Financing in Charlotte>Question Details

Nomoneydown, Both Buyer and Seller in Charlotte, NC

I am putting my house on the market and expect to break even.....meaning walk away with no money. Can I buy another house with no money down?

Asked by Nomoneydown, Charlotte, NC Wed Apr 6, 2011

I put $30K down on the home we are living in now, but I have been transferred. I know that I will barely break even when I sell. Since we are selling and have no money in savings, how am I going to buy another house with no money down? BTW- I have excellent credit and am selling a home around $275K and wanting to buy in new area a home around $300K. Thank you.

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15
NC Housing http://www.nchfa.com offers a great down payment program for all buyers - not just first time anymore.
0 votes Thank Flag Link Mon Jun 3, 2013
BB&T offers a NO PMI 100% financing CHIP loan... You have to meet income guidlines though. and with a $300k house, that might not be the case.
call...

Charlene S. Davis
Assistant Vice President
Community Mortgage Specialist
BB&T Mortgage
200 South College Street
Charlotte, NC 28202
phone: 704-954-1003
fax: 704-954-1037
mobile: 704-904-8208
email: csdavis@bbandt.com
0 votes Thank Flag Link Mon May 16, 2011
There are several options: NACA, NCHFA, VA Vendee, UDSA come to mind. NACA will push you to use their realtors, but if you would like the guidance of an full time realtor with Masters in Planning with Finance, and two decades of experience, please give me a call.

You many be better off if you save a few thousand towards downpayment. At the $300,000 level, you'd need about 3.5% down to purchase using an FHA insured loan. Some funds can come as gifts.
0 votes Thank Flag Link Fri May 13, 2011
Never say Never!
I just need more information so I can help you.
email me so we can figure it out!
Many different avenues! Take care, Mary!
0 votes Thank Flag Link Wed Apr 6, 2011
As all of my fellow Realtors have mention USDA loan, 100% loan, you need a credit score of 620 or greater. There two ways you can apply for a USDA loan.

1. Direct – You would apply with any lender who does USDA. Going Direct there are incomes limits as well as loan amount limits depending in the area you like to purchase a home.
2. Guarantee – You apply directly with the USDA people, going through them there will be no limit to the loan amount but there are income limits. It varies again depending where you like to purchase a home.
But it doesn’t included closing cost which is estimated/rule of thumb about 3-3.5% of the loan amount. You may be able to negotiate with the seller to pay all or a portion of it. USDA also charges a fee which can also be negotiated with the seller to pay. I believe the program allow the seller to contribute up to 6%, which should cover the cost.

If I can be of assistance, please don’t hesitate to give me a call.

As all of my fellow Realtors have mention USDA loan, 100% loan, you need a credit score of 620 or greater. There two ways you can apply for a USDA loan.

1. Direct – You would apply with any lender who does USDA. Going Direct there are incomes limits as well as loan amount limits depending in the area you like to purchase a home.
2. Guarantee – You apply directly with the USDA people, going through them there will be no limit to the loan amount but there are income limits. It varies again depending where you like to purchase a home.

But it doesn’t included closing cost which is estimated/rule of thumb about 3-3.5% of the loan amount. You may be able to negotiate with the seller to pay all or a portion of it. USDA also charges a fee which can also be can be negotiated with the seller to pay. I believe the program allow the seller to contribute up to 6%, which should cover the cost.

But, remember not all area qualifies for USDA; these loans are restricted to certain geographic areas.

It’s a great way to go if you fall within the geographic area(s). If I can be of assistance, please don’t hesitate to give me a call.
0 votes Thank Flag Link Wed Apr 6, 2011
Depending on where you are looking to buy you can use USDA. However; inside fo charlotte you are restricted by the area. if you are venturing to the outskirts fo 485 the probability of gettign a USDA loan is greater. it is based on credit but also on location.

The only other option availble to you based on the price point you want is goign to be VA loan. you would have to be a retired veteran from one of the military branches. A mortgage professional can get your cretificate number for you. As long as you left with an honorable discharge you would qualify.
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Wed Apr 6, 2011
You can use a USDA Rural housing (http://www.fairwaync.com/union-county-nc-usda-loans/) loan to get a home with no downpayment - these loans are restricted to sertain geographic areas and maximum household incomes.

If you are a Veteran, you can use the VA loan benefit. http://www.fairwaync.com/va-loans/

If neither, assuming an FHA loan or VA loan may be an option if you can find a seller with an assumable loan willing to let you just take over payments.

Other than that, you likely need 3.5% down for an FHA loan - and that could come from a gift from a family member.
Web Reference: http://www.FairwayNC.com
0 votes Thank Flag Link Wed Apr 6, 2011
Loan types would consist of USDA, VA if you are qualified or House Charlotte (in their approved areas).

Apply Online Now!

13840 Ballantyne Corporate Place
Charlotte, NC 28277
Direct 704-971-6140
Cell 704-634-3794
Fax 704-749-5041
jeff.furr@myersparkmortgage.com

Driving Directions:
http://tinyurl.com/mpmballantyne
Jeff Furr,
Loan Officer, LO #89595
Licensed in North & South Carolina


2009 & 2010 "Five Star Loan Officer" Best of Customer Service
0 votes Thank Flag Link Wed Apr 6, 2011
YES, you absolutely have options! You can apply for USDA financing on qualified properties. There are lots of homes available in the metro Charlotte area that would qualify for USDA financing. I would be happy to discuss this with you in greater detail, at your convenience. Thanks for asking and have a blessed day.

Rob Gibson
(704) 953-2228
RGibson@HomesWithHeart.com
0 votes Thank Flag Link Wed Apr 6, 2011
I have multiple resources for no money down. There are many folks in the same posture as you with regard to no equity. You have preserved your good credit and that is the most important aspect of finding new financing. If you would like detailed information on lending sources and strategy please contact me and I will share my thoughts with you.

Blessings upon you...
Jan Teel
TEEL Realty
704-641-0267 (cell)
0 votes Thank Flag Link Wed Apr 6, 2011
If you purchase a home in an area that allows for USDA financing, you can get 100% financing and would only be left with closing costs (unless you negotiate for the seller to cover them). Otherwise, you would have to utilize FHA (3.5% down). Both have loan limits based on the area of the home. Beyond that, you are looking at at least 5% down. There are neighborhoods in Charlotte that qualify for House Charlotte but it is a neighborhood drive/income driven down payment assistance program. So, at 300k on the purchase price, that most likely excludes you from that program. I would love to discuss your options with you if you would llike to give me a call. 704-761-6294.
0 votes Thank Flag Link Wed Apr 6, 2011
There are only a couple of instances where no money down is an option. However these do not apply to your price range or area. Most conventional loans will require at least 5% down. FHA is currently at 3.5% down and the Seller can pay up to 6% of the sales price in Buyer's closing costs. This down payment for FHA can also be gifted funds. Going this route is probably your best option.

Wess Cason
Wess Cason Realty
Web Reference: http://www.SoldByWess.com
0 votes Thank Flag Link Wed Apr 6, 2011
You are in a similar situation to a lot of people selling right now. You need maximum "wiggle room" in your contract negotiations to avoid having to bring money to the table, yet you also need maximum exposure and support to bring a buyer and come to an agreement. We'd be happy to help you achieve these goals when you are ready to sell. We keep our costs extremely low while helping you get your home sold. Let me know if I can help.

- Don
Owner / Broker
Don Anthony Realty
http://www.DonAnthonyRealty.com
704-644-1467
0 votes Thank Flag Link Wed Apr 6, 2011
If you are veteran, you could qualify for a 100% financed VA Guaranty Loan. Depending on the location of the home, it may qualify for a 100% USDA Guaranteed Loan; however, there are restrictions on income eligibility. Don't forget an FHA Insured Loan. Although the minimum down payment required is 3.5%, the down payment can be 100% gifted from a family member...essentially, financing with no money down. Speak to your local home loan expert about what other home loan options you may qualify.
0 votes Thank Flag Link Wed Apr 6, 2011
Yes!!! There are MANY homes in the area that qualify for 100% USDA financing (with no PMI). Call or email me when you have a moment.

Bill Ahls
704-780-0654
0 votes Thank Flag Link Wed Apr 6, 2011
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