Welcome to Charlotte North Carolina's Real Estate Blog. Today's Real Estate & Auction specializes in residential home auctions for lenders, new home builders and home sellers across the Carolinas. 

We offer today's buyer up to the minute property information on the best deals available.  We offer today's seller a way to sell their home outside of the traditional listing method to create a competitive bidding environment among qualified buyers.

Why do so many buyers feel that there is not money to lend?  Search around. 
There are loan officers wanting to work and lenders wanting to lend.  You just have
know which loan product is best for you.  You also have to know which loan product
will work the best for your price point of
home you are purchasing.  FHA loans are great, and here is why.

New Loan Limits

Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low
cost areas and up to a maximum of $625,500 in high cost areas. The February 2008
Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31,
2008. The new $625,500 limit is a significant increase over the $362,790 limit that was in
effect prior to the Stimulus Package.

Positives That Help Borrowers Include

• No minimum credit score.
• Non-traditional credit is acceptable.
• Low 3% downpayment.
• Non-occupant, co-borrower is permitted.
• Expanded qualifying ratios.
• No prepayment penalties.
• Fully assumable.
• Default assistance.
• Lower premiums.
• Interest rates are negotiated between borrower and lender.
• Works with various city and state programs.
  
  

You should only work with loan officers who are trained and skilled at the originating
and closing on FHA loans.  You will save yourself many headaches by working with
an officer who knows what they are doing. 

For lenders in your area, search the FHA Lender Link

Democrat Barack Obama has proposed a 90-day moratorium on foreclosures to help the nation's ailing economy.  In addition to a freeze on foreclosures, Obama has suggested a two-year tax break for businesses that create new jobs and to allow people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next. 

"I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners," Obama told a crowd of 3,000. "It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S." 

Obama has also called for a $3,000 tax credit for each additional full-time job a business creates. That means a business that adds five jobs would get a $15,000 break.  The campaign has estimated that it would cost $40 billion and end after 2010.

What happens with a 90 day freeze on foreclosures?  Who will work the loan modifications, forebearances, etc..  Aren't the lenders already doing this?  What happens after the 90 days if the paperwork is still caught up in the loss mitigation department or collections due to the lenders not having enough manpower?  It is always nice to propose plans, but where is the meat?  Tell the American people in detail how this can work.  Sure it gives struggling homeowners a bright spot in their day to know SOMEONE in Washington is trying to figure out a plan, but we've already had a number of programs created to include, the HOPE program and yeah, the $300 Billion Housing Rescue plan passed this pass
July.

What happened to the $300 Billion Dollar Rescue Plan?

The vote was 46-21 to advance the bill, which would permit the government to insure new, cheaper mortgages for hundreds of thousands of struggling homeowners now facing foreclosure.  "We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac," said White House spokesman Tony Fratto. "The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes." 

The legislation is supposed to offer affordable government-back mortgages to homeowners at risk of foreclosure.  The FHA will be allowed to insure up to $300 billion in new 30-year fixed-rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down loan balances to 90% of the homes' current appraised value.

I'd like to know how this program is working.  Maybe we will get an update soon enough before another bailout bill is passed.

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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