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Michael Jones

www.forsalegreensboro.com

My Blog

North Carolina Housing Down Payment Assitance Program Changes

12/6/2016

From a great loan officer Tonya May with Movement Mortgage:

 

I just wanted to take a couple of minutes to update you on a few things. 

First - for the first time since 2006, loan limits have increased for FHA, VA and FNMA.  For FHA, the loan limit has increased to $275,665 - VA loan limit (without addtl $ down) increased to $424,000 and the FNMA loan limit has increased to $424,000. 

Next, the $15K down payment assistance money is still available - well over 2000 as of last update - so this should last well into 2017.  The highlights of the program (for a quick reference) :

  • $15,000 assistance in form of a 0% interest rate 5 year subordinate lien with deferred payments.  20% of the balance forgiven each year.
  • First Time Homebuyers Only (everyone that is occupying the home has to be a FTHB) which means they havent owned property in the last 3 years... Alot of the buyers I talk to qualify and dont realize it!
  • Existing single family properties only (no new construction / all properties must be previously occupied)
  • Maximum sales price of $245,000
  • Mortgage Credit Certificates (MCCs) CANNOT be combined with the loans with the $15,000 DPA feature (this is a change from prior program)
  •  Income limit based on income of all adults 18+ years of age expected to occupy the property included in income limit (** TOTAL HOUSEHOLD INCOME **) and the limit for Guilford County is $59,000

Please do not hesitate to call me or email me with any help I can offer you or your buyers! 

Realtor Michael Jones REMAX Of Greensboro

www.forsalegreensboro.com (336) 750-6453 or (800) 950-6453

Down Payment Grants Available in NC

9/27/2016

There are new down payment grants available in NC to help first time home buyers buy a house!  The program is not available through all lenders, and it is one that we are really excited to offer.  These $15,000 down payment grants are only available in Mecklenburg, Cabarrus, Guilford, Cumberland and Johnston County.

The program is being offered as part of the US Treasury Department effort to help counties affected by high foreclosures during the recession.  There are no monthly payments, and it can be used with most mortgage loan programs!

New Down Payment Grants Available in NC

There are already two down payment grants available through the State of NC.  One program offers a 3% grant, and one offers a 5% grant.  The new $15,000 down payment grant works much like the programs already established.  These programs can pay the closing costs, down payment, mortgage insurance – pretty much anything associated with buying a house… except repairs.

The newest $15,000 Grant program has no re-payment and no interest as long as you live in the home for 5 years.  Each year you live in the home, 20% of the $15,000 is automatically forgiven.

The $15,000 down payment grant AND the current 3% and 5% down payment grant programs are available to anyone who has not owned a primary residence in the past 3 years.  There are income caps for the programs based upon the area you are buying in, and with the new $15,000 grant, there’s a sales price limit of $245,000.

Contact me now to get your Grant: (336) 750-6453 mike@forsalegreensboro.com

Bidding wars popping up in Guilford County housing market

5/5/2014

Copied and pasted from:

Posted: Tuesday, April 29, 2014 4:20 pm | Updated: 11:12 pm, Tue Apr 29, 2014.

Updated 10:59 p.m.

GREENSBORO — Home sales: Up but variable.

Home prices: Growing slowly.

Home bidding wars: What’s a bidding war?

It’s something that has started popping up in Greensboro, among other depressed markets, where, at one time, sellers couldn’t drop prices enough to sell.

Now, in some attractive neighborhoods, people are willing to fight for the house they want, paying thousands above the asking price.

“I am seeing a significant change on a local level,” said Chris Young, a certified mortgage planner with Benchmark, a mortgage company. “Within the last three weeks I’ve had probably a dozen clients that have been in bidding wars on homes.”

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The average price of a house in Guilford County has grown from $153,000 in the first quarter of 2011 to $171,000 in the first quarter of 2014, an improvement of nearly 12 percent, the Greensboro Regional Realtors Association reported Tuesday.

LeAnne Brugh Miller, a real estate broker with Missions Realty, said she knows how demand is heating up around that $170,000 sweet spot.

She has sold houses for clients who have had multiple bidders and helped clients buy houses where they were competing with other offers.

“That was pretty awesome, and it was shocking as well,” Miller said.

It has been nearly 10 years since she has seen that.

“Right now I have buyers that are just watching everything that comes on the market because we know you have to jump on it, or it could be gone,” she said.

Miller worked with Teresa and Barry Talbert to help them sell a house in the Aycock Historic District and buy another in northwest Greensboro.

That process turned into a bidding war — the Talberts had two people who wanted their house very badly.

The had listed their house at $175,000. And when two offers came in, they asked for “the highest and the best,” Miller said. That involved the offer with the best combination of such factors as a buyers’ credit strength or offers to pay closing costs.

When the second round of offers came in, Miller said, they were neck and neck again.

Finally, the Talberts chose an offer with terms that best fit their needs and sold their house for $4,000 above list price.

Teresa Talbert said she believes in the strength of prayer, which drew her family to a particular house in northwest Greensboro. She said that was a home they felt was perfect for their children, Kevin and Caroline, and they were able to save $8,000 when the sellers paid closing costs.

“I really believe the Lord wanted us here,” she said.

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One house sells above asking price, one sells below, and bidding wars are breaking out, but home sales in Guilford County are not consistent.

In the first quarter of 2013, 1,252 houses sold, according to the Realtors’ report, prepared by economist Don Jud.

In the first quarter of 2014, the number was lower, at 1,111.

But there’s reason for hope on another front: the number of “pending” home sales, or those under some sort of contract but not yet closed, is rising nationally and locally.

Statistics from the local Realtors show that houses in the pipeline in December 2013 numbered 853. In March 2014, that number was up to 1,385 — close to last year’s peak season numbers of about 1,450 in June and July.

Damien Raba, 42, is in the process of buying his first house. He said he expects to close the deal on May 29.

Raba said he crunched some numbers and realized it was a better idea to buy a house and build some equity than to keep renting in the Walker-Elam neighborhood, where he has lived since attending UNCG.

He said the chance to put down roots there and belong to a real community was the final draw, even if it’s scary to make that long-term mortgage commitment.

And he said he sees other houses in that older neighborhood selling quickly.

“The houses I’m seeing come up for sale now — the ‘for sale’ signs are not up very long ,” Raba said.

He said two houses on South Elam Avenue were listed for less than a week before they sold.

“My Realtor was shocked — they don’t even have time to get listed on these websites like Zillow,” Raba said.

Here are a few of the people/companies that should be notified of your change in address:

1/19/2014

Here are a few of the people/companies that should be notified of your change in address:

¨ Post Office ¨ Electric Company

¨ IRS ¨ Gas Company

¨ Your Pension Plan ¨ Water Company

¨ Security Service ¨ Telephone Company

¨ Veterans Affairs ¨ Cable Television Company

¨ Unemployment Insurance ¨ Water Treatment Company

¨ Maternity Benefits ¨ Fuel Supplier

¨ Driver’s & Vehicle Reg. ¨ Financial Advisor

¨ Health and Hospital Insurance ¨ Chiropractor

¨ Schools ¨ Libraries

Newspapers ¨ Magazines

¨ Mail Order Houses ¨ Book Clubs

¨ Banks ¨ Finance Companies

¨ Credit Cards ¨ Charge Accounts

¨ Department Stores ¨ Insurance Agencies

¨ Real Estate Agency ¨ Diaper Service

¨ Dry Cleaner ¨ Pharmacists

¨ Housecleaning Service ¨ Doctor

¨ Lawyer ¨ Dentist

 

Things to do before on or just before closing day:

¨ Have utility companies do all final meter readings

¨ If the home will be vacant before the new home owners take possession, turn the temperature

down slightly to save heating costs.

¨ Ensure windows and doors are locked

¨ Disconnect telephone

¨ Leave all keys for new occupants

 

 

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