THIS IS AN UPDATED POST... See $100 Downpayment Change!!!

There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home.  Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals. 

There are some special points you should remember:

• Many Banks will not finance manufactured housing.  We have Investors that do - however, there are restrictions.  If you are considering a mobile home, foreclosure, please tell your mortgage lender about the property type UP FRONT (If the lender is seasoned they know to ask this), because it makes a huge difference.

In NC, the mortgage lender is discouraged (with recently inacted laws) to participate in paying closing costs.  If you have very little, to no money, to put into the transaction, you should ask HUD (or Freddie, or the bank - whoever is selling the property) to pay for your closing costs as part of the contract.

We do not offer any 100% financing programs that will allow you to make improvements/repairs to the property.  We do offer rehab loans, for properties with a total value (meaning purchase of the property plus the cost to rehab) of less than $295,000 in Wake County.  UPDATE!!!  Generally, the borrower must make a 3.5% downpayment for this loan.  HOWEVER, if you are purchasing a HUD foreclosure, we might be able to do a $100 downpayment.  It must be negotiated into the contract with HUD.  (SEE DETAILS BELOW!) 

You can purchase foreclosure properties with very little to no money down.  USDA offers 100% financing for properties that are located in more rural settings, and families that make less than the median area income. These 100% financing loans do not offer additional money - or escrow opportunities to fix any repairs to the property.

You can purchase a HUD foreclosure for as little as $100 down if you are a public servant, fireman, policeman, emergency medical or teacher... and you might be able to purchase the property at HALF PRICE! (click here for more details!) Please remember, that in this case, you MIGHT be eligable for a 203K loan that would pay for repairs to the home!!

As a Veteran, your benefits allow you to purchase a home with no downpayment.  We have lenders who will finance doublewides for Veterans (if they are on a permanent foundation) but not single wides.  It's a simple qualifying process, but again, it does not cover any repairs that might need to be made to the foreclosed property!

So be careful out there!  Now is a great time to buy real estate - and there are a TON of options to consider!