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Archive for the ‘Charlotte Area Info’ Category

Considering buying a home in 2009? Just outside Charlotte is a great little town called Indian Trail. Homes in Indian Trail are charming and affordable. And with Indian Trail being the second largest town in Union county you are also close to all the ammenities you will need.

While I don’t have time right now to highlight all of Indian Trail’s great features… trust me, this town is worth checking out! There are a number of real estate agents in the area and Indian Trail home loans are definitely available. So consider Indian Trail homes if you are looking to buy a home.

THERE IS NO MONEY TO LOAN!

THE SKY IS FALLING!

THE ECONOMY IS DEAD!

*cough* *cough*

Hold on a second.. I am trying to swallow this….

Folks, there is more than enough money for mortgage loans out there! The reason more mortgage loans are not being written right now is not because the money is gone… it’s because the buyers are gone! Applications for mortgages are way down, mostly due to fear!

And why are we full of fear? We should thank the news media for that! The panic headlines even have the White House panicing and now there is a $700 Billion “bailout” plan up for a second vote! Listening to the different talking heads, I hear about the reasons for this plan, but also am aware of all the other “stuff” being slipped into this bill! For example, Nancy Pelosi today brags that this new legislature has some great new features that will help energy and global warming, both which failed to pass last year. What in the world does that have to do with the bad mortgage debt on Wall Street? NOTHING!

True, property values across the country have fallen. Even the Charlotte area has seen a decrease in property values, although not by much! But right now is the absolutely BEST TIME TO BUY A HOME IN CHARLOTTE! Property values are lower and should rebound shortly while mortgage rates are still VERY LOW! And unless you just have the worst credit in the world, you can still get a mortgage!

Granted lenders have tightened up a bit on requirements. You will need better credit than over the past few years and you may need a little bit of money down. But that is not all bad. Lenders have gotten back to common sense.

So please, ignore the media’s claims that everything is failing and that you can’t find a mortgage. We have seen a gas shortage in Charlotte, but there is no shortage of mortgage funds available… just a shortage of buyers. Take advantage of the market and buy a home now!

Cruising Charlotte, North Carolina

This morning on the way in to the office, I stopped for some gas. As I was filling up, I heard a car revving the engine and spinning its tires. Two thoughts came to mind… “I remember the days!” and “With gas at $4 a gallon, are you nuts?!?”

This got me to reminiscing and that got me to thinking… Does anyone Cruise in Charlotte?

Growing up in a small rural town, I remember the days of getting in the car and heading uptown to cruise the “main strip.” We would drive from one end of town to the other just to be seen. Before long, local lawmakers began to “outlaw” cruising, stating that if your car was seen going back and forth more than twice, you could be ticketed. We just changed our routes!

But today I am 35 and that was years ago. Do teens and twenties still cruise? And in Charlotte, where would you do that? Does Cruising in Charlotte still happen, or is that a dying art form?

You Can’t Time the Bottom. You Can Pick a Great House

Thats a subtitle of a recent article in Money Magazine (June 2008). For quite some time I have been yelling from the virtual rooftops that now is THE time to buy a home in Charlotte NC! Yet there are several people out there that still want to wait for the “bottom to hit” so that they can get the “best deal” they can get.

Along comes this article from Money and guess what… they are saying the exact same thing!

The article says that you can not accurately predict when the “bottom” will hit and prices will be at the lowest possible point. As a matter of fact, this article says to resist the urge even as it is possible that the home you buy today could actually be worth a little less next year. This part doesn’t necessarily apply in Charlotte as we still remain the only major market in the US to increase in values!

The real estate market offers the best choice in homes we have seen in decades and with mortgage rates still low, now is the time to make your move. Do your research, work with a Realtor and make your offers accordingly. But don’t sit around and wait. If you are thinking of buying a home in Charlotte, now is the time. Make your move and you could be enjoying the summer in your new Charlotte home!

New Risk Layering Added to FHA Mortgages

Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. Currently all FHA mortgage loans enjoy the same premiums.

Right now, an FHA mortgage loan requires 1.5% of the loan amount to be paid up front for mortgage insurance, plus an annual mortgage insurance premium 0.50%, paid monthly. Using a $100,000 loan amount, the upfront mortgage insurance premium would be $1,500 and the monthly insurance premium would be $41.67. (0.50% annual = $500 / 12 monthly payments = $41.67 a month.)

Lets see how this new Risk Layering will impact FHA mortgages after July 14.

Most FHA purchases are done using the minimum 3% down. So with the new risk layering, someone with a credit score of 640 would see an upfront fee of 1.5% and an annual rate of 0.55%. Not bad! Realistically you are talking a difference of roughly $4 a month.

However, someone with a credit score of 550 would see an upfront premium of 2.25% and an annual premium of 0.55%. On a $100,000 mortgage loan, this equates to an upfront premium of $2,250 and $45.83 a month for the annual premium.

The good news is that the upfront premium can be financed back into the loan amount, so the additional $750 won’t be required in cash! And this small amount won’t make any significant monthly payment changes that will hurt your wallet!

This is a small change and not one to be too upset about. Yes, its an increase in premiums, but with the increase of foreclosures across the country, HUD has to ensure that they can continue to offer these great FHA mortgage loans!

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Special Mortgage Loans for Teachers of North Carolina

I know first had how under paid, under appreciated and under supported teachers are. (My wife is a teacher in North Carolina.)  While I can’t solve all the problems in the education system, I can help North Carolina Teachers with mortgage loans!

(My wife is a N.C. teacher, but this is not my wife.)

So, this summer I want to reward North Carolina teachers with a special mortgage program. In addition to great mortgage rates and programs, I will provide reduced fees and preferred processing to my NC teacher mortgage customers!

Add this to the Teacher’s Good Neighbor Next Door program that allows teachers to buy a home for half price and you have the best possible deal for Carolina teachers! Think about that… no money down, 100% equity from day one and a low mortgage rate to boot! Aren’t you gald you are a teacher?

North Carolina teachers, you deserve the best. Let me do my part in giving back by helping you in the best way I possibly can. No matter if you are a first time home buyer or a seasoned home owner, I am here to help you buy the home of your dreams!

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Why Charlotte NC is The Place to Buy Your First Home

Are you tired of renting? Every month you write that check for $600, $750 or over $1,000 for your rent and you have to wonder… how much home could you buy in Charlotte?

If you are thinking about buying your first home, Charlotte NC is the best bet around!

Charlotte’s real estate market is great! There is a great selection of homes available to purchase and despite the national news of falling home values, Charlotte boasts one of the few growing real estate markets in the country. So the investment you make today won’t disappear tomorrow!

Mortgage rates in Charlotte are cheap! While the entire country is still seeing great mortgage rates, Charlotte is really reaping the benefits! In addition to people buying their first home today, many Charlotte home owners are also refinancing their current mortgage. When you see mortgage refinances up, you know mortgage rates are low! And right now, you can enjoy super low mortgage rates in Charlotte.

Despite the news that it’s harder to get a mortgage today, there are still many Charlotte mortgage financing options. First time home buyers are finding it a little more tricky today, but with the right guideance and advice (from the right Charlotte loan officer of course), Charlotte home buyers can find the right mortgage product to help them get approved! FHA and VA mortgages for Charlotte are just a few of the many options available today.

So if you are still renting, you need to consider buying your first home in the Charlotte area. With a solid real estate market, great selection of homes for sale in Charlotte, super low Charlotte mortgage rates and mortgage programs designed to help first time home buyers, now is your time to buy!

Could a “Failing Economy” be Political Hype?

Sure, I know its tough out there. Energy costs, especially at the gas pump, are eating up more and more of our money. And it seems that everywhere we turn the feeling is that we are in a recession.

However, the numbers say something different. For the past 2 economic quarters we have still seen growth in our economy. Sure it was just a small gain, but it was positive. This morning, despite economists expectations of bad news about unemployment rates, the numbers actually showed that umemployment rates fell in April! And all reports earlier late last year said we would not see the real estate housing market return until 2009, but now they are saying 3rd quarter 2008. Personally, I think the real estate market turns the tide this summer nationwide, with Charlotte real estate beginning any time.

So what does this all mean? Is it all just politics? Are we in a recession? Is the sky falling?

I have been saying for months that the sky is NOT falling. Yes, we have seen a down turn in the economy and we are all feeling the crunch. But listening to the talking heads, the politicians, and the news media (which can’t say anything good) you would think we are in another great depression!

So it makes me wonder… how much of this is spin and hype from a big year in politics? How much of this is “Bold Headlines” material, and just how much of it is reality?

For those that do not subscribe to the theory that America is falling away and that our economy is dead, now is the best time to take action. While others are sitting around moping about how bad things are, you are able to take advantage of the market and make big strides. From investments to real estate, the world lays at your feet waiting to be seized!

If you live in the Charlotte NC area for example, you are part of the best real estate market in the country. Charlotte even features the best economy in the nation. So take advantage of your opportunity and stake your claim today.

What do you think? Express you opinion now…

USDA Mortgages Can Include Repairs

If you are considering buying a home using the USDA program, there is a great feature that may help you. USDA mortgage loans for the Charlotte outlying areas will allow you to include additional funds over 100% financing to allow for repairs to a home. This is especially helpful when buying a foreclosed home that needs a little TLC.

This can vary based on the investor that will originate the USDA loan, but for the most part funds for repairs can be added to the loan, to a max of 10% of the loan amount (no more than $10,000). The repairs can not affect livablility or safety of the home.

For example, a home priced at $120,000, the max you could use would be $10,000. That money is placed in escrow with the closing attorney to be paid out once the work is complete.

There are a couple other points to consider.

The repair escrow does also require an additional 50% deposit to cover any potential cost overruns. This can not be added to the loan, but can be contributed by ANY party. In other words, if the repairs will cost $10,000, the lender will hold $10,000 in escrow and also require an additional $5,000 (50% of the $10,000) to be placed in the account as well.) That $5000 can be money you deposit, the seller is willing to deposit, or whomever. If that extra money is not used, the extra is refunded to the contributing party. However, if the actual costs runs under the $10,000 estimate that was escrowed, you as the buyer can not get that extra money back as cash. It should be credited back to the outstanding mortgage balance.

The repairs must be done by a licensed contractor and can not be done by you. The contractor will submit an itemized bid stating what it will costs and when they would have it done. Must be completed within 30 days of closing and may be extended if due to weather.

There is usually a small fee to the lender to administer, and there may be a cost from the closing attorney to manage the escrow.

Bottom line: Getting additional funds to improve the property you are buying using the USDA mortgage loan can be done, but it does require a few hoops to deal with. But with no money down, you can not beat this mortgage loan period!

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“Fire Sale” for Charlotte Firefighters

That’s right! Firefighters in Charlotte can buy a home for HALF OFF! Using the Charlotte Good Neighbor Next Door program for Firefighters, any full time Firefighter (or EMT) can buy a HUD home for 50% off the list price! And with our Firefighter Mortgage Loans, Charlotte Firefighters can save big time!

You risk your life to save and protect our community. While we can’t repay what we really owe you, the Firefighter Half Price Home program can certainly help! As a full time firefighter in Charlotte, you could qualify to purchase a HUD home for only half price and get 100% mortgage financing with only $100 down!

These special program homes are HUD foreclosed properties located within HUD’s designated “revitalization” areas. As you can see by the map (red areas) this is just about anywhere in Charlotte! Every week a new list of these homes become available for only 5 days! Using a HUD approved Realtor, you can make an offer on these homes and purchase them for only 50% of the home’s list price.

Here’s an example. A HUD home is listed at $170,000 and if offered for only 5 days through this program. A qualified Charlotte Firefighter can buy this home for only $85,000! While you must live in the home for at least 36 months, the equity you get when you eventually sell is yours to keep! That’s a nice payday!

So how do you get started?

First, you need to get pre-approved for a Charlotte mortgage loan. Our special Charlotte Firefighter Mortgage Loans will put you in position to make an offer on these special homes when they become available. Since there is only 5 days to make your offer, having the mortgage pre-approval out of the way puts you way ahead of the pack! Next, you will need a qualified HUD approved real estate agent to make the offer for you. If needed, we can help you find a HUD approved Realtor in Charlotte. Once your offer is accepted, you are on the fast track to closing. Then simply move in and enjoy your great home!

Get started now and take advantage of this awesome program for Charlotte Firefighters.

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