Charlotte Homes for Sale

Charlotte has long been known for its reasonable cost of housing and living. In fact, Charlotte has been below the national average for cities of similar size for many years. And for a number of years, North Carolina (which includes Charlotte!), has been ranked as one of the only three states where average closing costs are at least 25% below the national average as ranked by Bankrate.com. On a $200,000 mortgage, the national average for closing costs is $3,741. In North Carolina, the average is $3,255.  See a breakdown of North Carolina’s mortgage closing costs.

It seems that everyday there’s a new challenge to getting approved for a mortgage. Recently, The New York Times ran an article about how being/getting pregnant during the mortgage approval process might hurt your chances of being approved for a mortgage. The fundamental issue is that when a baby makes its arrival maternity and/or paternity leave can lead to a change in household income and lenders no longer assume that one or both parents will return to work on a full-time basis. This possible change in income (especially if permanent or long-term) can affect the borrowers’ debt-to-income ratios (a critical yardstick for mortgage approval), leading to a lower loan amount approval or no approval at all.

A recent study from MIT and Harvard researchers indicates that a foreclosure reduces the value of a home by 27%! And if you own a home within only 250 yards of a foreclosed home, the value of your home drops by at least 1% on average as well (although, if you are in a neighborhood with lots of foreclosures, my experience shows that non-foreclosed home values drop by more than 1%). By comparison, if you file for bankruptcy, a home’s value drops only by about 3%. Currently, 1 in 12 homes valued at under $1 million, are in foreclosure.

We are now enjoying some of the best interest rates in almost 30 years. It’s a great time to buy a home. And keep in mind that every 1/2% increase in interest rates equals a $5,000 increase in the price of a home on a $200,000 mortgage! Below is a recap of interest rates for 30 year fixed rate mortgages… see for yourself why current rates make NOW a great time to buy a home in Charlotte (or anywhere for that matter). With both interest rates and home prices at their lowest levels in years you’ll save thousands! Need help finding that dream home and getting a mortgage? Contact Carolinas Realty Partners.

 The first-time and move-up home buyer tax credits might be gone, but with interest rates at historical lows, it makes more sense than ever to buy a home now. You’ll save thousands!!!  For example, on a $200,000 mortgage at 4.5%, you could save over $43,000 in interest versus a 5.5% loan on a 30 year loan. And your monthly payments are about $122 per month lower at the 4.5% rate.

Lot of people think it’s impossible to buy a home today with low or no money down programs… but there are quite a few programs available to home buyers today in Charlotte and North Carolina, especially for first-time home buyers who have credit scores above 620.

Here’s a list of a few of the loans available  around the country;(and you don’t need to be a first-time buyer for a number of these).

• FHA Loans: require a only a 3.5% downpayment. Lots of mortgage lenders are active in making these types of loans.

FannieMae instituted new credit rules on June 1st that many home buyers are not yet aware of, but which will have some serious impact on their ability to close on a mortgage. Essentially, what Fannie Mae has done is require lenders to verify that borrowers haven’t taken on any new debt during the mortgage application and underwriting process. Even after your loan may have been approved and is ready for closing, underwriters will be looking for the following information about your credit:

Move-in ready 4 bedroom home with oversized bonus room plus study/office and formal dining room situated on a large, private, fenced cul-de-sac. Not to be overlooked is the screened porch, Bose surround sound wiring, hardwood floors. Community features pool, lake, tennis, recreation center. Located in Fort Mill, SC just minutes behind south Charlotte’s trendy Ballantyne area, the home enjoys low property taxes. Minutes from shopping, recreation, golf, tennis, medical facilities, and major local roads. Quick and easy commute to Ballantyne Corporate Park. Home is eligible for NO MONEY DOWN USDA financing for qualified buyers!

The deadline to take advantage of the first-time and repeat/move-up home buyer tax credits is fast approaching. You must have a binding contract signed by midnight, June 30th (that’s tomorrow!) to be eligible for the $8,000 tax credit for first-time buyers or the $6,500 tax credit for repeat buyers. (The one exception are military service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, who may qualify for a one-year extension.)

Just listed… this move-in ready home pretty as a picture on a private, wooded, fenced .3 acre cul-de-sac just minutes from Charlotte’s trendy Ballantyne area! Home has been freshly painted, hardwood floors refinished, new tile installed in all bathrooms and laundry room, and new designer light fixtures installed! Additional great features include a large screened porch with outdoor speakers, Bose surround sound system in family and bonus rooms. Low, low property taxes under $1,000 per year. Great community amenities including pool, lake, tennis, basketball. Home is eligible for NO MONEY DOWN USDA Financing for qualified buyers and don’t forget these are the last five days you can still qualify for the first-time home buyer tax credit!