Sunday, May 27, 2012
Friday, May 18, 2012
Thursday, April 19, 2012
Monday, March 5, 2012
Wednesday, September 7, 2011
HELP FOR HOMES IN NEED OF RENOVATIONS
HELP FOR HOMES IN NEED OF RENOVATIONS
Do you own a home that you would like to make upgrades to? Are you an agent with a listing that won't pass a standard appraisal because there are repairs that need to be made in order to receive the value you need for financing? Our inventory is a mixed bag of old homes, new construction, dilapidated foreclosures or a few in need of some TLC. We met recently with a representative of Well's Fargo Home Mortgage, in our area and received a crash course in their Refinance and Renovate product. I am not advertising for Well's Fargo; however, we all have needs and certainly these folks are in a position to do so. To reiterate the nuts and bolts of the product as delivered by Winfred McCoy a Home Mortgage Consultant.......:Who Benefits? *Homebuyers looking at homes with issues *Homesellers wanting to upgrade, expand, repair, or remodel *Real Estate Agents wanting to move the hard-to-sell listing *Contractors can provide estimates *Investors can purchase homes in need of repair......and the list goes on.
Guidelines? *Applicants must meet standard loan program credit qualifications *The property must meet renovation loan requirements *Post -renovation appraised property value must support the mortgage amount *down payment and closing costs may vary *Cash needed to close can come from savings, gifts or approved grants or loans
Allowable renovations? You name it, you can do it.
The loan closes one time, and the construction begins within 30 days of closing. Renovations should be completed within 6 months. The beauty if the rates are generally not priced more than .25% to .50% above standard conventional loan rates.
I'm pitching Mr. McCoy here for a bit here in Southeastern North Carolina because he is commited to this region. If you need assistance, call me directly and we can get Wendy in the picture to assist you anywhere if he is unable to cover the business in your area. I guarantee you he can help us find the mortgage consultant with Well's Fargo that can help us put this together.
Kindest Regards,
Amy Houston Jernigan
Realtor/Broker
Coldwell Banker Fountain Realty
mobile: 910-520-0281
Office voicemail: 910-803-1269
fax: 866-345-3364
~Open the Door to All Possibilities~
Wednesday, August 31, 2011
Consumer Spending is Keeping Interest Rates at Bay
The Federal Reserve has decided to keep the interest rates low for up to two more years! That will take us through 2013! All this according to the minutes from their August 9th meeting. The link to the full article is attached.
Consumer confidence is down for August however, in the third quarter of the year growth picked up and jobs were created, but PEOPLE! Mortgage interest rates are between 3-4% on a 30 year fixed rate mortgage. Take note of the following example:
Purchase price $200,000 heated square footage 2,200
Loan amount $200,000
Interest rate 3.75% = $1,134.56 monthly payment
Interest rate 6.00% = $1,407.43 monthly payment
APR would factor in closing costs for the above interest rates. Closing costs are not considered here just for the sake of determining monthly payment amount.
Renting at $1250-1300 per month you home will between 1800-1950 square feet.
Yes consumer spending on high ticket, retail items is down in part due to the uncertainty of federal budget, spending cuts and the volatility of the stock market. Historically, the real estate market has been the driving force to keep the economy moving forward and has lead the economy out of recession.
Home buying continues. First time homebuying is at the most affordable level we may have seen in our lifetimes. What is keeping the consumer from taking the leap to purchase what should be a long term investment? Are you on the fence as to whether to buy, sell or rent? What is your objection to making the commitment? I want your comments..........What can I do to assist you with alleviating your reservations.
Consumer confidence is down for August however, in the third quarter of the year growth picked up and jobs were created, but PEOPLE! Mortgage interest rates are between 3-4% on a 30 year fixed rate mortgage. Take note of the following example:
Purchase price $200,000 heated square footage 2,200
Loan amount $200,000
Interest rate 3.75% = $1,134.56 monthly payment
Interest rate 6.00% = $1,407.43 monthly payment
APR would factor in closing costs for the above interest rates. Closing costs are not considered here just for the sake of determining monthly payment amount.
Renting at $1250-1300 per month you home will between 1800-1950 square feet.
Yes consumer spending on high ticket, retail items is down in part due to the uncertainty of federal budget, spending cuts and the volatility of the stock market. Historically, the real estate market has been the driving force to keep the economy moving forward and has lead the economy out of recession.
Home buying continues. First time homebuying is at the most affordable level we may have seen in our lifetimes. What is keeping the consumer from taking the leap to purchase what should be a long term investment? Are you on the fence as to whether to buy, sell or rent? What is your objection to making the commitment? I want your comments..........What can I do to assist you with alleviating your reservations.
Monday, August 29, 2011
Homebuying incentives may still be available
In Southeastern North Carolina, more specifically Onslow County, the housing market continues to thrive. If you are a first time homebuyer, a move up buyer seeking to sell your home and acquire more space, or if you are relocating from any area outside of Onslow County nationally or internationally. I can assist you with finding the home that most greatly meets your needs. There is still a $5000 grant available to military first time homebuyers. If you would like more information on this or any other opportunity to purchase, now is the time while interest rates remain at historical lows we shall not experience for much longer. Call me today.
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