Simply Ledyard CT

Ledyard Mortgage Monday

The Federal National Mortgage Association (FNMA or Fannie Mae) effective Tuesday, June 1st is requiring that all conventional loan lenders for FNMA obtain a new credit report just a day or so before closing.

The reason for this is that FNMA has determined that the third most frequent cause of default is undisclosed debt.

This means that more important than ever, if you are buying a home or refinancing using a FNMA conventional loan, DO NOT CHANGE ANYTHING to do with your debt.  With the new credit report in hand, we at McCue Mortgage Company have to compare the new credit report agianst the old one and make sure that our clients will still be approved for their mortgage.  We may find ourselves in a situation where we have processed, underwritten and approved a mortgage loan application, issued a formal commitment letter and worked with the Realtor, attorney, homeseller and homebuyer to establish a closing date and then find out that the buyers just bought a car last weekend so they would have a nice new car in their nice new driveway.  Unfortunately, they may not be approved again due to the new debt obligation.

This does not impact VA, FHA, CHFA, DAP or Rural Development.  This only comes into play with FNMA conventional loans.

Please contact me if you have any questions or concerns regarding this.

Since 1980, Phil Turner has helped over  10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

The Ledyard Farmers Market

The Ledyard Farmer’s market will re-open June 2nd from 4-7PM at its new location at the Ledyard Fair  Ground’s.  The fair grounds  should be a better location with plenty of room to park and roam.  The farm market will be open every Wednesday until September. I hope to see you there!

Ledyard Photo Friday

Buy Local in Ledyard!

I was around town on errands today and noticed lots of Ledyard folks buying their garden plants. Whether you shop at Holmberg Orchards,  Holdridge Nursery, or Alice Acres, be sure to shop local!  Especially in tough economic times, it is important to support the Ledyard business community!

Harvard or Yale in Gales Ferry this weekend?

It is the oldest collegiate athletic competition in the nation.  Sports Illustrated has called it "the most venerable rivalry in college sports".  Gales Ferry, CT is home to it all. The Thames  River has been the location of all but 5 races since 1878.   The 145th race will take place this Saturday, May 29th. 

The colleges first raced in 1852, and in 1878 the race was moved to the Thames River.  Both crews maintain camp in Gales Ferry - Harvard at Red Top on Military Highway and Yale at the end of Hurlbutt Road.  In the early 1900's over 100,000 spectators would view the race from yachts and observation trains on both sides of the river.  The glory days of the race are over but it is still well attended each year with plenty of people watching from the shore and from the water.  There are 3 rowing competitions including the varsity race of 4 miles, the longest race in the western hemisphere.

If you search their websites, Harvard calls the race the Harvard-Yale Regatta, while Yale prefers the Yale-Harvard Regatta. Either way, each year, the young men of Harvard and Yale arrive in "the Ferry" just after their final exams.

Harvard has won the race 3 years in a row. This year they have 5 sophomores competing and if they win again, it surely won’t bode well for Yale.

*Photo of the Yale Boat House taken this winter.

Ledyard Celebrates Memorial Day

 

The Town of Ledyard will celebrate Memorial Day on Sunday with a parade starting at 1:00PM.  The parade begins at the Ledyard Fair Grounds and ends at the High School on Gallup Hill Road.  The theme is "Let Freedom Fly Forever."  The parade is organized by the Ledyard Lions Club.  

I love Memorial Day Parades.  I'm proud to say I'm patriotic. I choke up when I hear the Star Spangled Banner and get goosebumps when I see flags.  As you enjoy a parade, a picnic or the Indy 500 this weekend, please stop to remember the brave men and women who have served our country.

Ledyard Real Estate Update

Ledyard and Gales Ferry Real Estate Statistics for the Week of May 16th

What's up and what's down?  This week I'm going to focus on charts to tell the story. The chart below, provided by Altos Research, depicts all Ledyard single family homes on the market on May 23rd.

To get a more targeted understanding of homes on the market, the data is divided into quartiles. Each quartile is 25% of the homes listed. The most active quartile in Ledyard is quartile 3, the one who's median price is $239,000. Note the significantly lower number of days on market.  (DOM)

While listing information tells part of the story, what’s happening with pending sales is equally important.  Due to the tax credit, the number of pending sales is at a healthy 37. Considering only 35 homes have sold in 2010, 37 pending sales is a very positive trend. Will the trend continue without the benefit of the tax credit? Statistics will bear watching over the next few weeks.

Number of Ledyard Homes Currently Pending: 37

Number of Homes Sold in 2010: 35

There were 149 residential home sales in Ledyard in 2009. 
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009 & 2010:  $385,000

Listing and sales reported by the members of the Connecticut Multiple Listing Serve, Inc and may not represent all sales. Information deemed reliable but not guaranteed.

Little Bites of Ledyard

Beyond Ledyard Real Estate

Just in time for the best tastes of summer, the Town of Ledyard has launched www.LedyardFresh.com , a website to promote local farms.

Speaking of farm fresh, the Ledyard Farmer’s market will re-open June 2nd from 4-7PM at its new location at the Ledyard Fair Ground’s.

The Atlantic Tropical Storm Season officially begins June 1.  Hurricane Gloria in 1985 and Hurricane Bob in 1991 were the last major storms to effect this area. I keep thinking that we are way overdue for another big one.

The Backus Health Center has moved! Dr. Russo's office is now located in the Ledyard Professional Building, next to Ledyard Town Hall.

Ledyard Mortgage Monday

Good news this week from the mortgage side of the real estate industry.

Rates have settled lower this spring, completely the opposite of earlier predictions of  upwards to 6% 30 year fixed rate mortgage loans.  All of our mortgage loan programs offered rates of 5% or lower on 30 year fixed rate mortgage loans.

$200,000.00 borrowed at 6% has a principal & interest payment of $1,198.00. The same $200,000.00 borrowed at 5% has a principal & interest payment of $1,070.00. Over the life of the loan that is a difference of $46,080.00.  That is much better to have in your pocket than paid out on your mortgage loan.

The low rates have kept the market active.  Even without the federal tax credit we are seeing good activity in southeastern Connecticut.

Since 1980, Phil Turner has helped over  10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

Representing Ledyard at the State GOP Convention

I was at the Republican State Convention on Friday and Saturday as a delegate from Ledyard.  I’ve been to the State Convention before but never one with so many choices and competitive races.  The experience was just about the right mix of exciting, boring and fun. 

The convention was held at the very modern Connecticut Convention Center. Congressional District 2, of which Ledyard is a member, was seated at the rear of the convention hall. That means we were the last to vote on every ballot. With few Republican office holders in our corner of the state, we literally took a back seat to the activities.

We returned to our hotel rooms at 11PM on Friday. I don’t quite understand why technology hasn’t found its way to political conventions in CT.  What took two full days could easily have been completed in one. Of course, quicker voting wouldn’t have allowed for all the arm twisting, vote changing, and postering. And what would a political convention be without that?

Ledyard Photo Friday

I have lots of photos from our Alice Acres Community Picnic which I will be sharing soon, but this one is my favorite. Not because it is the best composed or the prettiest but because it shows a long line of folks buying ice cream which is what the day was all about - supporting Cows and Cones and the Alice Acres Farm Market.  You did good.  Now get out and support another Ledyard business today!