| Neighborhood Stabilization Program |
|
In 2008, the City of Charlotte was approved for $5,431,777 from the U.S. Department of Housing and Urban Development (HUD) through the Neighborhood Stabilization Program. The City has committed $1 million of these funds for down payment assistance and property rehabilitation. These funds are available to qualified buyers, in designated neighborhoods for a limited amount of time. · Down payment assistance of up to $10,000 for qualified buyers in designated neighborhoods · Funding available of rehabilitation and repair of the purchased property, up to $15,000 · Pre-purchase home buyer education 10 Easy Steps TO BUY a Home with NSP Down Payment & Rehabilitation Assistance Step 1) Complete homebuyer certification class from HUD approved housing counseling agency like Community Link (800) 977-1969. The agency must sign and date the NSP certification letter in addition to your homebuyer certification. Both documents should be included in your loan documents sent to the City by your lender. Step 2) Contact an approved lender to see how much home you can afford. If your lender is not already approved, a simple verification is all that is needed for approval. Let your lender know that you will be using City funds for down payment and rehabilitation if you purchase an eligible foreclosed or abandoned home in an eligible neighborhood. Step 3) Find a home - identify a foreclosed or abandoned home in an eligible neighborhood that is less than $147,000. Use the address search to see what neighborhood your home is in. The "NSA" listed in your search result is the neighborhood your property is located in. Check to make sure the same NSA is on the eligible neighborhood list. Step 4) Have your lender send us your loan information with the address of the home you would like to purchase. Step 5) The City will order an inspection of the home and send your real estate agent and your lender a list of mandatory repairs to bring the home up to code. Step 6) You should work with your real estate agent to find a qualified contractor to give you a quote for rehabilitating your new home. Remember, all the mandatory items on the inspection list must be brought up to code. You may also include cosmetic items like - new carpet, paint, appliances, siding, etc. Step 7) You must send the rehabilitation quote to the City for approval. Once the rehabilitation quote and all other documentation are approved the City will contact your lender to proceed with closing. Step 8) You or your representative must pick up your loan package which includes your rehabilitation and down payment funds, loan agreement, deed restrictions, deed of trust, promissory note, and attorney closing instructions. Identification must be presented in order to pick up your loan package. Step 9) At closing your attorney will hold the rehabilitation funds in escrow to pay your contractor when he completes your rehabilitation. If your contractor requires multiple draws that should be worked out with the attorney and City before closing. Step 10) Once your contractor has completed rehabilitation on your home you should contact the City. We will order a final inspection. If the inspection passes the City will instruct the closing attorney to release the rehabilitation funds from escrow directly to your contractor. ALL DONE! *Eligibility Requirements · Families with incomes that are 120% or less of the median income · Must complete a pre-purchase home-buyer education program · The home must be the family's primary residence and in a designated neighborhood · The purchaser must be a first time home-buyer (not owned any property in the last 3 years) · Maximum purchase price of the home is $147,000 For more information go to www.charmeck.org
|
Walk your way to higher home values
A new study indicates that higher levels of 'walkability' - proximity to schools, shopping and other amenities - can increase a home's value.
By Amy Hoak of MarketWatch
Homes located within walking distance of amenities such as schools, parks and shopping aren't only more convenient for their owners, often they're also worth more than homes in neighborhoods where driving is the rule, according to a new study. The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets, higher levels of "walkability" were directly linked to higher home values. The report, "Walking the Walk: How Walkability Raises Housing Values in U.S. Cities," was commissioned by CEOs for Cities, a national network of urban leaders from the civic, business, academic and philanthropic sectors. It's an important point for homebuyers who are trying to identify which homes will hold their value, said Joseph Cortright, the report's author and a senior policy adviser to CEOs for Cities. Cortright is an economist and president of Impresa, a Portland, Ore.-based consulting firm.
Walkable places have some of the best chances of performing well in years ahead, he said.
The analysis used transaction information from ZipRealty. It calculated walkability of the homes using the Walk Score algorithm, which grades addresses based on amenities that are nearby, from restaurants and coffee shops to parks and libraries. Scores range from 0 to 100, with 100 being the most walkable; a score higher than 70 indicates it's possible to get around in the area without using a car.
Controlling for other factors including a home's size, the number of bathrooms and bedrooms, age, neighborhood income levels, distance from the Central Business District and access to jobs, the study found that a one-point increase in Walk Score is linked to an increase in home value between $500 and $3,000, depending on the market, according to the study.
The premium for homes in neighborhoods with above-average Walk Scores ranged from $4,000 to $34,000, according to the report.
Even in areas where walkability does statistically matter, the premium it affords isn't the same from place to place. Dense urban areas such as Chicago and San Francisco showed higher price gains based on higher Walk Scores; in less dense markets like Tuscon and Fresno, home prices didn't jump as much due to higher walkability.
Other metropolitan areas included in the study were: Arlington, Va.; Austin, Texas; Charlotte, N.C.; Dallas; Jacksonville, Fla.; Phoenix.; Sacramento, Calif.; Seattle.; and Stockton, Calif.
Whether you're buying a home or refinancing an existing home loan, you'll soon find out that lenders today are a picky and demanding bunch when it comes to loan approvals. Even well-qualified borrowers are expected to jump through some pretty high hoops to qualify for financing.
The four C's
The answer may be summed up with a mnemonic called "The four C's," according to Greg Gwizdz, national sales manager for Wells Fargo Home Mortgage in Des Moines, Iowa.
Neither a high income nor an exemplary credit report alone is enough to make your loan application stand out. What lenders like to see is strength and stability in all four areas.
No big changes after you apply
Well-qualified borrowers can still knock themselves out of the loan process if they violate certain rules, the most important of which is: Don't make any substantive changes to your financial position after your loan application is submitted. Here are some more precautions:
Don't increase your debt burden. Don't open new credit accounts, even just to transfer a credit card balance, Don't change your employment, Don't delay payment of your bills or rent.
information taken from an article on MSNMoney.com. For the complete article click on the link below.
http://articles.moneycentral.msn.com/Banking/HomeFinancing/HowToWowYourMortgageLender.aspx
The first four-year Montessori high school in North Carolina opens this fall in Charlotte. The 19,000 square foot, two story building is located on Johnston-Oehler road. The school will house ninth through eleventh grades as well as middle school grades. The 17 acre campus held its open house on August 9th. The first day of school will start on August 24th and will host approximately 80 students. The school hopes to add 12th grade in 2010. Montessori schools are non profit, independent schools that are based on the educational philosopy of Dr. Maria Montessori. The philosophy focused on mixed-age classes, hands on learning, community service and a blend of independent and group learning. This information was taken from an article in University City Weekly by Lynn Roberson.
There is an interesting article in the Lake Norman Herald this week regarding Huntersville, NC. Forbes Magazine created a list of America's 25 Best Places to Move and Hunterville was named number two. Forbes looked at cities with populations of 25,000 or more and based the information on census data from 2000 to 2007. The top 25 cities all had the following in common: twice the income level, twice the home value and home size, twice the amount of people with college degrees and twice as many youth. The article also mentioned the strength of the Charlotte housing market as a possible contributing factor for Huntersville making the list. Another very interesting point was made regarding the overall aesthetic appeal these cities have. Tree-lined streets and small town feel seem to be an important factor in deciding to relocate. With this said I see why Huntersville made the list. We have maintained that small town feel without the small town inconveniences. We have ample shopping and entertainment and there is never a dull moment on Lake Norman.
Charlotte is a huge melting pot of people. There are so many families from other areas moving here to take advantage of our great weather. I am one of the few people actually from here. I lived on Lake Norman for 19 years before moving to Charlotte to attend UNCC. I have lived in North Charlotte since 1999. When it comes to selling real estate in these areas, I definitely have the home field advantage.
Botanical Gardens at UNCC
Licensed Broker in NC
Member of National Association of Realtors
Member of North Carolina Association of Realtors
Member of Charlotte Regional Realtors Association
Member of Carolina Multiple Listing Service
Tera has been a realtor you can trust. She is organized, punctual, and most of all a person who you can rely on. I would definitely use Tera White as a Real Estate Agent again!
Jeremy Reid
Tera was a great resource in researching property. She was always willing to show a property or gather information no matter the day or time. I would definitely recommend her or use her again if I am ever in the market for another house. Thanks for everything Tera!!!
D. Matthews
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
