY GRITTY, WE'LL GIVE US
[VI.1. FY26 Neighborhood Assistance Budget Update]
OUR NEIGHBORHOOD ASSISTANCE BUDGET UPDATES. RIGHT.SO AS YOU ALL KNOW FISCAL YEAR 2026 STARTED IN JULY AS OF JULY WHEN THIS REPORT WAS DONE
[00:05:01]
EXCUSE ME AS OF AUGUST 28 WHEN THIS REPORT WAS SUBMITTED, 13 HOMES HAVE RECEIVED HOME ADDING A TOTAL OF 99,000 552 THESE REPAIRS CONSISTED OF ROOFING FLOORING DECKS AND PLUMBING.ONE HOME HAS RECEIVED THREE SERVICES FOR 761 A TOTAL OF 100,000 313 HAS BEEN PAID TO DATE. APPLICATIONS ARE BEING PROCESSED WEEKLY AND CONTRACTORS ARE RESPONDING TO ESTIMATE REQUESTS PROMPTLY. ANY QUESTIONS WITH THE MEMO ON OUR RIGHT QUESTIONS THERE AS ALWAYS I GIVE YOU THE EXCEL SHEET.
LET ME BREAK DOWN I GIVE YOU OUR EXCEL SHEET SO YOU CAN SEE ALL OF THESE ITEMS WHERE THEY FIT RESPECTIVELY AND ALL OF THAT GOOD STUFF AND WHAT OUR OVERALL AVAILABLE BUDGET IS.
SO WE'RE WE'RE GOING GOOD WE HAVE THAT 450 IN THERE RIGHT NOW WE'RE HOLDING 340 3509I DO HAVE SEVERAL APPLICATIONS THAT WENT OUT LAST WEEK PICKED UP TWO YESTERDAY I HAVE A MEETING THIS AFTERNOON WITH THE CONTRACTOR JUST TO KIND OF GO SOME PROJECTS HOPEFULLY WE CAN ADD A NEW CONTRACTOR. UM AND THEN THEN THAT THINGS ARE GOING WELL I DID SPEAK WITH ONE OF THE TEAM MEMBERS AT THE FIRE DEPARTMENT AND WE ARE LOOKING TO DO ANOTHER FIRE ALARM BLITZ THE FIRST SATURDAY IN OCTOBER BUT I'LL GIVE YOU MORE INFORMATION ON THAT SOME EMAILS IF YOU GUYS WANT TO KIND OF COME OUT AND THAT'S ALL THAT I HAVE RIGHT NOW I DO THE PROGRAM GIVE FREE FIRE ALARMS AND WE INSTALL THEM ON SPOT SO I USE THE DIFFERENT HOUSES HAVE DIFFERENT APPLICATIONS SO THEY PREPARED WHEN THEY GET THAT IS YES.
SO WHAT IT IS WE'LL PUT OUT AN EMAIL THE DOOR LIKE THE LAST TIME WE WENT TO BRENDAN LANE OVER ON FRIDAY DOLLAR GENERAL THERE IS A MEMO THAT GOES OUT THROUGH HABITAT SAVE THE DATE, MAKE SURE SOMEONE 18 OR OLDER IS HOME AND THEN IF IT'S CARBON MONOXIDE OR YOUR REALLY SMOKE ALARMS THE FIRE DEPARTMENT HAS SO WE JUST GO AHEAD AND PUT THEM UP.
WE SET UP SHIPPING TEAMS. I THINK THE LAST TIME WAS LIKE THREE OR FOUR TEAMS AND WE DID IT THAT SAME DAY. WE DID A GOOD NUMBER DID A GOOD NUMBER OF ALARMS AND WHO'S QUALIFIED ANYONE ANYONE? YEAH WE USED TO DO IT THROUGH OUR PROGRAM BUT IT COST US MONEY SO WE'RE GOING TO SAVE THAT MONEY AND WORK WITH THE FIRE DEPARTMENTS THEY GIVE THEIR THAT FOR FREE RIGHT. DIDN'T WE HAVE SOME CARRYOVER LAST YEAR.
YEAH WE DID HAVE CARRYOVER FROM YEAR UM I CANNOT ANSWER WHERE THE CARRYOVER WENT I NOW YOU PUT ME ON SPOT WELL WE DID HAVE A FEW CARRYOVER DIDN'T HAVE MUCH I WANT TO SAY WE HAD ABOUT 65,000 AS A JUST CURIOUS IF THAT'S AVAILABLE TO BE USED THIS YEAR OR NO WHAT HAPPENS IS WELL WHEN WE CARRY OVER IT THEN GOES INTO OUR CAPITAL IMPROVEMENT PROGRAM SPECIFICALLY FOR AFFORDABLE HOUSING SO WE START OVER WITH THE AFFORDABLE HOUSING BUDGET BUT ANY LEFTOVER MONEY THEN WE CARRIED OVER PUT IT INTO AN ESSENCE, A DIFFERENT POT.
UNDERSTOOD. I FIGURED IT WAS SOME PLACE SOMEPLACE ELSE AND I DIDN'T NOTICE DRIVING A NEW CAR. KEVIN I'M A KID THAT DRIVES NOW SO SORRY ALL SO ANY QUESTIONS WITH THE SPENDING THE APPLICATION PROCESS OR ANYTHING THERE ANYONE KNOWS OF ANY NONPROFIT THAT I MIGHT NOT BE GETTING APPLICATIONS OUT TO? WE DO GOODWILL DROP OFF WE DO BLUFFTON SELF-HELP DROP OFF BLUFFTON COMMUNITY SOUP KITCHEN CHURCHES BUT AS KNOW I CAN'T GO KNOCKING ON DOORS SO IT'S KIND OF A SPREAD THE WORD TYPE THING .
SO IF YOU KNOW ANY AGENCIES THAT ARE NOT REACHING OUT TO PLEASE LET ME KNOW.
OKAY? ALL RIGHT. ANY COMMENTS, QUESTIONS OR CONCERNS ME? RIGHT. SO I WAS GOOD AS BACK UP TO THE AGENDA AND WE DO KNOW WE'VE ALREADY MET WITH OUR MR. JOY RYAN BUT I WILL BRING HIM BACK UP AND I AM GOING TO STEP OUT FOR A MINUTE. OUR NEXT PRESENTER WAS CALLING ME SO I'M GOING TO MAKE SURE SHE'S OKAY BEFORE WE GET HER. AND THEN AGAIN MR. JOY RYAN,
[VII.1. Joey Ryan, Coastal States Bank, Mortgage Loan Officer]
YOU HAVE THE FLOOR. OKAY? OKAY.THANK YOU GUYS. HEY. AND I'M SORRY I'VE NEVER PRESENTED ANY OF THESE THINGS BEFORE AS I DON'T REALLY KNOW THE FORMAT FOR EVERYTHING BUT YEAH SO ABSOLUTELY I DON'T REALLY HAVE A WHOLE LOT OF UPDATE FROM THE PROJECT ITSELF BECAUSE I YOU KNOW I'M ON THE MORTGAGE SIDES. WE'LL BE HELPING THE CLIENTS ONCE THEY ARE ONCE THE PROJECT IS NEARING ITS FINAL STAGES AND THEN TAKING THE LIST OF APPLICANTS AND KIND OF STARTING THE QUALIFICATION AND GETTING THEM READY TO ACTUALLY PURCHASE AS WELL JUST KIND OF CONSULTING WITH WITH ANY OF THE APPLICANTS IF THEY CAN OR CAN'T QUALIFY EITHER WAY MAKING SURE THEY UNDERSTAND THE MORTGAGE PROCESS AND MAKING
[00:10:02]
THEY UNDERSTAND WHAT THE NEXT STEPS ARE AND RUNNING THROUGH HOMEOWNERSHIP IN GENERAL I'VE ALWAYS REALLY TAKEN A BIG PIECE OF YOU KNOW, A BIG PART OF MY BUSINESS AND SOMETHING I'VE ALWAYS TRIED TO STRIVE IS REALLY MAKING SURE THAT ESPECIALLY FIRST TIME CLIENTS ARE UNDERSTOOD STANDING AND REALLY GETTING TO KNOW WHAT THEIR COSTS OF THAT OF THEIR MORTGAGE AND WHAT THEIR COST OF THE HOME PURCHASE PROCESS REALLY COMES FROM.AND SO THEY CAN FULLY UNDERSTAND THINGS LIKE THEIR ESCROW PAYMENTS THINGS LIKE YOU KNOW, OUR 4 TO 6 TAXPAYER 4 TO 6% TAX DEDUCTION NEEDS TO BE APPLIED FOR AND THAT'S A VERY COMMON ONE AND SO REALLY MAKING SURE THAT THEY CAN FULLY UNDERSTAND WHAT GOES THE PROCESS TO PURCHASE AND THEN REALLY HELPING THEM WITH UNDERSTANDING THE FINANCIAL SIDE OF THIS I MEAN UNDERSTANDING WHAT DEBT TO INCOME IS, WHAT WHAT THEIR DOWN PAYMENT COMES FROM AND WHAT WE CAN AND CAN HELP FROM A MORTGAGE PERSPECTIVE ON THAT.
THE OTHER THAT ARE PROJECT SPECIFIC THAT WE'RE REALLY TRYING TO MAKE SURE OF IS ALL OF THESE CLIENTS THAT ARE GOING TO BE COMING IN FOR THIS THIS PROGRAM IN PARTICULAR ARE GOING TO BE IN THE AREA AREAS MEDIAN INCOME THRESHOLDS. SO THERE'S THREE TRANCHES OF THAT THE PROJECT IS GOING TO BE DEVELOPING IN SO IT'S GOING TO BE UNDER I BELIEVE UNDER 60% OF THE AREA MEDIAN INCOME FROM 60 TO 80% OF THE AREA MEDIAN INCOME AND THEN UP TO 100% OF THE AREA MEDIAN MEDIAN INCOME AND I TO HAVE THAT SIT IN RIGHT HERE ON MY ON MY BOOK BUT I CONTINUE TO FORGET IT'S YOU KNOW SOMETHING I SHOULD HAVE ALL THE TIME BUT BUT YEAH SO IT'S AND BASED ON THE BASED ON WHAT TRANCHE DO THESE CLIENTS FALL UNDER IT'S GOING TO BE THE PRICE THE PURCHASE PRICE OF THE PROPERTIES ARE GOING TO BE REFLECTIVE OF THAT SO THAT WAY WE CAN HELP ESPECIALLY AS WE ARE TRYING TO IT'S A TIGHT WINDOW THAT WE'RE GOING TO BE HAVING WITH THESE CLIENTS AS THEY COME IN THAT WE'RE GOING TO NEED TO BE ABLE TO QUALIFY THEM WITH ENOUGH INCOME THAT THEY CAN ACTUALLY BE ABLE TO AFFORD THE PURCHASE AND FEEL COMFORTABLE IN THAT HOME WITH THEIR YOU KNOW, WITH THEIR MONTHLY PAYMENTS BUT NOT QUITE HIGH ENOUGH TO WHERE THEY GO ABOVE THE INCOME THRESHOLD AND ALSO MAKING SURE THAT THEY UNDERSTAND THAT THAT WHEN WE DEAL WITH THESE TYPES OF PROGRAMS THAT WE'RE WORKING WITH AFFORDABLE IT IS A HOUSEHOLD INCOME CAP SO I THINK THAT'S A BIG PART THAT A LOT OF PEOPLE DON'T QUITE UNDERSTAND AND THEY'LL THEY'LL COME IN AND YOU HAVE TO TO YOU KNOW FAMILY MEMBERS WHO ARE WHO ARE EARNING INCOME OR IF THEY HAVE YOU KNOW GROWN CHILDREN THAT THAT THEY ARE EARNING INCOME AS WELL THAT CAN ALSO GO AGAINST THAT INCOME CAP REALLY HELPING THEM UNDERSTAND WHERE THAT YOU KNOW WHERE THE QUALIFICATION GOES THROUGH AND TRYING TO BE A RESOURCE FOR THEM. ANOTHER PART THAT WE ARE THAT WE ARE MAKING SURE TO OFFER FOR OUR FOR ALL OF THESE IS WE HAVE IF THEY CAN QUALIFY FOR A CONVENTIONAL LOAN WE HAVE AS LITTLE AS 1% DOWN ON THAT AND SO YOU KNOW YOU'RE FINE SO IT'S AS LITTLE AS 1% DOWN FOR THAT. SO YOU KNOW IT'S AS LITTLE LIKE LET'S I DON'T HAVE THE PURCHASE PRICES BECAUSE I THINK THAT'S GOING TO BE STILL IN THE IN THE WORKS OF THE NUMBERS FOR EVERYTHING BUT LET'S SAY IT'S ABOUT 300,000 THAT WOULD BE AS LITTLE AS THREE 3000 THAT THESE CLIENTS ARE GOING TO HAVE TO BRING TO CLOSING. AND I BELIEVE WE HAVE BEEN WORKING WITH THE BUILDER AS WELL ON CLOSING COSTS AND HOW THAT'S GOING TO BE COVERED AS WELL. SO IT'S DEFINITELY A PART OF THE CONVERSATION THAT WE'VE BEEN HAVING WITH THEM AND REALLY KIND OF UNDERSTANDING WHAT CREDITS THEY'RE GOING TO BE OFFERING WHERE WE CAN BE ABLE TO HELP WITH THAT THE BUT WE WE HAVE A WIDE VARIETY OF PROGRAMS AND THINGS THAT WE'RE GOING TO BE HELPING WITH. I MEAN OBVIOUSLY WE HAVE A GREAT VA AND FHA WE ALSO TRYING TO TRYING TO HELP THEM WITH THE USDA SIDE IF WE CAN GET QUALIFICATION BECAUSE IT DOES FALL UNDER THE AREA THAT YOU KNOW IS USDA ELIGIBLE BUT THAT IS A WHOLE OTHER EVEN TIGHTER WINDOW THAT THOSE CLIENTS CAN QUALIFY UNDER.
SO IT'S NOT YOU KNOW NOT PARTICULARLY SOMETHING WE WE TRY AND PUSH THE MOST CLIENTS BECAUSE IT KIND OF GIVES THEM UNREALISTIC EXPECTATIONS BUT THAT IS A 0% DOWN PROGRAM.
SO YOU KNOW, IT IS SOMETHING THAT WE CAN TRY AND BE ABLE TO HELP WITH SO REALLY TRYING TO HELP GET THESE PROGRAMS READY AND GET THESE CLIENTS WE'VE BEEN I KNOW I HAD TALKED I HAD SPOKEN WITH A FEW PEOPLE ABOUT TRYING TO MAKE SURE WE ARE MAINTAINING A LIST OF CLIENTS AS THEY COME IN AS WE START TO RECEIVE INTEREST AND RECEIVE ANY SORT OF PHONE CALLS BECAUSE I KNOW NOW THAT THEY'VE BROKEN GROUND ON THE ON THE PROGRAM THAT IT'S BEEN IN THE WORKS, THERE HAVE BEEN CALLS COMING IN AND SO MAKING SURE IF WE HAVE ANYTHING SENDING THEM MY WAY.
I'VE BEEN A FEW I THINK WE'VE GOT A LIST. I ONLY HAVE ABOUT THREE OR FOUR CLIENTS ON MY LIST RIGHT NOW BUT I KNOW WE THE ORIGINAL WAS GOING TO BE STARTING THE QUALIFICATION PROCESS AT THE END OF SEPTEMBER AND STARTING TO, YOU KNOW, REALLY GET THOSE CLIENTS UNDERWAY, GET THE GET THE LIST GOING HERE. BUT ONCE THEY GET AN UPDATE FROM THE BUILDER AS TO HOW FAR ALONG THAT IS, I CAN KIND OF GET A BETTER GIVE A BETTER TIMEFRAME FOR THAT BUT I KNOW THE ORIGINAL EXPECTATION WAS THE END OF Q3 AND THEN THE ACTUAL HOME TO HOME PROCESS OR THE SALES PROCESS WAS GOING TO BE IN Q1 OF NEXT YEAR.
SO I'M JUST WAITING TO HEAR BACK FROM THEM ON THAT BUT THAT'S ALL I HAVE RIGHT NOW.
[00:15:03]
I DON'T KNOW IF THERE'S ANY QUESTIONS OR ANYTHING I CAN HELP WITH.YEAH, YEAH CAN I ASK YOU SOMETHING? IS THE CALLS THAT YOU'RE GETTING IS THAT FROM ACTUAL BUYERS OR IS IT REALTORS YOU'RE BEING CONTACTED SO FAR JUST BUYERS. I HAVE NOT HAD MANY REALTORS. I HAVE A LOT OF CONTACTS BUT I HAVEN'T REALLY SOLICITED IT OUT OUT YET BECAUSE OF THE OF THE PROGRAM.
I DON'T WANT TO PUT THAT OUT THERE AT THE MOMENT ESPECIALLY I DON'T WANT TO I ALSO DON'T WANT THIS TO BE SOMETHING WHERE YOU'RE GETTING CERTAIN PARTICULAR AGENTS, CLIENTS OR PARTICULAR THING. WE WANT TO MAKE SURE IT'S AVAILABLE TO EVERYBODY RIGHT YOU KNOW, WIDE OPENING FOR EVERYBODY THERE. BUT YEAH SO FAR JUST BUYERS.
OH THAT'S GREAT. YEAH. AND THEN I'VE HAD I DID HAVE A PREVIOUS CLIENT OF MINE THAT ENDED UP HE DIDN'T EVEN KNOW I WAS INVOLVED IN THE PROJECT BUT HE UP CALLING SO WE HAVE THEM ON THE LIST BUT AT THE MOMENT WE STARTED TAKING ANY FINANCIAL INFORMATION, TAKING ANY CREDIT CHECKS, TAKING SORT OF THE BAREBONES OF AN APPLICATION BECAUSE WE WANT TO MAKE SURE THAT MY GOAL IS TO MAKE SURE THAT WHEN WE HAVE A LIST AND WHEN WE HAVE READY TO GO WE CAN KIND OF EVALUATE EVERYBODY AT THE SAME TIME AND SO WE CAN REALLY UNDERSTAND WHO FALLS UNDER WHAT BUCKETS, WHO FALLS INTO WHAT, WHAT CATEGORIES AND YOU KNOW, THE BUILDER WHOEVER IS KIND OF IN CHARGE OF MAKING A DECISION ON WHO IS GOING TO BE WHO IS GOING TO BE RECEIVING THE HOMES. IS THAT CONVERSATION NOT REALLY BEEN HAD TO ME YET BUT YOU KNOW MY MY IS AS I UNDERSTAND IS JUST TO MAKE SURE THAT EVERYBODY IS QUALIFIED AND CLIENTS WHO DON'T END UP YOU KNOW WHO IF WE DO HAVE AN EXCESS OF PEOPLE CAN BE QUALIFIED REALLY HELPING THEM UNDERSTAND WHAT OTHER ONE OF THEIR PROPERTIES AND THEY MAY QUALIFY FOR IT BECAUSE THERE ARE STILL IN THIS AREA IN THE BALLPARK OF THAT THEY MAY BE ABLE TO AFFORD PROPERTIES SO MAKING SURE THEY UNDERSTAND WHAT ELSE THEY COULD BE ABLE TO QUALIFY FOR WELL TOO. SO YEAH.
ANY OTHER QUESTIONS RIGHT. SO EACH POTENTIAL PURCHASER HAVE THEIR OWN MORTGAGE BUT IS THIS THEREFORE AN EXCLUSIVE OF ARRANGEMENT WITH COASTAL BANK RELATIVE TO THAT PROPERTY? IT'S GOOD QUESTION. I DON'T BELIEVE THAT IS IT IT IS ACTUALLY AN EXCLUSIVE ARRANGEMENT WHERE WE HAVE TO BE THE MORTGAGE YOU KNOW, THE MORTGAGE PROVIDER THE OTHER SIDE. I DO BELIEVE THAT THE WAY THAT WE'VE KIND OF SET IT UP IN REALITY ALL WE'VE REALLY ESTABLISHED WE DON'T HAVE A FORMAL KNOW A FORMAL PREFERRED LENDER OR ANYTHING OR AGREEMENT ON THAT MAINLY IN THAT WE HAVE WE WERE ASSISTING WITH THE FINANCING ON THE COMMERCIAL SIDE SO REALLY WANTING TO MAKE SURE THAT WE HAVE A RESOURCE SO I CAN KIND OF BE A RESOURCE ANY OF THESE POTENTIAL BUYERS TO BE ABLE TO HELP WITH SO THAT WAY THEY DON'T FEEL KIND OF LEFT OUT IN THE COLD AND LEFT WITH SOMEBODY WHO'S NOT SUPER FAMILIAR WITH THE PROGRAM AND FAMILIAR WITH WHAT KIND OF PROGRAMS THEY MAY QUALIFY TOO. YEAH I ANSWER YOUR QUESTION THANK YOU.
MY QUESTION IS IF ANYTHING ELSE DO AND I THINK YOU DID SAY BUT WANT TO MAKE SURE YOU HAVE A FIRST TIME BUYERS PROGRAM SO YES GOT A FEW DIFFERENT FIRST TIME HOMEBUYER PROGRAMS I KNOW THE BUILDER DID APPLY FOR SOME SOME PROGRAMS WITH HUD I DON'T KNOW WHAT THE STATUS OF THOSE WERE BUT JUST FOR CLOSING COSTS YOU KNOW CLOSING COSTS THINGS THAT COME AT THE TOP LEVEL BUT FROM OURS IN PARTICULAR YOU KNOW WE HAVE OUR YOU KNOW IT'S THE LITTLE IS 3% DOWN PROGRAM AND THAT'S THE ONE WHERE YOU ACTUALLY GET A YOU YOU END UP HAVING TO PUT 1% DOWN FROM YOUR DOWN PAYMENT AND THEN 2% COME AS A GRANT. SO 2% OF THE DOWN PAYMENT FUNDS COME AS A AS A GRANT WITH NO PERIOD OR ANYTHING AT CLOSING. SO THAT WAY THAT EXTRA 2% JUST GOES STRAIGHT TOWARDS THEIR PRINCIPAL AND TOWARDS THEIR EQUITY IN THE PROPERTY.
SO THAT'S OUR MAIN FIRST TIME HOMEBUYERS PROGRAM AS AS YOU KNOW WITH ANY OF OUR FIRST TIME HOMEBUYERS WE HAVE WE HAVE A MANDATORY COUNSELING THAT THEY GO THROUGH AND IT'S A IT'S A WHOLE, YOU KNOW, PROCESS THAT THEY CAN REALLY UNDERSTAND, YOU KNOW, WHAT THE COSTS ARE LIKE.
I SAID THE DEBT TO INCOME, PEACE UNDERSTANDING LOOK, YOU KNOW, WE CAN GO UP TO CERTAIN THRESHOLD ON THE DEBT TO INCOME AND UNDERSTANDING WHAT THAT MEANS AND WHAT THEY'RE ALL IN YOU KNOW, INCOME WHAT THEIR LIABILITIES LOOKS LIKE ON THAT. SO THAT'S REALLY OUR MAIN FOR EVERYTHING BUT YOU KNOW AS WE GET CLOSER TO IT THESE HUD PROGRAMS THAT THEY HAD APPLIED FOR IT, WE START TO FIND OUT MORE ABOUT THAT COMES IN WE'LL BRING YOU KNOW WE'LL BRING MORE UP BUT RIGHT NOW IT'S MAINLY THE STANDARD YOU KNOW, STANDARD FIRST TIME HOMEBUYER PROGRAMS THAT THESE CLIENTS COULD BE ELIGIBLE FOR. OKAY.
NOW YOU KNOW, IF YOU HAVE FUTURE PROJECTS, YOU KNOW, SURE WE WILL HAVE RELATIONSHIP IT JUST WITH STATE OF MIND ARE YOU OPEN TO ANY PROJECTS OH YOU KNOW OPEN WITH ANY PROJECTS REALLY THIS ARE THE STATE OF MIND PART THEY THEY HAD REALLY COME AND LIKE I SAID I WAS AVAILABLE I'M HAPPY TO KIND OF HELP BE THAT POINT OF CONTACT FOR IT BUT NO SORT OF YOU KNOW EXCLUSIVE RELATIONSHIP WITH THEM ALWAYS HAPPY TO YOU KNOW, ANY ANY NEW PROJECTS WE HAVE ALWAYS ALWAYS WANTED BE A RESOURCE FOR ANY OF THESE CLIENTS COMING IN AND SO YOU GUYS DO A PRETTY MUCH THE ALONE AS WELL AS THE VERTICAL LOAN YEAH SO THAT PART
[00:20:09]
PART IS IN THE IN OUR COMMERCIAL SECTION SO WE ARE THE MORTGAGE SIDE IS A LITTLE BIT SEPARATED FROM THAT SIDE OF THINGS SO I'M NOT AS AS FAMILIAR ON THEIR SIDE BUT I DO KNOW THAT WE DO KIND OF HELP WITH THE INFRASTRUCTURE STUFF AND GO THROUGH THE THE FUNDING PROCESS AND OF COURSE I'M JUST NOT THE RIGHT PERSON TO ANSWER QUESTIONS ON THE FINANCING SIDE OF THAT BUT I MEAN IT'S DEFINITELY DEFINITELY SOMETHING OUR COMMERCIAL DIVISION CAN HELP WITH AND ERIC LOHMAN IS THE ONE WHO'S BEEN HELPING ON THIS ONE SO HE'D BE A GOOD CONTACT FOR THAT. RIGHT. ANYWAYS, SO THIS MIGHT BE PUTTING IN AS YOU SAY THE CARD WORKS WHEN YOU GET IN. I HAVE MORE NAMES AS YOU FOR THE POTENTIAL HOME BUYERS BECAUSE I GET CALLS AND EMAILS ON A ARE WE ABLE TO IT MIGHT BE UNDER THAT OF MIND MIGHT BE NEEDED TO ASK ONCE IT'S THERE AND ONCE YOU'RE READY FOR THE APPLICATION PROCESS COULD WE DO A OPEN HOUSE BECAUSE THIS IS NOT VIDEO TO EVERYBODY DOESN'T KNOW TO WATCH US AT 10 A.M. SO THEY DIDN'T HEAR WHAT YOU JUST SAID I MEAN I WOULD THINK THAT WOULD BE GREAT PERSONALLY I HAVE NO PROBLEM WITH IT AS FAR AS AN OPEN HOUSE WHAT WE WOULD HOW WE WOULD WANT TO DO IT BECAUSE I DON'T THINK THAT THE GOAL WOULD BE TO QUALIFY THESE CLIENTS AT ABOUT YOU KNOW ABOUT 90 DAYS OR SO OUT THE CLOSING AND OBVIOUSLY WITH ANY NEW BUILD THAT CLOSING IS A REALLY MOVING TARGET FOR EVERYTHING UNTIL THEY GET A CEO BUT YOU REALLY I WOULD BE HAPPY TO DO IT SOMEWHERE LIKE I MEAN YOU'RE YOU KNOW OR ANYWHERE ELSE THAT WE CAN KIND OF MEET THESE CLIENTS AND KIND OF GO THROUGH IT WE'D PROBABLY WANT ESPECIALLY IF IT'S SOMETHING WHERE WE'RE ACTUALLY GOING THROUGH THEIR FINANCIAL INFORMATION AND ACTUALLY QUALIFYING A GROUP OF CLIENTS WE PROBABLY WANT TO SET WAS JUST KIND OF GETTING THEM TO KNOW THE CREDIT SCORE AND I MEAN THIS IS ALL A WORKSHOP OR SOMETHING BEFORE HAND RIGHT? LIKE A WORKSHOP OR SOMETHING. YEAH RIGHT.THIS IS THE PAPERWORK THAT NEED TO PUT ASIDE. THIS IS WHAT YOU DON'T NEED TO BE SPENDING FOR CHRISTMAS. I THINK WE HAD THAT. YOU DON'T WANT TO GO BACK ALL RIGHT NOW. YEAH AND DIFFERENT THINGS LIKE THAT SO THINK THERE'S SHOULD BE A STEP PROCESS SO THAT KNOW WHAT THEY'RE LOOKING FOR. YEAH I TO GUESS YEAH EXACTLY BECAUSE I MEAN YEAH BECAUSE IF THESE APPLICATIONS OPEN THE END OF SEPTEMBER MAYBE LATER LIKE THE WORKSHOP PROBABLY NEEDS TO HAPPEN NOW SO THAT THEY'RE PREPARED FOR BEFOREHAND BEFORE WE GET INTO THE HOLIDAYS. YEAH ABSOLUTELY AND I DON'T REALLY HAVE ONLY MAIN THING THAT I WANT TO DO IS YOU KNOW I CAN WORK WITH YOU GUYS ON WHAT EXACTLY WE WANT TO BRING FOR THAT KIND OF A THING BECAUSE I YEAH YEAH I'M NOT SUPER EXPERIENCED WITH DOING OR HOLDING SOMETHING LIKE THAT SO I WOULD ABSOLUTELY YEAH WE COULD WORK TOGETHER AND OR SOMETHING TO YEAH YEAH ABSOLUTELY BECAUSE I THINK IT'D BE GREAT AND I THINK YOU KNOW LIKE YOU SAID A LOT OF THESE TIMES IT IS GOING TO TAKE SOME TIME FOR THESE CLIENTS TO QUALIFY AND THE HOPE IS THAT WE DO HAVE MORE OF THESE KINDS OF PROJECTS DOWN THE LINE THAT THESE THAT THESE SAME CLIENTS CAN BE KNOWN FOR. AND SO IF WE CAN MAKE SURE THAT THEY ARE READY AND THEY ARE YOU KNOW, HAVE THE NECESSARY TOOLS TO BE ABLE TO GET I THINK I SAID I'M ABSOLUTELY ABSOLUTELY WE HAVE MORE PROJECTS. WE HAVE AS A REALTOR I NORMALLY HOLD LIKE FIRST TIME HOMEBUYER SEMINARS AROUND OCTOBER , NOVEMBER, NOVEMBER BEFORE TAXES AND ALL OF THAT SO THAT THEY UNDERSTAND AND HOW FILING THEIR RETURN WILL AFFECT WILL OR WON'T AND SO THAT THAT WOULD BE A GREAT IDEA IS TO ACTUALLY HOLD SOME SORT OF SEMINAR FIRST TIME HOMEBUYERS. YEAH, I THINK HONESTLY WE'VE INTO DOING YOU KNOW, HOLDING FIRST TIME HOMEBUYER SEMINARS. I'VE GOT A FEW AGENTS THAT I'VE WORKED WITH TO TRY AND GET THEM IN THE PAST AND TO BE PERFECTLY HONEST IT'S REALLY THE ATTENDANCE THING.
YOU WOULD THINK THAT THIS IS SOMETHING THAT WE'D HAVE CLIENTS KIND YOU KNOW, KNOCKING DOWN THE DOORS TO GET INTO BUT REALISTICALLY IT IS IT ENDS BEING SOMETHING WHERE YOU DON'T END UP GETTING A LOT OF THE INTEREST WHICH I PERSONALLY I DON'T I, I THINK I THINK IT'S DIFFERENT NOW PROBABLY BECAUSE THE INVENTORY AND THE SCOPE OF WHERE WE ARE NOW LIKE MOST OF THOSE INDIVIDUALS WHO PROBABLY NEED THAT LIKE THE INVENTORY IS IN THERE SO THEY'RE LIKE WHY WHY? OKAY THERE IS A REAL DISCONNECT TOO ESPECIALLY FROM WHAT A LOT OF PEOPLE ARE SEEING ONLINE AND FROM WHAT A LOT OF INFORMATION THEY'RE LOOKING AT THERE.
I HAVE SO MANY CLIENTS COMING IN WITH JUST COMPLETELY DIFFERENT PERSPECTIVES ON WHAT CAN AND CAN'T QUALIFY FOR AND WHO THEY ACTUALLY NEED TO BRING FOR A PURCHASE.
THIS ISN'T EVEN TALKING ABOUT SOMETHING WITH AN INCOME QUALIFIED PROGRAM.
I MEAN ANY OUT THERE REALLY ARE STUCK IN A LOT OF DIFFERENT MENTALITIES FROM TIMES OF THE MORTGAGE PROCESS. SO MAKING SURE THAT THEY UNDERSTAND LOOK YOU'RE HAVING TO PUT 20% DOWN FOR A PURCHASE. YOU'RE NOT HAVING TO YOU KNOW HAVE PERFECT CREDIT TO BE ABLE TO QUALIFY. SO YOU KNOW AND UNDERSTANDING YOU KNOW, LIKE REALLY MAKING SURE THAT THEY KNOW WHAT THE WHAT THE MORTGAGE PAYMENT LOOKS LIKE TOO BECAUSE I A LOT OF TIMES PEOPLE USE CALCULATORS ONLINE AND THEY THINK IT'S JUST PRINCIPLE INTEREST.
BUT YOU'RE GOING TO GET YOU KNOW, ESPECIALLY THESE CLIENTS WE'RE LOOKING AROUND HERE WHERE WE HAVE A LOT OF CONDOS, A LOT OF YOU KNOW, REGIME FEES AND A LOT OF DIFFERENT THINGS THAT
[00:25:03]
THEY MAY GET THEY MAY NOT EVEN BE CONSIDERING INTO THAT PURCHASE PRICE.SO YOU KNOW, IT'S A GOOD THING TO REALLY GO THROUGH WITH THEM SO THEY UNDERSTAND IT ON THAT.
OKAY. OKAY. WE'LL WORK ON ABSOLUTELY.
YEAH. YEP. ABSOLUTELY IS ALSO IMPORTANT THE WHOLE POINT TO YOU THAT WANT TO BE INVOLVED IN THE IN THE POOL OF APPLICANTS YEAH.
OH YEAH ABSOLUTELY YEAH. SO I MEAN AND I TO THE EXTENT THAT I MEAN I'LL BE HONEST I HAVEN'T BEEN A LOT OF GUIDANCE FROM ANY OF THE SIDES AND HOW WE WANT DO THE LIKE ACTUALLY DO THE QUALIFICATION PROCESS AND HOW THAT IS GOING TO BE PART OF THE INITIAL YOU RECEIVING OF ALL THE INTEREST AND PASS THE QUALIFICATION I'VE NOT BEEN INCLUDED INTO WHAT THAT PROCESS IS BUT I'M ABSOLUTELY YOU KNOW I'LL DEFINITELY WORK WITH GUYS AND SEE EXACTLY HOW WE CAN BE ABLE TO SET UP A PROCESS IN PLACE FOR THAT BECAUSE YOU KNOW I DON'T WANT THIS TO BE JUST A FIRST COME, FIRST SERVE OR YOU KNOW I DON'T ALSO WANT THIS TO BE SOMETHING TOO WHERE SOMEBODY HEARS ABOUT THIS FIRST AND THAT MAKES THEM QUALIFIED THAN SOMEBODY WHO YOU KNOW, MAY NEED IT MORE. I THINK IT'S SOMETHING WE'LL NEED TO FIGURE OUT A REALLY GOOD PROCESS PLACE BEFORE WE DO START ACTUALLY QUALIFYING THESE CLIENTS.
BUT YEAH YEAH YOU KNOW I'M ON GIVE THE GROUP I GUESS THE CHANCE TO ASK QUESTIONS OF THEIR LIKE THANK YOU. ABSOLUTELY THANK YOU SO MUCH GUYS.
YEAH I REALLY I MEAN IT'S NOT A PROBLEM. ALL RIGHT I THINK WE GOT A LOT FROM THAT JUST TO KIND OF KNOW WHERE WE ARE GOING TO BE WITH OUR APPLICANT APPLICANT.
LET'S DO IT. I THINK YOU WERE WORRIED I HAD YOU ON MUTE.
I HAD MY VOLUME OF SO THAT'S WHAT WAS HAPPENING. HOW WERE YOU? GOOD. I'M SO HAPPY TO HEAR YOUR VOICE .
I WOULD PROBABLY SAY THAT HAD YOU LISTENED TO THAT LAST PRESENTER BUT APOLOGIZE I
[VII.2. Debra S. Stewart, Pinnacle Financial Partners, Community Engagement Advisor]
DIDN'T WANT TO GET ANY FEEDBACK . SO WHO WE HAVE HERE NOW GUYS IS DEBORAH STEWART FROM PINNACLE FINANCIAL PARTNERS THAT IS BASED OUT OF CHARLESTON.SHE'S GOING TO GIVE US SOME INFORMATION WHAT HER GROUP CAN PROVIDE FOR OUR FIRST TIME HOMEBUYERS CAN. YOU HEAR ME OKAY? QUESTION YEAH.
YOU HAVE DEBBIE GERALD INCLUDED YES. DANNY JARELL IS ON.
DANNY, CAN YOU HEAR ME? SO ANY THEM MUTED RIGHT NOW BUT HE'S HERE.
SHE'S HERE. EXCUSE ME. YES PLEASE HOLD ON JUST 1/2 PLEASE PARDON ME. YES, MA'AM. I GUESS DANNY MUST BE DOWN THE HALL. RIGHT? RIGHT RIGHT.
SO DANNY, PLEASE SIT IN MY CHAIR. THANK YOU SO MUCH FOR INVITING TO THIS MEETING, OKAY? YES, MA'AM. YOU HAVE THE FLOOR.
I'M DEBORAH STEWART AND I'M THE COMMUNITY DEVELOPMENT OFFICER THAT THAT COVERS OUR MARKET AND IN MY ROLE I LOOK FOR WAYS TO HELP PEOPLE TO BECOME HOMEOWNERS AND TO HELP MORE BUSINESS OWNERS TO GET THE CAPITAL THEY NEED AND ORDER FOR THEM TO BE SUCCESSFUL TO GROW THEIR BUSINESS, EXPAND THEIR BUSINESS. SO YOU TO IMAGINE HOW EXCITED DANNY AND I ARE TO BE IN THIS MEETING KNOWING THAT AFFORDABLE HOUSING IS ONE OF YOUR PRIMARY SO PLEASE ALLOW ME TO INTRODUCE DANNY GERALD WHEN? GOOD MORNING.
MORNING CAN YOU HEAR US OKAY MA'AM? GOOD MORNING.
YES, WE HEAR YOU FINE. OKAY, GOOD. OKAY.
GOOD MORNING. I'M DANNY. GERALD AND THE COMMUNITY MORTGAGE ADVISOR FOR PINNACLE FINANCIAL AND MY GOAL IS TO PROVIDE HOMEOWNERSHIP OPPORTUNITIES TO LOW TO MODERATE INCOME BORROWERS. SO WE DO THAT WITH NICHE TO HELP US REACH THAT GOAL. OKAY. AND ONE OF THE PRODUCTS THAT WE OFFER IS OUR PINNACLE 100 PRODUCT IT'S A CONVENTIONAL LOAN AND IT'S A THREE YEAR CONVENTIONAL FIXED RATE PRODUCT AND. THERE'S NO DOWN PAYMENT REQUIRED AND THERE'S NO PRIVATE MORTGAGE OR PMI THAT'S INCLUDED IN THE MONTHLY PAYMENT.
[00:30:01]
SO THE PRODUCT IS IS BASED ON INCOME. SO THIS RESTRICTED TO 80% OF THE HERD MEDIAN. SO IN THE COUNTY THAT WE ARE TALKING TO NOW THE HILTON HEAD LEFT HAND POOL AREA THAT MEANS THAT THE TOTAL INCOME ON THE MORTGAGE APPLICATION CANNOT EXCEED 85 I'M SORRY $88,500 FOR THIS YEAR TO QUALIFY FOR THIS PROGRAM OTHER INCENTIVES THAT I LIKE ABOUT THIS PRODUCT IS HOW WE LOOK AT STUDENT LOANS. SO WE WILL ACCEPT YOUR INCOME BASED OR INCOME DRIVEN REPAYMENT PLAN FOR STUDENT LOANS EVEN IF THAT PAYMENT IS ZERO WE WILL USE THAT INSTEAD OF USING THE STANDARD POINT 5% OF THE BALANCE FOR THE STUDENT LOANS. SO THAT'S THAT'S ALLOWED ME TO HELP A LOT PEOPLE BECOME HOMEOWNERS JUST BASED ON HOW WE LOOK OUR STUDENT LOANS SO SO THIS IS FOR PRIMARY RESIDENTS FIRST TIME HOMEBUYERS AND WE DEFINE A FIRST TIME HOMEBUYER AS SOMEONE THAT HAS NOT OWNED REAL ESTATE AND THREE YEARS SO PEOPLE WHO MAY HAVE OWNED PREVIOUSLY CAN ALSO TAKE ADVANTAGE OF THIS PRODUCT AND ALSO WHO WANT TO MOVE UP IN HOME AND HOMES CAN ALSO TAKE ADVANTAGE OF THIS PROGRAM. SO IT TAKES ON AVERAGE ABOUT 30 DAYS TO CLOSE THE MINIMUM CREDIT SCORE A 650 AND IS REALLY IS A WONDERFUL PROGRAM. SO IN ADDITION THAT WE ALSO HAVE OUR OWN IN-HOUSE DOWN PAYMENT PROGRAM THAT WE PARTNER WITH ON THIS PARTICULAR PRODUCT SO OUR DOWN PAYMENT ASSISTANCE WILL ALLOW CUSTOMERS TO PAY THEIR DOWN PAYMENT AND OUR CLOSING COSTS WITH THIS PARTICULAR PROGRAM SO WE WILL GIVE THE BORROWER A FOUR AND A HALF PERCENT OF EITHER THE SALES PRICE OR APPRAISED VALUE WHICHEVER IS IS LESS AND CAPPING AT 15,000 SO THEY CAN GET UP TO $15,000 IN DOWN ASSISTANCE TO PAY DOWN PAYMENT AND OR CLOSING COSTS AND THERE IS NO MONTHLY PAYMENT FOR THIS PAYMENT ASSISTANCE PROGRAM.THERE IS NO MONTHLY PAYMENT FOR THE DOWN PAYMENT ASSISTANCE PROGRAM AND THERE IS NO RESTRICTION ON HOW LONG THE BORROWER WOULD HAVE TO REMAIN IN THAT IN THEIR HOME AS THEIR PRIMARY. TYPICALLY THE DOWN PAYMENT IS PAID OFF WHEN THEY SELL THE HOME OR WHEN THEY IF AND WHEN THEY DECIDE TO REFINANCE. THE OTHER THING ABOUT THE DOWN PAYMENT SYSTEMS THAT I LIKE IS THAT YOU CAN ALSO USE IT TO PAY YOUR REALTOR COMMISSION.
SO DEPENDING UPON WHAT YOU NEED WE SHOULD BE ABLE TO TAKE CARE OF ALL OF THAT WITH THE DOWN PAYMENT ASSISTANCE PROGRAM TO AND DO IT ALL IN 30 DAYS. SO THIS IS REALLY MY BREAD AND BUTTER PRODUCT AND IT HAS HELPED LOT OF FIRST TIME HOMEBUYERS WHO MAY NOT HAVE THE FUNDS OR MAY HAVE THE ATM AND THE CREDIT TO STILL BECOME HOMEOWNERS AND PARTICULARLY WITH THE REALTOR COMMISSION PORTION IT YOU CAN ALSO HELP IF THEY FIND A PROPERTY IF SELLER IS UNWILLING OR UNABLE TO PAY THEIR REALTOR COMMISSION DO YOU ALL HAVE ANY QUESTIONS SO FAR ABOUT PINNACLE 100 OR THE PINNACLE DOWN PAYMENT ASSISTANCE PROGRAM YOU KNOW THIS HAS BE LIKE A SUPER POPULAR THEY ARE DISCUSSING THAT CAN YOU HEAR THE BOARD CAN YOU HEAR THE COMMITTEE? NO. NO.
OKAY. CAN YOU HEAR ME? ARE YOU ABLE TO ME NOW? YES, I CAN HEAR YOU. OKAY. I WAS JUST MADE A COMMENT THAT THIS MUST BE LIKE A IMMENSELY POPULAR PROGRAM. I MEAN DO YOU GET A LOT OF APPLICANTS? I MEAN ARE HAVING A LOT OF FOLKS ADVANTAGE OF THIS PROGRAM AND HOW DO YOU ADVERTISE TO THE GREAT YES SO THIS PRODUCT IS IS ABOUT 99% OF THE TOTAL VOLUME THAT I ORIGINATE AS A MORTGAGE LOAN OFFICER SO YES IT DOES GET ME INTO A LOT OF DOORS AND WE ADVERTISE BY GOING TO GOING DIRECTLY TO REALTORS BY GOING TO SCHOOLS EMPLOYEES WHEN THEY HAVE THEIR BENEFITS FAIR AND GOING TO WHEREVER WE CAN TO
[00:35:07]
MEET THAT MARKET OF LOW TO MODERATE INCOME BORROWERS WE'VE GOT THE CHURCHES WHERE WE KIND OF GO AND WE SPEND A LOT OF TIME CALLING ON SCHOOLS SO THAT WE CAN TALK TO TEACHERS AND DANNY HAS SOME STORIES ABOUT SUCCESS STORIES AND THAT SPACE AND WE SPEND A LOT OF TIME WITH NONPROFIT ORGANIZATIONS AND MUNICIPALITIES BECAUSE WE COVER PRETTY MUCH THE ENTIRE STATE. AND I HAVE TO TELL YOU WE'VE HAD SOME GREAT SUCCESSES WITH THE CITY OF CHARLESTON AND WE JUST WANT TO SPEND MORE TIME LETTING YOU KNOW ABOUT PROGRAMS SO THAT WE CAN HELP MORE PEOPLE.WE'VE GOT WE HAVE ONE OF OUR RETIREES TO GIVE US A CALL THEY DID NOT BANK WITH PINNACLE WE WERE ABLE TO GET THEM PRE-APPROVED AND IN A HOME A PERSON WHO HAD BEEN RETIRED OVER 60 YEARS OLD AND HAD NEVER BEEN A HOMEOWNER THAT'S A GREAT SUCCESS STORY BUT WE DO OUTREACH ALL THE TIME SO THAT WE CAN IN FACT MORE PEOPLE IN OUR COMMUNITY AND ALSO I WANT TO ELABORATE ON A FEW THINGS THAT DEBORAH SAID AS FAR AS PARTNERING WITH NONPROFITS, OUR CRIMINAL DOWN PAYMENT ASSISTANCE PROGRAM IS ALSO STACKABLE.
SO LAST YEAR JUST TO GIVE YOU AN EXAMPLE, WE PARTNERED WITH A NONPROFIT HERE IN CHARLESTON COUNTY AND WERE PROVIDING A $2,000 GIFT TO TIME HOMEBUYERS SO I WAS ABLE TO EVERYONE THAT CLOSED I WAS ABLE TO USE OUR DOWN PAYMENT ASSISTANCE AND THAT $2,000 GIFT FROM THAT NONPROFIT TO HELP THE CUSTOMER EITHER WITH PAYING REALTOR COMMISSIONS OR OR BEING ABLE TO EITHER PUT MONEY DOWN TO MAKE IT MORE AFFORDABLE WHATEVER THE CASE BE TO THE TO ALL TO AS MANY CUSTOMERS THAT QUALIFY FOR THAT. SO WE WE WE WILL STACK OUR DOWN PAYMENT ASSISTANCE WITH OTHER NONPROFITS EITHER GIFTS THEIR PROGRAMS AS WELL THANK IN MY ROLE I CALL ON DEVELOPERS TO FOR OPPORTUNITIES WHERE THEY MAY BE INTERESTED IN AND DEVELOPING AFFORDABLE HOUSING AND WHEN WHEN SPEAK WITH THEM. WE ALSO HAVE OPPORTUNITIES BECOME A PREFERRED LENDER AND AND DOING THAT WE HAVE BEEN VERY SUCCESSFUL AND DOING MULTIPLE CLOSINGS WITH ONE DEVELOPER WE ALSO CALL ON THIS THE REAL CONSULTATION AND WE SPONSOR EVENTS THEM SO THAT WE COULD MEET WITH REAL INTEREST AND MAKE THEM AWARE THAT WE HAVE 100% FINANCING AND WE'VE GOT UP TO 15,000 A DOWN PAYMENT ASSISTANCE MONEY SO THAT WE CAN MORE PEOPLE TO BECOME HOMEOWNERS. YEAH THIS IS JUST ONE LAST QUESTION IF I MAY IS THIS PROGRAM LIMITED TO OR RESTRICTED IN SOME WAY? FOR EXAMPLE YOU KNOW, I AM A REALTOR AND I MANY OF MY CLIENTS WORK OR NEED LOAN PROGRAMS BASED ON THEIR ITIN IS THAT SOMETHING THAT SOMEONE WOULD QUALIFY FOR ON THIS PARTICULAR PROGRAM THAT WE CAN POSSIBLY IN OUR COMMUNITY OR OR NOT ARE YOU FAMILIAR WITH THAT LOAN PROGRAM? IT LOAN PROGRAM? YES, MA'AM, I'M FAMILIAR WITH I I-10 PROGRAM AND CURRENTLY THE I-10 BORROWER WOULD WOULD NOT BE ELIGIBLE FOR THIS PROGRAM.
THEY WOULD HAVE TO HAVE A SOCIAL SECURITY. OKAY.
THANK YOU. YOU'RE WELCOME. ANY MEMBER ONLINE AND HER QUESTION IS DO YOU GUYS DO CREDIT REPAIR PROGRAMS CREDIT REPAIR PROGRAMS THIS TYPE NO.
BUT DO PARTNER WITH A CREDIT REPAIR? I'VE ACTUALLY REFERRED A FEW CUSTOMERS TO A PARTICULAR PROGRAM WE WORK WITH INCREASING HERE IN CHARLESTON SO WE REFER I REFER PEOPLE TO THEM WHO REALLY NEED IT THEIR TYPE OF MINDSET CHANGE AND THEY STILL WANT TO YOU KNOW, BE PREPARED TO TO BUY A HOME AND IT WAS EXTENSIVE AS TO WHAT
[00:40:04]
THEY NEEDED TO DO. SO I'VE SENT QUITE A FEW PEOPLE TO INCREASE AND HOPE TO HELP WORK ON THEIR CREDIT AND ORIGIN AS WELL TO WORK ON REPAIRING THEIR CREDIT AND THEN FOLLOW UP WITH ME WHEN THEY'RE DONE TO SEE IF THEY'RE READY TO FOLLOW THROUGH OR PROCEED WITH GETTING PRE-QUALIFIED WITH MORTGAGE. IT IS SO INTERESTING THE WAY THAT WE HAVE PARTNERED WITH NONPROFIT ORGANIZATIONS AND WE SO THAT IT HELPS US SO MUCH SO THAT WE CAN SAY TO SOMEBODY INSTEAD OF KNOW WE CAN SAY NOT YET RIGHT SO THAT WE COULD WORK WITH THEM TO IMPROVE THEIR SCORES. AND THE INTERESTING THING IS WE DOING THIS WITH SMALL BUSINESS OWNERS AS WELL WHEN THERE'S A SMALL BUSINESS THAT COMES TO US AND NOT QUITE READY, WE HAVE OPTIONS AND SOME OF THOSE WOULD BE THE CDF EYES BUT MORE IMPORTANTLY TO YOUR QUESTION OUR NONPROFIT PARTNERS PARTNER WITH US SO THAT WE CAN IF A PERSON NOT READY WE CAN GET THEM READY TO BECOME A HOMEOWNER OH RIGHT ANY QUESTIONS YOU LADIES STILL GOING RIGHT THE LADIES ARE STILL PRESENTING. IS THERE ANYTHING ELSE YOU WANT TO ADD? I THINK THAT WE'VE TALKED ABOUT THE PINNACLE 100 PRODUCT AND OUR PINNACLE DOWNPAYMENT ASSISTANCE PROGRAM. SO I THINK WE JUST TO MAKE OURSELVES AVAILABLE TO HELP ANYONE THAT YOU KNOW WHO'S INTERESTED IN BECOMING A HOMEOWNER ALL RIGHT. YES. WHAT RELATIONSHIP DO YOU HAVE WITH DEVELOPERS? DO YOU DO YOU DO THE INFRASTRUCTURE OR, THE VERTICALS DO YOU HAVE THAT WITH PROGRAM AS WELL? I'M SORRY.CAN YOU REPEAT THAT? WHAT RELATIONSHIP DO YOU HAVE WITH DEVELOPERS DO YOU DO YOU FINANCE THEIR INFRASTRUCTURE ISSUES AND AND YES, YES, YES. SO WE ALL DO WE WILL DO THE COMMUNITY DEVELOPMENT LOAN. WE WILL ONE OF OUR COMMERCIAL LENDERS WILL DO THE LOAN FOR ME TO DEVELOP THE PROPERTY AND THEN WE THEN DO END LUNGU'S WHERE WE MAKE LOANS TO THE INDIVIDUALS AND WE HAVE HAD SUCH GREAT SUCCESS I'M TRYING TO REMEMBER NORTHBRIDGE YET AND SO WE WE INVOLVED IN THAT PROJECT ABOUT HOW MANY LOANS THAT WE DO AND LOANS CAN YOU REMEMBER ABOUT ALMOST TEN SO ALSO WE'VE WORKED WITH THE CITY CHARLESTON AND WE'VE WORKED WITH DEVELOPER FHA JOHNSON WE'VE WORKED JOHNSON JOHNSON AND DEVELOPING HOUSING AND THEN NOT ONLY DO THE LOAN FOR THE CONSTRUCTION AND THE INFRASTRUCTURE BUT WE ALSO DO THE END LOANS FOR THE INDIVIDUALS. SO YOU ARE SO RIGHT TO BRING UP THAT TOPIC. SO I SPENT SOME TIME CHASING LOOKING FOR WAYS TO FINANCE THEIR PROJECTS OF COURSE I'M MORE INTERESTED IN THE AFFORDABLE HOUSING BUT WE HAVE A GUESS HERE TO DATE IS THAT THOSE COMMERCIAL I MEAN BECAUSE WHAT IS IT YOU DO A RESIDENTIAL RESIDENTIAL CUSTOM THAT DOES RESIDENTIAL CUSTOM YOU DO YOU DO ANY FINANCING FOR CUSTOM BUILDERS YES WE DO AT THE PINNACLE WE DO IT A LITTLE BIT DIFFERENTLY HERE.
SO AT THE PINNACLE WE HAVE A DESIGNATED LOAN OFFICER THAT HANDLES OF OUR CONSTRUCTION PER LOANS. SO IF I GET A CUSTOMER WANTS TO YOU KNOW, BUILD A HOME ON LOT AND THEY HAVE A BUILDER I HAVE TO ACTUALLY REFER THAT CUSTOMER TO OUR DESIGNATED LENDER THAT DOES ALL OF OUR CONSTRUCTION LOANS AND OUR CONSTRUCTION FIRM LOANS.
SO YES, WE ABSOLUTELY DO THAT HERE AND IT'S A PRETTY COMPETITIVE PRODUCT THAT WE OFFER SO YOU'RE INTERESTED I CAN DEFINITELY REFER YOU TO THE LENDER SO SHE CAN GIVE YOU MORE DETAILS ABOUT IT. THANK YOU. THIS HAS BEEN VERY INFORMATIVE
[00:45:09]
AND TIMELY BECAUSE WE WANT TO BRING YOU TO BLUFFTON. I KNOW YOU LIKE CHARLESTON BUT WE WANT TO BRING TO BLUFFTON PART OF MY PART OF MY RESPONSE ABILITY IS TO TRAVEL THE STATE AND LOOK FOR WAYS TO BUILD RELATIONSHIPS, PARTNERSHIPS SO THAT THOSE PARTNERSHIPS WILL RESULT IN MORE PEOPLE BECOMING HOMEOWNERS. THANK YOU.IT'S VERY SATISFYING WORK. VERY GOOD. THANK YOU, LADIES AND APOLOGIZE NIGHT. YOU GET MOST OF THE THINGS THAT YOU IMPULSIVELY APOLOGIZE LIKE PLEASE DO NOT APOLOGIZE. WE APPRECIATE AND LOOKING FORWARD TO COMING AND VISITING YOU SOON PERHAPS THE NEXT TIME WE MIGHT HAVE 10 MINUTES ON YOUR AGENDA FACE TO FACE.
I DON'T KNOW IF THAT'S POSSIBLE BUT WE'RE POSSIBLE. PLEASE LET US JUST LET US KNOW WHEN WE CAN COME TO YOU, OKAY? WE WILL. THANK YOU LADIES SO MUCH.
SO THIS IS REPORT IS ALSO BEEN ADDED TO EDITOR AGAIN THANK YOU FOR AND WORKING YEAH OKAY GREAT EXCELLENT THANK YOU. THANK YOU. ALL RIGHT.
BYE BYE. OKAY SO WE HAVE GOOD PRESENTERS WHERE WE NEED ALL THAT INFORMATION BUT THAT INFORMATION IS SOMETHING I ALSO SUPPLY TO OUR RESIDENTS SO THIS IS A GOOD AND OF COURSE IT IS RECORDED SO IF YOU HAVE ANY OF ITS FIRST TIME HOMEBUYERS LISTEN TO THIS PLEASE LET ME KNOW DID THEY GO TO ANY AND THEN I'LL GET WITH THE EXECUTIVE TEAM AND GIVE YOU SOME KIND OF WORKSHOP BEFORE THE TAXES AND.
WE'LL GET DOWN AND SEE WE CAN PUT SOMETHING TOGETHER SO THAT THOSE HOMEBUYERS KNOW HOW THEY WHAT THEY NEED. I CAN PREPARE AND PREPARE THEMSELVES YOU KNOW FOR THESE 12 AND ANYTHING ELSE THAT'S COMING IN THE AREA SO THAT IS OUR SEPTEMBER MEETING AND THE QUESTIONS, COMMENTS SO YOU WANT ME ON MY SIDE AGAIN PLEASE REMEMBER TO PLACE OUR NEIGHBORHOOD ASSISTANCE PROGRAM. WE HAVE THOSE FUNDS.
THINGS ARE GETTING DONE BUT WE HAVE THOSE THAT WE CAN UTILIZE SO AND IN YOU KNOW I CAN GET WITH YOU LATER WE DO HAVE THROUGH THE ASSOCIATION WE DO HAVE AN EXPO COMING IN OCTOBER SO I DON'T KNOW IF THE COMMITTEE WOULD BE INTERESTED TO HAVING A BOOTH THERE AND ACTUALLY, YOU KNOW, REACH OUT AND GET THE COMMUNITY, KNOW WHAT EXIST AND THAT YEAH THAT WE'RE DOING NOW BUT WE CAN TALK ABOUT THAT IN OCTOBER TO 11. OKAY ALL RIGHT WHERE IS IT'S GOING TO BE AT BLOCKING I THINK SO GOING TO BE A GREAT LOCATION AND WHAT'S THE NAME OF THE EXPO SO I CAN IT'S CONNECTOR I THINK CONNECT WITHIN A CONNECTOR BUSINESS EXPO BY THE HISPANIC BUSINESS ASSOCIATION OF THE LITTLE COUNTRY. OKAY AND AS YOU KNOW IF YOU GUYS WOULD TO PARTICIPATE I'LL AKINSANYA MORE INFO. OKAY? ALL RIGHT, KEVIN , HAVE IT. YEAH, YEAH. OKAY.
BACK TO YOU, MR. CHAIRMAN. VICKY I'M VERY IMPRESSED WITH YOU.
WITH YOU, I GUESS BECAUSE OF THE DAY. GOOD JOB BRINGING THEM ON BOARD AND HELP WITH WHEN WHEN US WITH PINNACLE THEY'VE BEEN TRYING TO GET US.
I'LL BE PUTTING ON A VERY INTERESTING LADIES THERE WAS A NUMBER OF GROUPS THAT INVOLVED AS WELL YEAH WE HAVE A LOT OF DIFFERENT PROGRAMS THAT WE CAN TRY TO HAVE A LOT OF PRODUCTS IN A LOT OF DIFFERENT PROGRAMS. WE ENJOY.
RYAN VERY APPRECIATIVE OF WE ARE APPRECIATIVE OF YOUR TIME AND WHAT YOU'RE DOING WITH ME.
YOU KNOW IT'S ALL WE ALL WE NEED YOU TO DO IS MAKE THEM MOVE A LITTLE FASTER EVEN THOUGH THEY RUN IT. ALL RIGHT. THANK YOU AGAIN, VICTORIA.
I'M A HATS OFF TO YOU. KEEP DOING GOOD THINGS AND. I'M HAPPY WITH THE THINGS THAT YOU ARE DOING AND I I KNOW YOU SAY IS THERE MORE I CAN DO? DON'T ASK THAT QUESTION BECAUSE GOING TO KNOW AND TAKE TOO MUCH ON IS ALL SO I THINK THAT'S WHAT WE NEEDED TO GET OVER.
I GOT SO USER INFORMATION ABOUT GETTING EXCITED AND THEN IT'LL BE THE SATURDAY AFTER THIS
[00:50:06]
AFTER THIS MEETING. OKAY OKAY. RIGHT AFTER THE OCTOBER MEETING IS THE SATURDAY AFTER THE AND SHOULD THAT BE OKAY SO THE FOLLOWING YEAH OCTOBER SIX IS A MONDAY WHAT ARE YOU LOOKING FOR? I, I THINK IT I THINK I NEED THIS LET ME KNOW AS YOU DO SO I CAN MAKE SURE I'M OKAY YOU WILL DO OKAY COMMITTEE MEMBERS* This transcript was compiled from uncorrected Closed Captioning.