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1st time home buyer - need help

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Posted

A better place to check than realto.com is Carolina Home.

This is the Char/Meck MLS system. http://www.carolinahome.com/findahome.aspx

If you want Union County, you want to serach Area 51. Just kidding! I'ts area 10!

I did a search on Union County from $150,000-$200,000 there are 39 homes for sale that are "ranch" style homes.

I don't know what your taste are. But here is an older home, built in 1984, I think. 5+ acres of land, no HOA! 1500-1800 sq ft for $174,000!

http://www.searchpoint.net/SearchPoint/ListingDetail.asp?_account=idd&_org_id=nccmls-a&_sponsor_agent_id=&_style_account=mapsearch&_uid=&mls_property_id=995528&_sponsor_office_id=CMLS&_per_id=&_sponsor_org_id=nccmls-a&_lid=0

(I'm not sure if you can see this link.)

Normally, I would take my clients out for dinner, something relaxing and find out about them. (Not that you are my cleint, I'm out of the bizz.) That way, I could get to know them.

Too many times people look on-line and choose to look at a home on looks alone. A good agent, will have a few homes based on getting to know them, in his/her pocket to show them.

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Posted

The only 0% Loans I have seen around was the doctors loan program offered by Suntrust. Even though it was offered to me, I opted to put 3.5% down this way I could avoid PMI payments. If your local bank is a pain, I would recommend looking into PenFed.com, I used them to finance my personal vehicle at 1.99% after I joined their credit union for free (you don't have to be a military member to do so). PenFed offers nice mortgage rates. I would recommend www.realtytrac.com to look at foreclosure listings. If you are not interested in that then I would look at REO property (already foreclosed and now sitting on the bank's book).

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Posted

I just bought a foreclosed house for under 60k with a tax value that doubles what I paid for it. It's a bit of a project but it's structurally sound. I'm putting roughly 15k of work into it and stand to turn a decent profit when the market turns back up.

I bought it through HUD, had to pay a grand down, got a fifteen year mortgage with an exceptional rate. Get a foreclosure, no question.

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Posted

Definitely FHA

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Posted

Yeah if you want to live in the burbs, you'd be foolish not to buy a foreclosure.

I wanted to live as close to Uptown as possible (or in) and none of the places were in foreclosure except one loft complex on Graham, but the units were small. I got a 1400 square foot townhome walking distance to Uptown for $132,400, so I feel like I still did pretty well. I'm going to rent the place out of the DNC hopefully. People a similar distance away have their's lists for $1100/night.

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Posted

If I want to buy foreclosed, will FHA work with 4% down? How do I qualify to buy a foreclosed home?

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Posted

I haven't seen many forecloseures in my hood(which is good) but I still say this is the place to be. MoFo.

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Posted

Montford is awesome. Out of my price range though :/ . I'm walking distance to Uptown and Plaza Midwood though, so I'm not too bummed out.

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Posted

Yeah if you want to live in the burbs, you'd be foolish not to buy a foreclosure.

I wanted to live as close to Uptown as possible (or in) and none of the places were in foreclosure except one loft complex on Graham, but the units were small. I got a 1400 square foot townhome walking distance to Uptown for $132,400, so I feel like I still did pretty well. I'm going to rent the place out of the DNC hopefully. People a similar distance away have their's lists for $1100/night.

Where about on Graham? Inside Hwy16?

I'm looking to buy something around April myself and have been looking mostly in 28202 (uptown but includes some Graham in 4th Ward) and 28204 (Elizabeth)

Found a couple places on Hawthorne between 7th and Central that look good and also some in 4th Ward (4th Ward Square and a few on Chuch St near 10th or so)

What Realtor did you use?

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Posted

We have an FHA loan and that's not how it works at all; we paid a certain percentage up front, and if we get re-appraised or pay 20% equity within the 5 years the MI goes away and we get a prorated portion of the up-front MI back (it's not private, as it's govt. subsidized). Also, since it's not private the cost is only $75/month on our $160K loan - PMI was running $150 - $200.

Also, one nice perk about FHA loans is that they are assumable, meaning that when you go to sell your home years from now, the buyer can qualify for your mortgage just like you did and just take over the payments at the current interest rate and cover the rest in cash/down payment. Given where rates are currently, I'd bet good money that they will be appreciably higher in 5-10 yrs.

Yeah this

For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent, provided the mortgagor has paid the annual premium for at least 5 years.

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Posted

If I want to buy foreclosed, will FHA work with 4% down? How do I qualify to buy a foreclosed home?

Absolutely. FHA doesn't care if it's a foreclosure as long as you have the 3.5% down.

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Posted

Where about on Graham? Inside Hwy16?

I'm looking to buy something around April myself and have been looking mostly in 28202 (uptown but includes some Graham in 4th Ward) and 28204 (Elizabeth)

Found a couple places on Hawthorne between 7th and Central that look good and also some in 4th Ward (4th Ward Square and a few on Chuch St near 10th or so)

What Realtor did you use?

Garrison Lofts are on Graham Street and 10th.

http://www.highrises.com/charlotte/the-garrison-at-graham-lofts/

They are not currently for sale. The building was foreclosed on and the new owner will be putting them on the market sometime this year. They're actually a lot bigger than I thought. They start at 1200ish square feet.

I purchased in 28204. This is the community I bought in:

http://seiglepoint.com/

It is technically in the Belmont neighborhood although it shares the same zipcode with Elizabeth.

I used MyTownHome. My realtor was Jay Sperry.

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