Why are you renting?
In the current OBX Home Market, it boggles my mind why
consumers are paying rent when they could buy their own piece of the OBX market
and build equity. I think for lack of a
better reason, the consumers lack the knowledge of available mortgage products
and programs. Most buyers say, “I don’t
have the down payment…”My credit is not that good…or the ever popular…”I can’t
afford to buy a home”. Honestly you
can’t afford not to buy a home. Home ownership
opens so many doors for the consumer. Builds
your credit profile, provides equity for the future. Why put money in someone else’s
pocket when you can keep more in your pocket. So do you still feel that you can’t afford to
buy a home? Let me now break it down for
you. If you think that you need 20% down to buy a home, you are wrong. There are so many loan products out there,
buying has never been easier . My
current personal favorite product out there right now that many consumers
don’t’ know enough about. USDA. This program offers 100% financing for
primary occupants, you will need 24 months of stable verifiable income, a minimum
660 credit score, and your income in North Carolina cannot exceed $83,000 per
year. If you are one of the lucky buyers
that do have some money put away, there is FHA, with a down payment of 3 ½
percent. A minimum credit score of 580
is needed to obtain FHA financing. The
income levels are more relaxed as well as some of the other guidelines. The veteran has special financing as
well. VA mortgages are becoming more
popular, and done more and more, again still only for primary residences,
minimum 620 credit score active duty or retired military or honorably
discharged, and many other lending guidelines that need to be discussed with
your lending specialist. Your Buy the Beach Realtor would be happy to find a local lender that will meet your needs. Call us today!
Author:Kelly Dean Phone: 252-207-3655 Dated: October 9th 2013 Views: 998 About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...
View our latest blog posts in your RSS reader. Click here to access.
From Corolla to Hatteras, we specialize in buyers and sellers looking for their perfect beach home on the beautiful Outer Banks of North Carolina. Whether it's a primary, second home or investment property our team will diligently work to provide you with the information you require for your purchase. We welcome you to read our reviews and give us a call.
OCEAN VIEWS & GREAT RENTAL INCOME!!! Located in the Whalehead Club in
" "We actually lucked into Kelly via a flyer in front of a house in Kill Devil Hills that was for sale a couple of years ago. We contacted her last fall when we were ready to look at beach houses. She immediately responded and I don't see how our experience could have been better. She provided many showings of houses that fit our criteria, answered every question quickly and accurately, and led us seamlessly through the buying and negotiation process. She provided us with many contacts for services after we bought the house and has also helped us dispose of some items in the house that we didn't want. I highly recommend her to anyone looking to buy a house in OBX. Scott Schoedler""