Charlotte Mortgages

FHA loans are changing the minimum down payment requirement and it is effective Jan. 1st, 2009.

If you want to buy a home in Charlotte, NC, and you don’t want to put a lot of money down, you need to apply for a FHA loan now.  You can get pre-approved and shop for a home and as long as your lender requests your FHA assigned case-number before the end of the year you can still put only 3% into the deal.

The new rule is 3.5% down, but the impact will actually be 1.25%… let me explain.

Current FHA rules state that a homebuyer must put 3% into the transaction, but does not require 3% down.  The buyer can pay .75% in closing costs and 2.25% in down payment.  Why is this important?  Let’s look at an example:

$125,000 Purchase Price

                                             Current FHA                                          NEW FHA
Down Payment:                      $2812.00                                           $4,375.00
Closing Costs:                          $937.50                                              $937.50
Total Out of Pocket:             $3749.00                                          $5,312

That’s a difference of $1,563.00 assuming the seller pays the rest of the closing costs.  That is a big difference!!  If you want to buy a home, move on it now.  Don’t wait until the end of the year because it might just cost you more money!

HUD’s Good Neighbor Next Door Program allows Charlotte’s Police Officers, Teachers and Firefighters/EMT’s to buy homes at HUGE discounts!

If you are a Law Enforcement Officer, Teacher, Firefighter or EMT you might qualify to buy a house for half price!  That’s right, I said HALF PRICE!!  Let me explain how this wonderful program works…

#1.  Give me a call to get pre-qualified within minutes!

#2.  We notify your Realtor about the program and they pull the list of available homes in your area.

#3.  You find a home you like and submit an offer.

#4.  You only have to finance 1/2 the price of the home + Realtor comission and closing costs.  You can pay the commission and costs out of pocket of course, but no one does.

#5.  You live in the home for at least 3 years.

#6.  You only owe about 1/2 what your home is worth and its all yours!!

If you have $100 you have enough cash to buy a house!  The U.S. government has decided to help you because of the honorable and vital career you have chosen… don’t miss out on this great offer!! 

Call Olan Carder today at 980-721-7478 for a complimentary pre-qualification.   As a HUD approved direct lender, we can have your loan pre-approved in minutes!

Charlotte, NC is one of the safest places in the U.S. to buy a home and banks are still making new loans!

My clients keep calling me asking if they are still closing!!  The answer is a resounding YES!  I have not heard of ANY Charlotte NC mortgage lenders that have stopped funding their loans.  That doesn’t mean that it is not happening and we all know of the many lenders that have shut their doors, but there are plenty of local lenders that are going strong!

IF you would like to move to Charlotte, or you live here and want to own a home… DO NOT hesitate because of what’s in the news!  Rates are low (around 6.00% for 30 Year Fixed) and buying a home has not become very difficult.  You can still get an FHA loan with only 3% down payment.  The House Charlotte program is still getting folks in the door with zero down.  VA loans are available for veterans and offer zero down payment upto $417,000. 

The Charlotte housing market is strong.  Prices have not been dropping and a recent PMI study showed this market poses almost no risk of price decline in the near future. 

CALL ME TODAY at 980-721-7478 for….

• Complimentary Pre-Approval
• Credit Review
• Market Rates and Quotes
• Information about first time homebuyer programs!

Charlotte residents can use FHA financing to escape risky ARM loans even without equity and avoid foreclosure!!

ARM (adjustable rate mortgage) loans have many homeowners nervous.  These loans were used to get into homes that might have not been affordable with a fixed rate at the time, and the up front rate and payments were very low.  The problem is that many of these loans are ready to ADJUST and payments will jump up several hundred dollars over night.

In years past this wasn’t a huge problem because there were so many lenders willing to refinance these loans and property values were soaring upward.  Today with some neighborhoods flat or even lower in value and with lenders scared of their own shadows because of rapidly increasing foreclosures… homeowners are left with no options.  In steps FHA!

FHA will allow us to refinance the first mortgage up to 95% of the appraised value regardless of the amount owed on the 2nd mortgage, as long as the 2nd lender agrees to stay the second lender.  That means if you borrowed 100% with an 80/20 loan 2 years ago and your property has not increased in value, we still might be able to refinance your loan to a fixed rate!!!

Example:

Old Loan
$200,000 house price
$160,000 first mortgage at 9% ($1287)
$40,000 2nd mortgage at 13% ($442)
Total Payment = $1729.00

FHA Refinance
$165,000 New first mortgage (based on $200,000 appraisal value) at 6.5% ($1,043)
$40,000 2nd mortgage at 13% (442)
Total Payment = $1,560 (includes $75.62 for FHA mortgage insurance)

Net result = Homeowners saves $169 per month and gets a fixed rate!  No more worries over the next rate adjustment.  The borrower now owes 102.5% of what the house is worth, but might actually be able to keep the house long enough to see the value turn around!

Is it better for a borrower to owe 100% and lose the house, or owe over 100% but be in a position to afford to keep it?  I think most folks would rather keep it than have a foreclosure… don’t you?

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today for a FREE Pre-Approval at 980-721-7478 or APPLY ONLINE.

You can buy a home while in Chapter 13 Bankruptcy or Consumer Credit Counseling in Charlotte using an FHA loan!

FHA loans have been around for a long time, but many people still do not know a lot of the great opportunities FHA offers.  There are many families out there that have chosen the road of bankruptcy because of death of a spouse, failure of a business or severe illnesses.  Sometimes people just get in over their heads with debt and need help.  Chapter 13 Bankruptcy or Consumer Credit Counseling offer people a second chance while still making the effort to pay back what’s owed.

If you are in Chapter 13 Bankruptcy or Consumer Credit Counseling you might still qualify to buy a house… and not in 3 years!  Most loan programs require 2-3 years pass from discharge of a bankruptcy, but under FHA you might qualify TODAY.

Here is a general criteria of what is acceptable:

• At least 12 months satisfactory payment history in the bankruptcy
• Permission from Bankruptcy court to buy a home (not that hard)
• CLEAN credit since start of Bankruptcy
• New House payment must be reasonable based on current housing expenses

If you fit this description, call Olan today at 980-721-7478.  We can help!

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