Posts Tagged ‘home loans’

For those of you that are used to finding this website at EdNailor.com, we have transitioned the website to CarolinaMortgageConnection.com

This was done to more appropriately reflect the content of the website and for better branding purposes. Please change any bookmarks or links you have created for EdNailor.com to now reflect http://CarolinaMortgageConnection.com (without the www part.)

Thank you to all that been involved with EdNailor.com and welcome to the new web address!

Thanks

Ed

UPDATED!

Please read the article posted at http://carolinamortgageconnection.foundbydesign.net/2009/06/01/update-tax-credit-as-downpayment-for-fha/ for updated important information about this tax credit!

Original Article:

The $8,000 First Time Home Buyer federal tax credit passed by the Obama Administration may be useful after all! The FHA is going to permit that tax credit to be “monetized” and used as a downpayment on an FHA mortgage loan. So if you do the numbers, you could possibly purchase a $228,500 home with no money down! After all, FHA requires 3.5% of the purchase price to be committed to the deal by the buyer, and 3.5% of $228,500 is just shy of $8,000! Of course, you’d still have closing costs and points to worry about, but with the right negotiations, they could be covered by the seller.

You may not want to buy a home quite that size, but the good news is that with this new option to use the First Time Home Buyer tax credit as a downpayment for Charlotte FHA mortgages, many new home buyers in Charlotte will have access to a tremendous home buying program!

Shaun Donovan, secretary of the US Department of Housing and Urban Development (HUD) was quoted as saying:

We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment.

Regarding the housing market, Donovan said:

I do think we have some early signs hat the market overall is stabilizing. Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.

The National Association of REALTORS has been lobbying for the use of the tax credit for first time home buyers as a downpayment for some time now and it looks as though it will pay off. Some question if using the tax credit for first time home buyers as a downpayment will rekindle a “zero down” / “no money down” marketplace and risk further issues in the future, but in the mean time this should definitely help many Charlotte first time home buyers find another reason to get off the fence!

UPDATED: TAX CREDIT CAN NOT BE USED FOR THE MINIMUM 3.5% DOWNPAYMENT AS REQUIRED BY FHA. READ MORE AT http://carolinamortgageconnection.foundbydesign.net/2009/06/01/update-tax-credit-as-downpayment-for-fha/

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!

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Why do you do that?

It’s a common question asked. When compared to Snakes, Liars, Politicians and Cheaters it’s easy to see why people ask me why I do what I do. But for me, the answer is easy! I love helping people!

I love helping a first time home buyer realize a dream they never imagined would happen! I love assisting a family buying their “move up” home because they have outgrown their starter home. I love helping a family refinance their home mortgage and save hundreds of dollars, allowing them to breathe a sigh of relief! I love helping our military veteransown a piece of this great country they have served!

In short, I love what I do!

Sure, there has been a lot of bad press about the mortgage industry as of late. Much of it, although somewhat misleading, is deserved. Over the past several years, mortgage companies offered ill-advised loans to the wrong borrowers. And with so much “easy money” flowing and over inflated profits realized, even the most reserved of mortgage lenders jumped too far in. So now the entire country is having to correct itself and many people are paying the price.

However, with all the bad news, there is good news too. The Charlotte North Carolina real estate market is still very strong. Charlotte mortgage rates are still at all time lows. And if you have been on the fence about buying a home, Charlotte FHA and VA mortgage loans could make this the best time to buy ever!

So when seeking a Charlotte mortgage company to work with, be sure to find someone that loves what they do. It should be their passion, not their job.