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: 870 About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt in Kill Devil Hills and Nags Head. Whether you ...
We are a new company on the beach, but bring over 20 years of experience and knowledge to you. Specializing in first time home buyers, second homes, investment and vacation properties we can find the perfect Outer Banks home to fit your needs . From Corolla to Hatteras, we will patiently guide you each step of the way from the first showing, through the closing and every step in between.
"" 5/5 We loved working with Kelly. She was never pushy or put pressure on us to hurry and settle on a house. Since this was a second home for us on the Outer Banks, Kelly was always available to spend her weekends visiting any newly listed houses that interested us. She was diligent in following thru on everything dealing with the sellers, the loan and the closing. She also offered her opinion and expert advice whenever we needed it which I found very useful. In my opinion she made the whole buying experience perfect for us.""