Are you interested in buying a home in Charlotte, NC? Charlotte Real Estate is available at incredible prices and you don’t need a huge down payment to buy. FHA’s 203(b) program allows you to buy a home in the Charlotte Metro Area for only 3.5% down! FHA also allows the seller to cover your closing costs all the way up to 6% of the purchase price, so if the house is $100,000 the seller can pay $6000 towards your closing costs. That is enough to cover ALL closing costs and prepaid items. That means you can buy a $100,000 house with only $3500 cash out of pocket!
Here are some of the great benefits of FHA financing:
- Low Down Payment
- Low Fixed Rates
- 30, 25, 20, and 15 year terms
- Flexible qualifying guidelines
- No prepayment penalty
- Option to streamline refinance
- Seller allowed to cover closing costs
- Gifts allowed for down payment and/or closing costs
- Eligible to US Citizens, permanent and non-permanent resident aliens (must have valid social)
- Automated approvals through Fannie Mae’s DU system – quick pre-approvals!
Another huge benefit of FHA loans is the ability to use a non-occupying co-borrower to qualify. That means a parent can help a child just starting out to qualify for a FHA loan! The non-occupying co-borrower must be a close family member or be able to prove a longstanding relationship with the borrower.
One important note is that FHA loans are for primary residences only. You can’t use FHA to buy an investment property or a second home.
If you would like to learn more about Charlotte FHA loans or any other mortgage product in North Carolina or South Carolina, simple shoot me an email or call me directly at 980-721-7478. I am always happy to answer questions and I promise no pushy sales tactics!