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mortgage information: FHLB Grant for NC 1st Time Homebuyers Down Payment Assistance - 01/29/11 12:11 AM
Many people haven't heard of the FHLB (Federal Home Loan Bank) grant program for 1st time home buyers in North Carolina, so I thought I'd share information about this great program. Similar programs may be available in other states.
This program is only available through member banks of the Federal Home Loan Bank (FHLB) system. The only participating NC banks that I am aware of are RBC Bank and Monarch Mortgage. As of today, both of these lenders have their 2011 funding for this program. I know loan officers with both of these lenders, so let me know if you need a good loan officer to … (4 comments)
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mortgage information: BB&T's 100% Financing, No PMI Loan... "CHIP" or Community Homeownership Incentive Program - 05/09/09 11:32 AM
Since the mortgage crisis started in the Spring of 2008, 100% financing loan programs have become few and far between. Here are a few details of a relatively new program that BB&T is offering, it seems like a great program for qualifying buyers.
The program is called Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance).
Loan amounts up to $417,000.00 Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated underserved areas. HUD designated underserved areas can be … (9 comments)
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mortgage information: Rowan County & Salisbury/Kannapolis NC - USDA Rural Development Home Loans - 04/29/09 07:43 AM
Since News Channel 36 did a report on USDA Rural Development loans last week, it has been a HOT topic in our area. I've helped my clients utilize this program for years, so I decided to share the basics concerning USDA Rural Development loans in Rowan County North Carolina.
The USDA Rural Development agency (yes, the United States Department of Agriculture) has two different loan programs, Direct and Guaranteed. Eligibility for both types of Rural Development loans is determined based on household size, income and the buyer's credit worthiness. Both programs are 100% (NO DOWN PAYMENT) loans with NO MORTGAGE INSURANCE. FHA loans and Conventional loans … (1 comments)
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mortgage information: Iredell County NC - NO MONEY DOWN - NO PMI - USDA Rural Development - 09/14/08 10:30 PM
USDA Rural Development Guaranteed Loans are available for low to middle income owner occupant borrowers. It is a 100% loan to value program... that's right there are still a few NO MONEY DOWN programs available. This loan also has NO PMI!
Although eligibility for this loan program is usually limited to the more rural areas of each county... ALL locations in Iredell County North Carolina are eligible for the USDA Rural Development loan program EXCEPT for the city limits of Statesville! This means that even homes located within the city limits of Mooresville NC are eligible for this 100% - NO MONEY DOWN - NO … (0 comments)
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mortgage information: Mortgage Rates Fall...How Long Will it Last? - 09/12/08 05:00 PM
After the announcement earlier this week that the US Government would bailout of Freddie Mac and Fannie Mae, the national average for a 30-year fixed rate mortgage fell to below 6%!
With rates falling, hopefully more buyers will come into the market. I think this will give the housing industry a much needed shot in the arm.
Do you think it will last very long or is this just a temporary knee jerk reaction to the government bailout of Freddie Mac and Fannie Mae?
… (6 comments)
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mortgage information: USDA Rural Development DIRECT Loans - Subsidized Payment Loan Program - 08/21/08 02:46 AM
Do you know someone who has a job and works hard, but their income isn't high enough to afford a well maintained home in an area desireable to them? If so, the USDA Rural Devolopment DIRECT Loan Program may be the perfect loan program for them. This is a 100% financing (NO DOWNPAYMENT), no Mortgage Insurance, government subsized loan program! I've seen this program dramatically change the lives of families for the better by helping them purchase a nicer home, than would have been possible using traditional financing programs, with an affordable payment.
CLICK HERE to view details about the USDA Rural Development … (126 comments)
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mortgage information: Is this really the end of FHA Down Payment Assistance Programs? - 08/09/08 10:09 AM
We've heard this threat before, but it never happened. Will the current legislation really spell the end of FHA Downpayment Assistance Programs?
Recently, HUD (the government agency that administers the FHA) adopted a rule that prohibits downpayment money from coming, directly or indirectly, from the seller or "any other person or entity that financially benefits from the transaction". This new rule is scheduled to take effect on October 31, 2008.
A loophole in FHA guidelines, which allowed homebuyers to accept gifts of down-payment money from nonprofit organizations, has made it possible for sellers to "in effect" fund buyer's down payments since the 1990's. Sellers "contributed" money to nonprofits, such as AmeriDream … (3 comments)
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mortgage information: USDA Rural Development Guaranteed Loans... One of the Few 100% LTV - No PMI Loans Available - 05/27/08 02:31 PM
Not many Realtors in Concord NC and the surrounding areas are aware of this great loan program offered by the USDA. I suspect the same is true in other states across the country. This program is very similar to the Farmer's Home Administration Loans that used to be offered by the USDA.
USDA Rural Development Loans are available for low to middle income owner occupant borrowers. It is a 100% loan to value program... that's right there are still a few NO MONEY DOWN programs available. This loan also has NO PMI!
Only a few lenders are qualified to underwrite these loans, so make sure … (19 comments)
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mortgage information: Subprime Mortgage Crisis Impacts Even the Strongest Markets...Including Charlotte NC - 05/18/08 12:19 AM
We are probabaly yet to see the full impact of the subprime mortgage crisis, even here in North Carolina where we enjoy one of the better housing markets in the country. In the month of April, North Carolina had one foreclosure filing for every 1,221 households, according to RealtyTrac Inc. Additionally, The Center for Responsible Lending in Durham estimates 17.5 percent of the subprime mortgages made in North Carolina in 2005 and 2006 will end in foreclosure.
Unbelievable stats, huh?
Fortunately, foreclosures and short sales are selling well in the Charlotte area. Some parts of the country aren't as lucky though.
… (8 comments)
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Cheryl Powell- SFR,ABR,Broker,Realtor- Remax Executive - Concord NC Real Estate
Concord,
NC
More about me…
RE/MAX Executive - The Powell Team
Address: 7752 Gateway Lane, Suite 204, Concord, NC , 28027
Office Phone: (704) 979-7028
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