Archive for the ‘Charlotte Area Info’ Category

Moving to Concord NC?

It seems more and more people are doing just that! Concord NC and Cabarras county are growing! As a matter of fact, Cabarras county NC is ranked as the 29th “fastest growing counties” in the country!

This is no surprise to anyone that lives in the Concord / Charlotte area. Concord NC has so much to offer. Concord is very well known for NASCAR racing, with many NASCAR teams making the Concord area home. Shopping at Concord Mills is a treat in itself, as many shoppers plan day trips to the very unique outlet mall. There are also many area lakes to enjoy. An easy life awaits anyone looking to move or buy a home in Concord NC.

Concord’s real estate market is hot. Being so close to Charlotte but having lower property taxes makes Concord NC a great draw to new residents. And with the increased limits to Concord FHA mortgage loans, a home buyer can buy a home in Concord and get great FHA mortgage loans up to $303,750. This allows a very large selection of beautiful homes to qualify for Concord FHA mortgages.

If you are thinking of moving to the area, seriously consider Concord NC. Great shopping and entertainment, combined with great mortgage programs in Concord are making this area grow fast! No wonder the Concord NC area is the 29th fastest growing area in the country!

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Charlotte Jumbo Mortgage Status Avoidance

With the release of the economic stimulus package, we all hoped for an increase in Charlotte’s Jumbo mortgage limits. However, since Charlotte’s luxury real estate market is holding well, we did not see any changes in Charlotte’s jumbo mortgage market. Currently a jumbo mortgage loan in the Charlotte area that is a mortgage loan amount over $417,000. Sometimes this is also referred to as the luxury mortgage loan.

The biggest question I hear is “Can we avoid the jumbo mortgage status in Charlotte?” Well, the answer to that is… “That depends!”

In the past, one way to avoid Charlotte’s Jumbo loan classification was to split the mortgage between a first and a second. Today however, many lenders are doing away with or cutting back on second mortgage loans, especially on a purchase. They want more of the security PMI can offer them. Yet there are still a few lenders that offer the 2nd mortgage and this can prevent your mortgage in Charlotte from being considered a luxury jumbo loan.

If you can not get a second mortgage at the time you purchase your home, you may consider putting just enough money down at closing to keep you under the Charlotte jumbo mortgage loan limits. After closing, you can look into options that would allow for a home equity line and draw the money back out that way. You would have to float the downpayment money for a short time, but with prime rate being so low, this could be a great alternative.

These are just a couple ideas of how luxury loan status in Charlotte can be avoided. With a free mortgage needs consultation, we can help determine if you have an opportunity to avoid the jumbo mortgage status in Charlotte. We will provide you with advice and guideance tailored to your own unique needs.

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Union County NC is 7th Fastest Growing County in US

According to new census data, Union County (just south of Charlotte NC) is growing. Not only is it growing, but Union County NC is the 7th Fastest Growing County in America! Union County is by far the fastest growing county in North Carolina. That basically means that more people are moving to Union County, including the cities of Monroe, Indian Trail, Weddington, Waxhaw, and Stallings. There are a number of smaller communities in Union County, all expanding from this explosion of growth!

Its no wonder why Union County is growing. With the proximity to Charlotte NC, the nation’s 2nd largest banking center, there are a number of great jobs. With the lower taxes, great schools and southern hospitality, Union County has a lot to offer anyone moving to the Charlotte area.

Here are the 8 North Carolina counties that ranked in the top 100 Fastest Growing (according to US Census data):

• Union #7
• Brunswick #17
• Cabarrus #29
• Wake #33
• Johnston #58
• Pender #71
• Mecklenburg #82
• Iredell #90

90,000 Union County Properties Notified of Revaluation

Around March 17, some 90,000 Union County property owners will be notified of the new property values by which the county will base their taxes. For many people, this could be mixed news. While a higher tax value on a property can be a good indication of the real estate’s appreciation, this can also mean higher taxes will be charged to the owner.

In North Carolina, counties are required to reassess the value of real estate every 8 years. In some counties with fast growth, counties are doing it more often. Union county is one of the fastest growing counties in the state and currently are reappraising the value after only 4 years.

Union County’s growth is due to the lower real estate taxes, great school reputations and the proximity to Charlotte. Some of the major towns in Union County include Monroe, Waxhaw, Weddington, Marvin, Indian Trail, Stallings, Wingate, and Wesley Chapel. There are over 80 communities within Union County. The Union County real estate market is solid right now and offers a great value and alternative to buying a home in Charlotte.

Property owners in Union County are permitted to challenge the assessment if they feel the value on their property is too high. For more information on how to challenge your property’s value, call Union County at 704.283.3546.

Concord NC gets increased FHA mortgage loan limits

Earlier today, HUD released the updated FHA mortgage loan limits for the Charlotte-Gastonia-Concord metropolitan area. Now FHA mortgages in Concord can go up to $303,750. That is terrific news for this area, for both home buyers and home owners.

Home buyers should really enjoy this. Concord NC is a great area to live.  According to information from City-Data.com, the new FHA mortgage limits for Concord will now allow roughly another 1,500 Concord homes to qualify for great FHA mortgage financing. With low rates, easy financing terms and affordable low monthly mortgage insurance payments, Concord FHA mortgages can open a new door for those that might not otherwise qualify to buy a home!

Concord FHA loans also allow a home buyer to purchase a HUD foreclosed home in Concord with only $100 down. This special program waives the required 3% down payment, making home ownership even more affordable!

Homeowners in Concord now have more options. With the new FHA loan limits in Concord, home owners can qualify for a cash out refinance loan up to $303,750 and up to 95% of the property’s value! With the FHA cash out refinance in Concord, there are no major interest rate adjustments for cash out, making the FHA mortgage rate in Concord much more appealing than conventional mortgages. And conventional mortgages can limit you to only 90% of the property’s value!

This is the best time ever to look into a Concord FHA mortgage loan.

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Charlotte FHA Loan Limits are $303,750

Great news for Charlotte home buyers!

FHA loan limits are increased in Charlotte to $303,750. That is an increase of over $70,000!

This was just posted to HUD’s website. While the limits have been increased, please bear in mind that lender’s may be a little slower in implementation. Technology and system limitations will need to be addressed, as well as how they will manage and package loans on the secondary market. This may take some time, but with HUD opening this door I do not expect lenders to drag their feet either.

As this market continues to fluctuate, be sure you are working with a lender that can stay on top of the changes.

Please celebrate responsibly! LOL

Increased FHA loan limits for Charlotte

When the Economic Stimulus package was passed earlier, we knew the FHA limits in Charlotte were going to increase, but no one knew exactly how much they would increase by.

New FHA Mortgage Limit for Charlotte: $303,750

Earlier in the year, the FHA mortgage limits for Charlotte were increased to $230,740. Now, with the final interpretations published by HUD, the new FHA mortgage limit for Charlotte - Gastonia - Concord is $303,750.00! With the customary 3% down, this means that a home selling for $313,000 can now qualify for a Charlotte FHA mortgage!

This is great news for the Charlotte real estate market! FHA mortgages are flexible, require less money down in many cases and offer lower monthly mortgage insurance. Plus, with an FHA mortgage, Charlotte home buyers may not have as many credit score limitations imposed upon them!

This increase in Charlotte’s FHA loan limit is temporary. It is set to return to normal at the end of the year. So take advantage while you can!

Tips for your Charlotte Home Search

Looking for a home in Charlotte? Here are a few tips to help you with your home search in Charlotte.

• Search for a Charlotte Home online.  More than 70% of home buyers begin their home search on the internet. With so many websites dedicated to real estate, you can easily search for a home at your computer. Many websites now offer access to the Charlotte MLS, the area’s multiple listing service.
  (view homes for sale in Charlotte)
• Allow a Realtor to search Charlotte homes. A home search in Charlotte will be much easier with a Realtor that knows the area and knows the market. Realtors have access to the complete Charlotte MLS. In addition to the knowledge of the area, once your Charlotte home search is narrowed down to the home you want to buy, a Realtor acting as your buyer’s agent can look out for your best interests.
  (request a Realtor referral)
• Search for a home in your vehicle. One way to know what areas of Charlotte you may be interested in is to drive the neighborhoods. While some of the roads in Charlotte can get confusing, driving the roads will make your home search in Charlotte a real adventure. And along the way you can discover the local stores, parks and other amenities.
  (get local Charlotte information)
• Ask your lender. Yeah, your lender. Most mortgage lenders work with local Realtors and investors. In many cases your lender can know of homes that even Realtors are not aware of. This can make your Charlotte home search more broad and open.
  (ask your lender for help)
• Get Pre-approved for a Charlotte Mortgage. Seriously, if you are looking for a home, get pre-approved! This will allow you to know how much you can afford and how much it may cost. This also places you in a position of strength when it comes time to negotiate the terms of your purchase.
  (apply online or call 877-411-9327)

New Rules for Building a Home in Mecklenburg County 

Mecklenburg county is now requiring detailed plans for any new home being built, regardless of size. Before today, only homes of certain sizes needed to be submitted for approval. However, in a change aimed to find design flaws, Mecklenburg country must now review and approve the plans of any new home being built.

For most home builders, this will only be a hiccup. With most large neighborhood builders, the approval for each model will go smoothly. However, custom homes and homes with major changes may take a little longer. Be sure to plan accordingly.

This also applies for homeowners adding on to their homes. However, screened porches and decks may be exempt.

For more information, contact Mecklenburg County at 704-432-7822

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Special Contribution Article by Sara D’Amico

I read an article in Saturday’s Charlotte Observer that should be a mandatory read for all buyers, at least first-time home buyers.  It was titled Spending Spree Before Closing Could Bag Deal.

Ilyce Glink explained the importance of buyers not going on a spending spree prior to closing.  Yes, it sounds self explanatory enough, but we know that it can be tempting to go out and buy “just a few things” for that new home.  For buyers that are skating on thin ice, those purchases can cost them their house. 

If you are under contract to purchase a home, STOP, and read this article, before you make any considerable purchases.

If you are a Realtor, I suggest sharing this article with your buyers.  It could save a lot of heartache.

Sara D’Amico