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News You Can Use
On Saturday I had the pleasure of joining some fine folks from Jamison Realty and Ivey Exterminating on WBT’s Your Real Estate Today. Be sure to check out the podcast!A subject we covered was short sales – the good, the bad and the ugly. A short sale is a situation in which the seller (a) owes more money on the loan than the sale of the property will likely produce and (b) is unable or unwilling to bring money to closing.Short sales have grown in popularity because, just like foreclosures, it’s a great opportunity for a buyer to purchase a property for a discounted price. However, they can be more challenging than foreclosures and there are a few things to keep in mind from the lending perspective.Buyers, consider these short sale strategy tips:- Investigate extended locks because the contract period for short sales can exceed the normal 30-60 day closing window. We offer extended locks (up to 360 days) to help alleviate exposure to market changes. Another route worth pursuing, if you are eligible, is to use a NC Housing program because in addition to other benefits, they offer 90 day locks.- Go over the condition of the home with your Realtor and your lender to make sure your loan program doesn’t have restrictions against any damage or deferred maintenance issues your property might have. Also do you have enough cash reserves to make repairs after closing?- Ask the listing agent at what stage are they with the short sale negotiations? Has an initial package already been submitted? Has a case manager been assigned?Above all else, be patient. Buying a short sale often takes months, not weeks so you’ll want to have the time and money to make the most out of your purchase. Happy house hunting!Featured Loan Program
Jumbo ARM Program
Cunningham & Company is able to offer below market rates on Jumbo ARM loans.- Owner Occupied or Second Home
- 3/1, 5/1, 7/1 and 10/1 ARMs available – Fully amortizing or Interest Only
- Minimum credit score of 700
- 30 and 40 Terms available
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News You Can Use
As rates rise over the next few months, I expect we’ll see more first time home buyers using NC Housing’s loan programs. For each of the programs listed below, the buyer cannot have owned a home within the last three years and that their income does not exceed NCHFA’s income limits.As a refresher here are their main offerings:FirstHome Mortgage:This is NC Housing’s ‘bread and butter’ program. The main benefit of this program is it allows buyers to purchase a home at below market rates. The sales price limit is $210,000 for an existing home and $220,000 for a new one. Remember a 1% decrease in the interest rate could increase the purchasing power by approximately $15,000Down Payment AssistanceNCHFA’s DPA programs offer up to $4000 or $8000 in down payment assistance in the form of interest-free, deferred second mortgages. The borrower does need to have at least $1000 from their own funds in the transaction. Do keep in mind that homes built before January 1, 1978 and homes that are tenant-occupied are not eligibleMortgage Credit CertificateAnother benefit NC Housing has for first time home buyers is the Mortgage Credit Certificate program. Eligible buyers can claim 20% of their mortgage interest (up to $2000) as a tax credit by using the MCC. This program can be used with almost any type of mortgage, including adjustable rate mortgages. However, it cannot be used with any other NC Housing program (such as the FirstHome Mortgage).As you can see there are several options offered by NC Housing to help first time home buyers purchase a home. Have questions? Give me a call!Featured Loan Program
VA
Cunningham & Company offers 100% financing through VA mortgages. These loans are available to past and present service members and require no down payment and no mortgage insurance.
- Maximum loan amount with no down payment is $417,000
- VA eligibility can be used time and time again
- Fixed rates and ARMs available
- Reduced documentation available through automatic underwriting
- The funding fee can be financed into the loan
Have You Heard?
Looking ahead to the weekend, it seems we’ll have some warm weather to accompany any planned Easter egg hunts. Charlotte on the Cheap has a list of area “hunts” if you are looking for one near you. Ever wondered about the story behind this tradition? Read about the history of the Easter egg and check out Worldwide Easter Traditions at Schiele Museum in Gastonia this Friday from 1-3.
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