Archive Posts

I wanted to remind you that we provide financing for the “$100 HUD Home” Program. 

As long as the property will be owner occupied, is a HUD Home identified on the HUD website and you use FHA financing, they will be eligible for the $100 down program.  There are credit qualifying restrictions but it’s a great opportunity for those that don’t have a large down payment.  For a list of eligible properties, please use the following links:

South Carolina:  http://hud3.towerauction.net/SC.htm

North Carolina:  http://hud3.towerauction.net/NC.htm

If the home needs repairs, New American Mortgage also has the ability to do a repair escrow on a HUD Home.  This is unique in our industry as most lenders don’t have the ability to setup a repair escrow on a HUD home.

A condo used to represent the easy way to own a home — no lawn to mow, no water heater to worry about, no siding to paint, and all of the maintenance was take care of for you.   While it’s still easy enough to live in a condo, there’s nothing easy about financing one anymore.

The tightening of lending guidelines has had a dramtic impact on the consumer’s ability to purchase a condonimum.   In fact, although the difference between a townhome and condo doesn’t appear to be much from the naked eye, there is a HUGE difference in financing.   The minimum down payment has gone from 3% down to 10% to 20% down required to purchase the condo.   Underwriting also must make sure that the property is not in a declining market AND the majority of the building is owner occupied or they will NOT offer financing.    There is still one loan program that allows for a down payment as little as 3.5% down to and is ok with a declining market to purchase a condo- FHA (Federal Housing Administration).   The requirement is that the property must be on the FHA approved list and have at least 51% owner occupied with one owner not owning more than 10% of the building (typically a developer).    Two very popular condo projects in Uptown Charlotte – Fifth and Poplar and Avenue recently made that list.   This is great news for anyone looking to purchase in those communities.   You can review the current list of FHA APPROVED CONDOS here in Charlotte.    The tax credits expire on April 30th so you need to be under contract by that date.    Call me  today to get prequalified !

It’s been said that one thing  that the city of Charlotte has been lacking was a real tourism magnet.  I believe this all changes on May 11th, 2010 when the 150,000 square foot NASCAR Hall of Fame opens ! 

They have started running commercials.  Take a look at the 30 second  commercial!

It’s terrific news for Charlotte as it will have a large economic impact on our area from increased convention bookings to new jobs supporting the operations of the facility and marketing  for NASCAR.  Feel free to check out the website for activities !

http://www.nascarhall.com/

There are several important deadlines coming up that you may want to be

aware of in the next couple months.   I  actually spoke with 2 clients this week that were absolutely ecstatic to learn that they qualify for the $6,500 Move-up tax credit.    Knowledge is Power and could save or earn you MONEY !

ISSUE: ALL TRANSACTIONS– $8,000 First Time-Home Buyer and 6,500 MOVE-UP CREDIT EXPIRES.            DEADLINE:  APRIL 30TH, 2010 TO GO UNDER CONTRACT and CLOSE BY JUNE 30th, 2010. 
SOLUTION:  Buyer identifies a property and goes Under Contract by April 30th

Please let New American Mortgage know the property address so we can order the case number and protect you.  I am here to help in any way possible.  Please call me with any questions.

A new 4th runway at Charlotte Douglas International Airport became fully operational last week!  It took 3 years to build but now up to 3 planes can land at once at the Charlotte International Airport.  It will save the airlines money by limiting the number of delays and the 8th largest airport in the USA  and a effective international airport could also lead to something much bigger!!  MORE JOBS for our area!!!  The airport can handle more passengers and will also entice businesses to relocate to our area.   The airport has also proposed a 300 million dollar renovation to add an expanded terminal, new parking garage, underground pedestrian tunnel, and an automated baggage system.    Our city is continuing to make strides in diversifying the economy and employment base and having a strong international airport will extremely help the Charlotte region as we head into the next decade ! 

One terrific product that we offer is the Fannie Mae HomePath program.    If you closes by April 30^th, 2010, you will receive an automatic 3.5% towards closing costs.  We are one of the few lenders that can offer this program and in our current market, we are seeing more and more foreclosure listings show up on their website so this is a terrific loan option.   The only catch is to find an eligible property!

Here’s a quick summary of the program:

• Available only for FNMA foreclosure properties that qualify.  Search at  http://www.homepath.com/
• NO APPRAISAL REQUIRED (YOU SAVE $350-$400 and no underwriting scrutiny!)
• 95% LTV for Owner Occupants – No PMI !!! 
• 90% LTV for Second Home or Investment property – No PMI !!
• 660 minimum credit score required
• Seller Paid Closing costs up to 6% for Primary Residence and 2% for Investment Property.
• ***Special for owner occupied borrowers between now and April 30^th, 2010, Fannie Mae will contribute 3.5% towards closing costs on every sale 
• Note: Rennovations CANNOT be financed using this program

 The only negative to this program in the past was trying to find a property that was eligible but we are seeing more and more properties eligible as foreclosures continue to make up a larger part of the current inventory of homes.     Again, feel free to search at http://www.homepath.com/   and call me to TODAY to make sure you qualify!