Brandon, give us a call. We are those kinds of people who tweak financing out all the way. We know people. I bet we can get a better financing deal than you are getting ready for right now. Im not trying to sell you something and this wont end up with me getting some sort of payment.

Real estate nowadays is pretty by the book. Financing is not. That is the best place to be "taken for a ride"

In case you dont get to us in time, I would first think of getting you to call bank of america. They are running a deal where if u earn $45k/yr or less, no more than 2 30 day late delinquents on your credit regardless of score, you get a real low % apr 100% loan. Its a great deal. The exact contact info I dont have on me but the loan person is Vickie Foust.

 

Not a fan of B of A... Don't agree with some of their policies and some family members have had terrible experiences with them locally recently...

Sorta already got the ball rolling today and as long as the builder agrees/signs, then we'll be under contract...

Buuut PM me your # and we'll see... Pretty much agreed to go with someone already b/c he had the best offer I could find and with 100% financing and a fixed rate that's comfortable for us now and later...

Thanks again

 

Sorry to hear of your BofA experiences...our previous home in New Bern was with BofA and our new home in Charlotte is with BofA. I got a great rate of 5.875 for 30 years.

Anna and I looked at over 50 homes before we found the *ONE*

We close this Friday...can't wait!! Best of luck Brandon! You and Heather deserve the very best!!

 

Indeed...this is part of Bank of America's Community Commitment program. 100% financing, NO PMI (Private Mortgage Insurance), fixed, low rates...and it's a portfolio loan...so you won't be sold off to other mortgage companies...Depends on your particular area and the median income. In Charlotte/Mecklenberg County, the max. income is $51k. But it varies...in New Bern, the max. income is $33k. At any rate, if you qualify, it can't be beat!!

 

100%? Is it an 80-10-10 or something?

 

Nope. 100% straight...none of that sub-prime mess...

 

Excellent... I really appreciate all this guys!
I'm pretty confident about who we're going thru and the deal we're getting...
If B of A wasn't on my bad list, I'd deal with 'em b/c that sounds like a great deal...
Yeah, I'm def. making sure to NOT get stuck with an A.R.M. to get hammered on down the line like I've been hearing about recently in the news...

 

Brandon,

Congrats on this purchase. One of the biggest you will ever make. A lot of responsibilty. If something breaks you can't call the landlord or leasing office to come fix it. However, you won't know any greater satisfaction of gaining equity and building a strong financial future for yourself.

My only recommendation is in the financing, I am never a fan of buying for points to reduce your rate. Use the money you would spend there on the house and you can always refinance later when rates drop and you gain equity in the house. Finally, if you do ever refinance try not to pull money out on the house unless you definitely need it. This can be an easy source for money, but constantly increasing the amount you owe on the house.

Good luck and let us know how it turns out! (I smell a house party coming up!!!)

Deiger

 

Hey,

I'd recommend looking into a 100% fixed rate loan from Suntrust. We had one on our Durham house and will get another for our house in Cary next month. Also, I'd suggest not following the growing trend of going with 80% 1st, 20% 2nd, mortgages to get a lower initial payment than if you paid for PMI. Because you should be able to drop the PMI after a couple of years when the house appreciates.

some mortgage info:
http://mortgage-x.com/trends.htm
http://www.mtgprofessor.com/

I would go for a inspection on any house, even on a new one. Just because it's new doesn't mean mistakes weren't made in construction. I'd check the Better Business Bureau's website for complaints on everyone possible before using them (builders, inspectors, realtors, mortgage companies, etc.).

If getting a pre-owned home, I'd ask for the seller to pay for repairs, a home warranty, and your closing costs, even if it means raising your offering price a little. This way you get those expenses financed with the house, instead of paying them out of your pocket. It shouldn't matter to the seller because they'll get it back at closing.

 

I've heard good things about this program.... my brother is a Realtor and his been taking people there since it started he used to not like B of A .... make sure you negociate the closing costs with builder or seller... you can actually get them to pay full if they really want to sell the house...good luck...



D.