Mortgage News in the Carolinas
Archive Posts
Siemens expanding in Charlotte – adding 800 jobs
0801 days
by Geoff Brown
in Archive Posts
Charlotte is continuing to diversify it’s economy and create a new “energy capital” . Yesterday Siemens announced
an expansion — its second in Charlotte in less than a year — that should bring more than 800 jobs and at least $170 million in local investment over five years. The new jobs would pay an average of $65,000 a year. The Shaw Group, which also services the energy industry, has also recently expanded in Charlotte. A nuclear division of Toshiba announced last year it would add nearly 200 jobs in the area. Having anchor companies – Shaw Group and Duke Energy is helping Charlotte move forward and rebrand itself as an energy hub.
#4 Best affordable suburb in the U.S.A – Huntersville, NC
0803 days
by Geoff Brown
in Archive Posts
I have called Lake Norman area home for over 5 years and absolutely love the area. I am not alone ! Huntersville which is located just 10 miles north of Charlotte was awarded the #4 best affordable suburb in the U.S.A 
The town also offers a variety of beautiful parks. These parks are home to many amateur sporting events and youth tournaments every year and offer neighborhoods playground and team sport activities.
Huntersville also provides access to Lake Norman and its 520 miles of shoreline. This is great news for Charlotte and the Lake Norman area! It doesn’t hurt when it’s 70 degress yesterday and the boats were hitting the lake ! Every day, I am so happy to be living in the Carolinas where the quality of the life is fantastic ! Bring on the Spring !
$100 Down HUD Program
0809 days
by Geoff Brown
in 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.
Condos, Condos, and Condos
0815 days
by Geoff Brown
in Archive Posts
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 !
