10th Oct, 2011

4 MORE Reasons to Buy Charlotte NC Real Estate Now!

4 MORE Reasons to Buy Charlotte NC Real Estate Now!



There are a number of reasons to buy real estate in Charlotte NC; some of them may surprise you. Here are some reasons why there is no better time. Charlotte NC realtors agree buyers may never get an opportunity like this again.

1. During the “height” of the home devaluation period, just a few short years ago, a good number of homeowners in and around Charlotte NC decided to stay put and restore their homes to tip top shape rather than buy a more expensive dwelling. They repaired, updated, and improved their homes substantially, with some putting 25% or more of the home’s value into those projects.

2. Other Charlotte NC home owners, after spending a great deal on improving their homes, are now putting their homes on the market. They have succumbed to their urges and pent up emotions, and have decided to take advantage of the incredible deals on available, upscale homes on the market in areas all around Charlotte NC.

3. Home appraisals have become a little more realistic as a result of Fannie Mae’s more accurate valuation demands. Banks have re-examined their procedures somewhat and have begun to make long overdue changes to their ways of doing business. Charlotte NC sellers are now pricing their homes more appropriately, resulting in more offers being accepted by the mortgage companies in much quicker and orderly fashion.

4. Since the crisis, more programs are becoming available to Charlotte NC home buyers. The mass inventory of unsold homes across the country has forced federal and state governments to make buying an easier and more affordable process. First time and low income families are the main benefactors of these programs.

These programs are currently available:

The Workforce Housing Program was established to help middle class working Americans secure low rate mortgages. When combined with today’s near record low mortgage rates, a qualifying citizen can find an incredibly low mortgage rate.

The American Dream Downpayment Initiative (ADDI) enables first time buyers in the low income category to receive a low interest city loan that can be used for a down payment. The income requirements are $44,400 for a single family and $66,450 for a family of four. The amount of the loan can equal 6% of the purchase price, up to a maximum of $10,000. This money is available from the states, the amount determined by the percentage of the nation’s low-income families who reside in that state according to the most recent census data.

The Mortgage Credit Certificate Program is a federal program that reduces the mortgage interest by 15 – 20%. It is available as a tax credit for low and moderate income families. The credit actually allows qualifiers to obtain a larger mortgage then they would qualify for without the credit.

Jumbo Mortgage rates are at temptingly attractive lows. The current jumbo rates are at 5.25% and even lower in some cases. It will certainly be worth your while to speak with a mortgage professional to determine which programs NC has funded. I have mortgage brokers that I work with who will be glad to answer any questions about your jumbo mortgage inquiry.

Times may never be better to get into the buying mode. Call me and I can help you find your Charlotte NC dream home.

Wendy Richards
Charlotte NC/SC Realtor
704-604-6115

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