Absolutely beautiful ranch home in the highly desired Porters Landing neighborhood. This home is picture perfect in a wonderful area. Lots of quiet privacy yet interstate and shops are conveniently near by. This home is over 2300 square feet all on one level with 3 bedrooms and 2 full baths. It boasts 13 ft ceilings throughout main area of home and lots of molding. A 2 sided fireplace, upgraded hardwood laminate floors, new carpet, split bedroom plan, office, formal dining room, breakfast area, screened in porch, heavily wooded fenced backyard, .50 acres total with about .25 acres with grass, lots of trees, lush landscaping, 2 car garage, upgraded fixtures, neutral paint colors, and all in an excellent neighborhood! This neighborhood has amenities including a pool, playground, walking trails, sand volleyball, & clubhouse. This is our current personal residence and we are looking for a long term lease with someone to treat it as their own. We have a lot more pictures we can send at your request. Call Sam at 704-456-7032 to set up a time to view this wonderful home! For more pics go to: http://smilebox.com/playBlog/4d5445304d7a55304e54673d0d0a&blogview=true
Office space available for sub-lease at $650 completely furnished. List of Inventory:
1) 8 New Dell flat screen computers
2) 8 Executive Desks
3) 8 Executive Chairs
4) Trash cans, file cabinets, motivational pictures, office plants, etc.
5) All Brick Office Building has full service kitchen, public restrooms, and shared conference room on 2nd floor
6) Utilities Included!
This office is move in ready and is in a great location! Reply back to this email regarding any questions or call me at 704-456-7032.
This is for anyone that dreams of having their own home, but because of inaccurate information or misconceptions in regards to purchasing, they just don't bother to try or have tried in the wrong places. With the sub-prime lending meltdown and foreclosures on almost every headline and news reports today, a lot of people are just plain scared of home ownership. Your realtor and I want to be a source of direction and to help clear the confusion of the home purchasing process.
The top misconceptions that people have in purchasing a home, in my opinion, are the following:
•1) "My payment will be higher owning a home than if I were renting."
•2) "I need to have a lot of money out of pocket to purchase."
•3) "I need to have perfect credit to avoid high and/or adjustable rates."
•4) "I would have to pay large annual tax and insurance bills if I owned."
Now, the statements above are perfectly normal and I actually had the same concerns as a first time home buyer. But next, I will explain how it actually is:
•1) "My payment will be higher owning a home than if I were renting."
True, the payment could be higher, but you are in control of that by what price house you decide to purchase. Here are some examples based on 5.00% fixed interest rate and a 30 year term:
•· $100,000 - $536.82/mo Principle & Interest
•· $110,000 - $590.50/mo Principle & Interest
•· $120,000 - $644.19/mo Principle & Interest
•· $130,000 - $697.87/mo Principle & Interest
So you can see, based on this example, your payment changes about $54/mo for every $10,000 increase or decrease in loan amount. But, the good news is, you are in control of it. Another thing to keep in mind is that someone owns the home you are renting, has a mortgage payment, and usually rents it for more then the payment to make a profit. So buying would normally mean a decrease in payment on that particular house.
•2) "I need to have a lot of money out of pocket to purchase."
There are mortgage loan programs out there that do require a larger down payment, like investor loans or construction loans. But, mortgage loans for the home you will live in as your primary residence have loans that go up to 100% financing, so no down payment. Below are a few of the best loans out for primary residences:
•· FHA Loan- Up to 96.50% financing. Traditionally you would need 3.50% of your own money down, but the good news is that the FHA allows gift money from family for the 3.50%. So FHA can actually get you in a home with no down payment. This is the best loan out for the average citizen. There is no income limits, good fixed rates, low MI payments, and allows up to a $303,950 loan amount in Cabarrus & Mecklenburg counties. Also, if you purchase a HUD foreclosure, you can put down as little as $100.
•· VA Loan- Up to 100% financing. Excellent loan program and it has no mortgage insurance. But, to qualify you would need to have been in the military and been issued a VA loan entitlement certificate. Great program! There is no income limits, good rates, and it will allow you to go up to a $417,000 loan amount. The only catch is, you have to be military.
•· USDA Rural Loan- Ok, you probably are thinking, "I would have to live out in the sticks to qualify for a rural loan, like a pioneer or something." Well, you would be surprised how close you are to a rural area. There are even Charlotte addresses that are actually considered eligible for a USDA loan. They allow for 100% financing and no MI. This is one of the best kept secrets in mortgage financing today, but you have to make sure that the address qualifies. You can go to http://eligibility.nc.egov.usda.gov to see if the address and household income qualifies. Another great loan program! There is no MI, no down payment, low fixed rates and no maximum purchase price. You do have an income limit and is around $70,750/yr for Mecklenburg County.
Ok, so that takes care of the down payment issue. Now, what other costs are involved in purchasing a home? Well, there are closing costs, pre-paid items, earnest money, and inspection fees. Here are some estimated costs:
•· Closing costs: This will typically be around $1500 - $3000 depending on the size loan. The costs include bank fees, attorney fees, etc.
•· Pre-Paid Items: This will typically be around $1000 - $2500 depending on what the taxes, hazard insurance, and interest rates are.
•· Earnest Money: This typically will be between $250 - $1000 depending on what the seller will accept and the price of the home. Usually you can get this back at closing.
•· Inspections/Appraisal: There are various types of inspections, but the normal are building inspections, termite inspections, and appraisals.
Usually, all closing costs and pre-paid items can be negotiated into the purchase price. The only out of pocket costs would be your earnest money deposit and the appraisal cost of around $375.00. And, to put a cherry on top, if you purchase your first home and close in 2009 you are eligible to receive an $8000.00 tax credit just because!!! That also applies if you haven't owned a home in the last 3 years. So, that takes care of the large out of pocket expenses you were worried about.
•3) "I need to have perfect credit to avoid high and/or adjustable rates."
There are definitely guidelines when it comes to credit requirements to get approved for a mortgage. But the credit standards that you may think, compared to what they are might surprise you. There is "No Minimum Score" for FHA, VA, or USDA, but normally you need at least a 620 score. Even with collections or late payments, there is still a possibility to get pre-approved without having to pay them off. You can't have a foreclosure or bankruptcy in the last two years. And you will still need to qualify with income. But, with good reasons and explanations, exceptions can be made. Below is an estimated range of credit scores and what 30 year fixed rates you could expect:
•· 620-639: 5.50% to 6.00%
•· 640-659: 5.25% to 5.50%
•· 660-679: 5.00% to 5.25%
•· 660-850: 4.75% to 5.00%
Keep in mind that all these rates are 30 year fixed not adjustable. And of course, rates are subject to change depending on where the market is and when exactly you lock. But, this will give you a good estimate and help you realize that we are not talking about the 12% adjustable rate horror stories that you have heard about. Also, if you do get turned down for credit at this time, which can happen, we will help set up a game plan and point you in the right direction to restoring your credit.
4) "I would have to pay large annual tax and insurance bills if I owned a home."
You will have real estate taxes and hazard insurance when you purchase a home. And they typically are due annually. However, with most mortgages you have the option to "Escrow" both your taxes and insurance. Escrowing does not eliminate your annual bills, but breaks those annual amounts into a monthly amount that you pay with your mortgage payment. So your mortgage payment would include your principle and interest payment, escrows, and mortgage insurance if applicable. For example on a FHA $100,000 loan, 5.00% interest rate, 30 year term, $1000/year taxes, $400/year hazard insurance, and standard FHA mortgage insurance you would have the following payment breakdown:
•· Mortgage Payment: $536.82/mo
•· Real Estate Taxes: $83.33/mo
•· Hazard Insurance: $33.33/mo
•· Mortgage Insurance: $45.83/mo
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Total Mortgage Payment: $699.31/mo
Compare that to where you are renting now. Not too bad, huh? And, this does not even include the tax write offs for all the interest, mortgage insurance, and taxes that you pay on your home. Check with your tax accountant, but that could be thousands of dollars in tax savings every year! Not to mention that every payment you make, a portion of that payment goes towards the balance you owe on the house. In a normal and healthy real estate market, your balance goes down and the value of the house goes up. This creates, in my words, a "Real Estate Savings Account". You could sell your home in the future and make a profit. Or you could pull some of that money or "Equity" out of the house and pay off bills, pay towards college, upgrade your house, or whatever you want. It's your money, it's your equity, and it's your house!
Well, that about wraps it up. There has not been a better time to purchase a home than now! I hope after reading this, you will have a new outlook on owning your own home and the process that goes into it. Feel free to visit my website at www.keyfinancialus.com for more information and mortgage calculators for your actual scenario. Your realtor or I are always here to help and answer any questions or concerns you may have. Our goal and pleasure is to help you experience the many joys and rewards of home ownership, and to make that journey a smooth and hassle free process for you and your family.
_____________________________________________________________
Sam Cowles
1st Metropolitan Mortgage
Branch Manager
www.keyfinancialus.com
Cell: 704-200-8849
Office: 704-456-7032
Fax: 704-456-7053
_____________________________________________________________
*** Rates, programs, and information in this letter are subject to change and/or modification at any time without notification. Pre-approval subject to credit approval, income and asset verification, and any other terms that the lender deems necessary
PRICE REDUCED! Pre-Foreclosure Short Sale Opportunity. This is a great investment for an investor or first time buyer. The property has been completely remodeled and seems to be in good condition. However due to the nature of this being a short sale, the property is being sold in, 'As Is Condition'. Any offer on this property will be considered. Seller is just a victim of the times. Has brand new appliances that can stay. Call me at 704-456-7032 with any questions or visit www.samcowles.com
PRICE REDUCED! Pre-Foreclosure Short Sale Opportunity. This home has a lot of potential and is perfect for the rehab investor. Property needs a good bit of work and is reflected in the price. This property is being sold in 'As Is' condition and the seller to make NO repairs. Make us any offer and you might be surprised what they are willing to do. Call me at 704-200-8849 or 704-456-7032 with any questions or visit www.samcowles.com
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One of my passions in life is to help others to succeed and prosper. I love the real estate field and know I would be an asset to whatever your real estate or mortgage needs may be. www.samcowles.com
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