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News You Can Use
Wondering what the latest news is on the USDA and FHA fronts? Details are still being worked out but here’s a summary of the latest developments:
Regarding USDA: “Congress is considering alternatives to cover the cost of the program going forward. They are discussing raising the guarantee fee in two ways. They are: 1) raise the upfront fee from 2% to 3.5% or 2) retain the upfront fee at 2% and establish an annual fee of .5%. It will probably be a week or two before the USDA funding issue is resolved.”Either way, having access to 100% financing can be a smart strategy for some buyers. If they find a home in an eligible area and are conscious of the loan’s associated fees, it’s a great deal.Regarding FHA’s seller concessions: “FHA has sent the Notice soliciting public comments on lower allowable seller sales concessions (from 6% to 3%) to OMB for review. This means the Notice will probably be published for comment in 30-60 days.” Accordingly, implementation will likely be delayed until late Summer (August-September) vs the original target date of June.Until this is sorted out, the additional 3% that is allowed can make a huge difference in a buyer’s down payment plan. This is a great marketing tool for potential sellers.Have questions about either program? Give me a shout and have a great week!Featured Loan Program
$100 Down FHA Repo Program
It’s now possible for buyers to purchase a HUD repo for $100!- Owner Occupied only
- FHA financing is used in conjunction with this program
- Available for 1 to 4 unit properties, as well as condominiums and manufactured homes
- Max loan limit for Charlotte MSA is $303,750 for a single family home
Have You Heard?Charlotte Magazine’s Best of the Best is available to the public now. From the Queen City’s best cooking classes to the best sketch comedy group, you will have a lot of fun browsing the broad spectrum of categories and even more fun planning your outings to test for yourself. -
News You Can Use
What a weekend for the restaurant industry. Back to back reservations, romantic menu pairings, worn out wait staff. A hundred dollars can easily be spent during a night on the town. Did you know that $100 can also be a down payment on a home? It most certainly can if you qualify for FHA’s HUD repo $100 down payment program.With the selection of foreclosed homes in our area, there are more and more opportunities available. Sure, there are certain guidelines that must be met but if you find an eligible home that you want, it is a sweet deal. Just think of all the surf and turf you can afford after saving that kind of money.
Pair the opportunity of purchasing a foreclosure with the latest report that Charlotte home values are increasing and you’ve really got something going. The average sales price in Charlotte is up over 6% than last January and marks the third consecutive month that numbers are positive. The true test of the market will be once the tax incentives go away but until then, let’s log all the gains we canRates are holding steady for now which means it is still an excellent time to lock in. If you’ve been lucky enough to snag a low rate and refinance, here are some tips for maintaining your property.Featured Loan Program
$100 Down FHA Repo Program
It’s possible for buyers to purchase a HUD repo for $100!- Owner Occupied only
- FHA financing is used in conjunction with this program
- Available for 1 to 4 unit properties, as well as condominiums and manufactured homes
- Max loan limit for Charlotte MSA is $303,750 for a single family home
Have You Heard?
Thinking of sprucing up a room in your home? Perhaps the bathrooms need a “pick me up?” Mirror Mate could be your answer…. Who knew a simple frame could make such a difference? Both easy and affordable, this Charlotte-born creation sounds like the right solution for a mini-makeover.Enjoy this info? Would you like to receive Monday Money Matters in your inbox? Subscribe here!