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special mortgage programs: Concord NC $5,000 Downpayment Assistance Program - 02/20/11 12:28 AM
This Down Payment Assistance Program is provided through the City of Concord's Business and Neighborhood Services Division, which receives HOME Investment Partnership Funds, allocated annually through the Department of Housing and Urban Development (HUD).
Home buyers can receive a depreciating loan of up to $5,000 to put towards their down payment, prepaids, or closing costs. Applicants of this program must be a first-time homebuyer and have annual incomes that do not exceed eighty-percent (80%) of the median income of the area. If you haven't owned a home in the past 3 years, you are considered a 1st time home buyer for the purposes … (3 comments)
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special mortgage programs: 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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special mortgage programs: Iredell County & Mooresville NC - USDA Rural Development Home Loans - 04/25/09 06:23 PM
News Channel 36 did a report on USDA Rural Development loans last night. It said that the program is "little known", but I've known about it and helped my clients utilize the program for years.
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 with less than 20% down payment require mortgage insurance, which is … (7 comments)
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special mortgage programs: 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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special mortgage programs: Concord NC - New Construction Lease/Option to Purchase - 09/11/08 11:26 AM
Recently I was searching for lease/option to purchase properties in Concord NC for a client, when I came across a great lease/purchase deal being offered on BRAND NEW homes by a builder in the area. This program is for Buyers who have credit issues or can't get a mortgage for another reason right now, but can qualify for a mortgage and close within 6 months. This builder utilizes a credit repair/credit counseling service that helps the buyer establish a plan and make the necessary credit repairs to qualify for a mortgage.
Here is an explanation of how a Lease/Option to Purchase works:
A Lease/Option … (8 comments)
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special mortgage programs: 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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special mortgage programs: 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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special mortgage programs: 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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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
Cell Phone: (704) 363-8902
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