Home Buyer No Money Down Options, First Time, Anytime Buyer
April 3rd, 2009 Categories: Buy A Charlotte Home, mortgages
Charlotte NC | Not the Junk Kind, Real Ways to Buy a Home with Zero Down
5 Ways First Time Home Buyers can still purchase a home with no money down in Charlotte!
#1. VA Home Loans
#2. USDA Rural Housing Loans
#3. House Charlotte Program
#4. HUD Foreclosures
#5. FHA-
It requires 3.5% down Payment, but this money can be given to you by a family relative. The venerable FHA loan is alive and well. Technically not no money down, so I’ll give you a bonus below
If you would like more information about buying a home in Charlotte with no money down, please contact Olan Carder at 980-721-7478. Olan has been in the mortgage industry for over 10 years in the Charlotte area, and has built a reputation for helping homebuyers other lenders can’t!
BONUS#6. If you are a teacher, a fireman, policeman or work for the state of North Carolina,
Knowledge is power and a great strength in any negotiation. This is what I bring to bear in negotiations for our clients. Skilled Buyer Agents make great deals happen.
New to Charlotte? See the #1 Video on You Tube for Charlotte NC
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Tuesday Updates from Charlotte NC- Real Deals in Mortgages
March 31st, 2009 Categories: Buy A Charlotte Home, mortgages
Lennar just announced 3.62% 30 year fixed rate loans on closings by April 30!
Yes conditions apply- only new homes, conforming loans (below $417K) you must have a credit score of 700 or above, and minimum 10% deposit… still Lennar builds a beautiful home and they have discounted inventory around Charlotte.
Call me-I’ll only show you Inventory homes because that is where the deals are! Lets look at them today.
Compare Loans
Suppose you are a first time home buyer, compare your payments on a $250 K loan–home price of 277,000 and you put 10% down of $27,000. You will of course get the $8,000 tax credit on your next return, so net out of pocket is 19,000 plus closing costs (we’ll get the builder to includte those!)
Principal and Interest at 3.62% = $1,139 per month and at 5.25%= $1,380/mo or $241 per month! That means you save $2,892 per year (pays your tax bill!) or $14,460 over 5 years. Gigurin Taxes and insurance at an additonal $300/mo, then the Lennar PITI is 1439/mo and requires a gross income (at 30% yours may vary) $4,796 per month, or $62,000 per year to qualify.
At 5.25%, a great rate, your PITI would be $1,680, requirin a monthly income of $5600 also at 30%. Or you’d need $72,000 in gross income to qualify
Quite a difference!
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Pulte is offering 3.99% Fixed, OR, they’ll pay your mortgage for 6 months while you sell it at SCCL!
This is good at Sun City Carolina Lakes, and as far as we know- all Pulte communites on homes closed by June 30, 2009
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Bank of America IS still in the Jumbo Mortgage market- those over $417K- and increasing its share in the 4th quarter.
Last weeks average conforming rate, loans below $417K, edged up to 5.07%, with average loan costs of .28%. Jumbo rates were consdierably higher at 6.63% and .46% loan fees.
Bank of America was a bit higher at 6.88% loan with 0 pints- they require 20% downpayemt up to $1.5M houme, and above $1.5M they require a 30% DP.
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You all know we are not mortgage loan officers and these do not contistute an offer by CharlotteCommunitiesonline in any way. Of course, each businees has the right to change it- but we wouldn’t report it if we didn’t believe it true! The informatino is deemed accurate, but not guaranteed, but we are happy to get with you, and look at a property and get their specific details- all of them, for you to consider.
New to Charlotte? See the #1 Video on You Tube for Charlotte NC
Meet Terry, Terry’s Team and sign up to Search for homes at Charlotte Real Estate
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Charlotte NC: Absolutely UNBELIEVABLY LOW Interest Rates
March 28th, 2009 Categories: Buy A Charlotte Home, mortgages
The 30 Year average mortgage rate fell to 4.85%- the lowest in the 30 year history…but wait.
Teachers, Firemen, Police, NC National Guard, anyone who can become a member of NCSECU, qualify for their very low rates.
At the local State Employees Credit Union, owner occupied, 30 year term/2 Year ARM, max 1% per adjustment with 10% DP, is 3.75%. Without a down payment? 0 down? 4.75% , and no PMI. Maximum increase 1% per year, toatl max is 8%. Headline here, No money down loans for 4.75%!!!
Investors require 20% DP, but same rates as above apply.
Pulte has extended its 3.99% Buydown for Fixed Rate loans through June.
Refis have gone crazy, up 41% since last month! How to know whether you should refi?
There are a number of complicating situations, but for most it’s simple math… a rule of thumb is you should refi if you’ll get better than 1% difference in rates- that would mean you have currently more than a 5.85% mortgage, and you’ll live there long enough to recapture the closing costs. For example, your monthly savings are $150/per month, and closing costs are $1500, your break even is at 10 months, $1500/150/mo= 10 months . So after 10 months in the house, you are saving 150 per month each and every month- or $1800 per year, for most that’s a no brainer.
Remember, negotiate the origination- best customers pay .5% or 0 in origination fees. If you took out a mortgage in the last 24 months, and you are still talking to the mortgage guy or gal, call them and see if they won’t cut your origination fee in half…
First time home buyers? It is time to buy a house.
Prices haven’t been this low since 2005, and rates haven’t been this low since 1955. Then there is the $8,000 Credit- Cash back- on your next tax return, the FTB$1000- a $1000m Lowe’s Gift Card after closing if you use the McDonald Team and Buy a home by 6/30/09, and job loss protection from the lenders… Don’t want to put too much pressure on but the fate of the eonomy is in your hands! lol.
A You Tube Hit Video (Over 18000 vides, #1 for Charlotte NC) that introduces Charlotte Real Estate and Charlotte NC
Search for Charlotte Homes
Or, just give me a call, 704 -351-1519 Terry
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Charlotte NC- Avoiding Foreclosure Fraud, Tools That Can Help
March 16th, 2009 Categories: mortgages
As most of you know, I like to stay on more positive things here, but I feel this is necessary information for our community…
New Foreclosure Filings Dropped 50% in Mecklenburg County in February 2009
This is good news for Charlotte area residents, never the less, the scam artists are out in full force. This excellent video from Freddie Mac outlines the problem nicely
Here is an excellent link from Freddie Mac on calling your lender to look at work out options, what are the things you will need for that conversation… and the President’s plan of Making Housing Affordable- including a refi propostion for those who are current on their loans, but unable to refi becasue of declining values.
If you are living in South Carolina and think you may have been a victim of mortgage fraud, the SC Consumer Affairs Department is aggressively combating it, and there to help- here is a short video with contact numbers.
Stay informed, seek help, talk to your lender first. If it sounds too good to be true, IT IS
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In other news, Duke won the ACC Tournament Sunday, and goes into the NCAA as a 4 pick, playing at “home” with UNC in Greensboro. Maryland took a 10 seed and plays Cal in Kansas City Thursday.
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Charlotte NC: The Healthiest Housing Markets for 2009 Charlotte 13th
February 19th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Homes for Sale, Lake Norman Real Estate, South Charlotte, Union County, University City, mortgages
from Builder Magazine, about Charlotte NC. Things are tough here too, but we are buying and selling homes! It is of course a strong buyers market.
Builder, in conjunction with Hanley Wood Market Intelligence, debuts its metric for determining markets with the best and least potential.
by
Boyce Thompson
With most economists and builders expecting a national market decline this year, this may not seem like the best time to be selecting the “healthiest” markets in the country. Virtually every market was down last year. But a close look at the numbers reveals that some markets have way outperformed others during the last four years and are likely to continue to do so this year.
13. Charlotte, N.C.
2008 total building permits: 12,231
People and businesses must love Charlotte, because they are moving there at a high rate. The metro area of 1.74 million has grown its residents by 4 percent annually over the last five years, one of the highest rates in the country. They are drawn by relatively affordable housing for the east coast—median home prices are only $210,900, and they’ve only “corrected” downward by only 4.2 percent in the last year. A strong fourth quarter helped Charlotte record 12,231 permits last year, only a 44 percent decline since 2005. Charlotte’s strength relative to other markets led the investment banking firm UBS to predict last year that it would be one of the first markets to recover from the housing downturn. Charlotte is still a single-family market, with 62 percent of the residential activity in stand-alone homes. The job market in this banking hub contracted last year, after growing 3 to 5 percent annually the previous three years
When the housing market stages its official recovery, the markets listed on the following pages are likely to lead the parade. …The healthiest markets have many things in common. Most of them are great places to live… Most of them didn’t have a huge run-up in prices during the boom and aren’t experiencing rampant deflation during the bust.
To compile these lists, we analyzed the top 75 housing markets in the country. We ranked them based on population trends and job growth, perennial drivers of housing demand. We also examined what’s happened with home prices; many of the healthiest markets have managed to hold the line on home values. And finally, we considered the rate building permits, which may be the single best ongoing indicator of builder confidence in a market.
Builder Magazine,the full story
Most of the cities in the top ten are in Texas, and other similar markets that didn’t have th high run up in pricres found in Flordia, California, Nevada and Arizona. My 2009 Charlotte Real Estate Market forecast
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Moving to the Charlotte Area? South Charlotte, Waxhaw, Lake Norman, Fort Mill Perhaps? Your first Charlotte home?
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and selling
real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008. And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.
We are working to help you “buy smart” in Charlotte, and to make your relocation easier and less stressful.
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Charlotte NC Charlotte Relocation Guide Charlotte Real Estate Charlotte Luxury Homes
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Home Buyers in Charlotte- Mortgage Protection From Bank Of America
November 24th, 2008 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers, mortgages
Buying a home in Charlotte, NC? First Time Home Buyers and other Charlotte Home Buyers…
Use Bank Of America for Your Mortgage, and Receive one year protection against layoffs, accidents and sickness that hospitalizes you- it pays your Principal and Interest- the PI.
Charlotte, NC| Concern about the overall health of the economy runs deep, and Bank of America has helped home buyers, offering an answer. The tough question? It goes something like this,
“I’ve a great job with a great company, our company is doing well and I’d love to buy a house here in Charlotte, but with all the horrible economic news, what if I buy a home now and business goes bad and I get layed off next summer?”
Now, most of the time the buyer knows this is not likely to happen- knows her (his) company is strong, the Charlotte economy is strong, and that home values are still appreciating in many areas of Charlotte, and she does feel good about her job… or she wouldn’t be looking, but how to still that nagging voice? You know the one! Buyer Protection from Bank of America, is part of the answer to that “What If” question, lets look at the details.
Buyer Protection is an insurance product normally sold with a mortgage,
BOA offer’s it free for the first year. Is there a medical exam? No, but there is a 90 day exclusionary period- so coverage begins on the 91st day after the mortgage is signed. So in the case above, 6 months from now you lose your job involuntarily- a lay off-you can ask BOA to pay up to 12 months of Principal and Interest, in addition to an unemployment you receive, should give you extra peace of mind.
But there is more- suppose 6 months from now your work is fine, the economy is getting better, an you are involved in a car accident and can’t work, for a while, or worse become disabled… we don’t like to think of these things yet we all know they happen to someone somewhere every day – the buyer protection plan from BOA will be there for you in that worst case…
and the cost is, uh, FREE. Really free, no kidding. There are more details, and as with everything in insurance – please read the details to understand your coverage, but his is just another benefit our strategic partnership with Bank of America Mortgage provides to home buyers in the Charlotte area.
These plans are typically expensive and in the past have not been a favorite of mine- but at this price, free, it brings a great deal of peace of mind- and combined with the $7500 tax credit for first time homeowners–they represent two powerful incentives to buy a home in Charlotte in 2009.
The rest of the answer is to only buy in communities that add value, make sure your home fits your needs now and in the future, and buy it at a discount. We are here to help.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Townhome Charlotte, NC To Live or To Invest, 4b 3.5ba 159k in University area
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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Charlotte NC| A Mortgage Loan For Doctors- And Mortgage Money For All
November 20th, 2008 Categories: Charlotte First Time Home Buyers, Real Estate News, mortgages
A No Money Down Mortgage Loan For Doctors? In a word, Yes
and you don’t need to be Doctor to get a home loan in Charlotte: there is home mortgage money for your home purchase in Charlotte, NC.
Charlotte, NC Â Â Our strategic lending partner, Bank of America, has a program specifically designed for Doctors that reflects the bank’s commitment to our health providers and the stability of their profession. (Their jobs can NOT be out-sourced!) The no money down physician program is for primary residences- for Doctors relocating or moving to Charlotte, NC.
The devil is always in the details, but there is a lot to love in these details, and lots to love about Bank of America:
Up to 100% financing available
Loans Up to $1,000,000
No Private Mortgage Insurance
Fixed and adjustable rate mortgages available
Gift funds allowed for closing costs and reserves
Do not include student loans in DTI ratios- Debt to Income ratios- for qualifying
And remember, this is Not a loan offer, those only come from Bank Of America, once they have reviewed your credit and all terms you seek. I’m sure with no money down they require above average credit as well. But they like these loans and worked hard to put together competitive rates.
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Doctor or not, there is money to lend in Charlotte, NC.
I’ve spoken to several real estate agents in the past few days about lending issues… They agreed, we are getting loans done. There were few surprising turndowns- folks with 5% and trying to borrow BIG (1.5M) but most homes, most loans are still being done, just asking for a bit more down for the best terms. I asked my informed 25 year old son about buying- and he told me there wasn’t any money for mortgages in Raleigh… I think that too is misperception. Spread the word- there is money for houses in the Carolinas! So here are a few loans- loans for all:
3% FHA Loans – we can do this loan all day. Loan limit is $303,000, and may be reduced in the not too distant future. Our old DPA-Down payment Assistance Program- is out for now, may be revived. Average credit required.
VA- No money Down- to $417K Conforming Loans? Same $417K. Jumbo, still some at higher rates.
$7500 first Time Home Buyer Tax Credit- CREDIT- if you are thinking rent or buy, A $7500 REFUND on your taxes may tip the scale.
If you are considering a move or investing in Charlotte, deals have never been better or sweeter. Not in recent memory.
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Moving to Charlotte? Your first Charlotte home?
Have a home buying or home selling questions? I am a Charlotte real estate broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day in Myers Park, Southpark, Matthews and Huntersville, Lake Norman, Waxhaw and Lake Wylie too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
If you still haven’t figured out where you might want to live in Charlotte, you may compare area Charlotte home prices and communities, from our MLS based home search below. If you havenb’t already, try my my fact-filled and well received Introduction to Charlotte NC Video (over 9000 You Tube views) and don’t miss the FAQ videos-answering the Big Question- Where to live in Charlote, or where to look for a luxury home in Charlotte? (in the right column just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale-Â map based intuitive search
Charlotte NC Homes Best Value Under 500K
NC Lake Best Waterfront in Charlotte Under $2M
Charlotte North Carolina Real Estate- More Good Years Ahead
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