Charlotte Real Estate, Foreclosures, Short Sales

Everyone is looking for a deal these days.  It is definitely a buyer's market.  Unfortunately we still have many qualified buyers waiting for "the bottom".  You will never know the bottom nor will you be able to purchase quick enough when real estate sales begin to surge.  Most buyers should take advantage of the incredible deals being offered along with historically low interest rate.  And oh that thing you hear about not being able to get a loan, just go ahead and apply.  Loans are being underwritten everyday. 

About HUD's $100.00 Down Program

Yes, you can purchase a home for $100.00 down.  Here are the particulars as one of my fellow loan officers has informed me:

-Down to 550 Credit Score
-Finance Repairs & Closing Costs up to 110% of the Purchase Price
-Up to $5,000 in Repairs
-Only for HUD Owned Homes
-Use Original HUD Appraisal if Contract is Signed within 6 Months

Latest update on the program was posted on 8/27/08:

The $100 down offer applies if the purchase price is less than or equal to the appraised value of the property. If the purchase price is greater than the appraised value, the purchaser may obtain a new FHA appraisal to support the higher mortgage amount or must pay cash in the amount of the difference between the appraisal and the price less $100.

Charlotte Real Estate

If you are not taking advantage of this program that may go away at anytime, you may be making a huge investment mistake.  HUD programs are for limited times only.  Charlotte has really great HUD properties for sale.  Our average sales price for sold homes in August of 2008 was $230,472.  We are handling our housing market much better than the rest of the country. 

For an updated list of HUD properties and the program information, register here.

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