Financing in Charlotte>Question Details

myjmail2008, Home Buyer in 28173

Looking for a mortgage in NC on a 650K home purchase. Only have 50K to put down. Any programs out there?

Asked by myjmail2008, 28173 Tue Dec 18, 2012

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Good afternoon
There are a couple of options for financing $650k home with less than 20% down, but you will likely pay PMI. What is available to you will depend on your personal financial situation, income sources, assets and a few other considerations. Responding to Belinda Agosto's comment below, the FHA loan limit in our region is generally $303,750. For Homes prices above $438,000, buyers can avoid a jumbo mortgage and keep the down payment at about 10% if they are a highly qualified borrower, buying a high value home. Lenders can issue a FNMA maximum mortgage of $417,000 with 5% down and a second mortgage or home equity line of credit HELOC for the balance with a 10% down payment. Second Mortgages are more complicated than PMI, and they are not as easy as they were a few years ago, but they are an option for certain buyers. Not all lenders are the same. If you need recommendations, please contact through profile. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Tue Dec 18, 2012
currently there are not many programs out there that you may qualify for. Most of them require 20% downpayment....

You may want to try a credit union or a private bank becuase they do not have the same guidelines as the government back loans and private mortgage insurance requirements.

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Tue Dec 18, 2012
Depending on your occupation and credit score you could qualify for unique loan programs available through certain financial institutions. You could also be approved based on your other types of investments; stocks, annuities, bonds etc which could also offset debt to income ratio. There are a multitude of different financing options available to consumers and working with the right agent could mean the difference in your awareness of these available programs. Please feel free to reach out if you have any questions or would like to interview myself and team for the position of your buyer’s agent. Best of luck in your home purchase!
0 votes Thank Flag Link Tue Dec 18, 2012
I have a great lender , if there is something out there they will find it.. Give me a call at 704-607-7514 Look forward to working with you..
0 votes Thank Flag Link Tue Dec 18, 2012
absolutely! shoot me a quick email at I have a few awesome lenders who I can recommend you to.
0 votes Thank Flag Link Tue Dec 18, 2012
Good morning,

You may qualify for an FHA loan that requires only 3.5% down (does not include closing costs but a good agent like myself will negotiate those on your behalf to be paid partially/fully by the seller!).

Please give me a call if you'd like more details. THANKS!

Warm regards,

Belinda Agosto, CDPE, CIAS
Wilkinson & Associates Real Estate
Powered by ERA Real Estate
8604 Cliff Cameron Drive, Ste. 110
Charlotte, NC 28269
Direct/Text: 704.200.8823
Fax: 866.681.5494 (Where you go to search for ALL homes including Foreclosures, REOs and Short Sales) (Where you go to find out more about HUD's $100 Down Program on Government Foreclosures!)
0 votes Thank Flag Link Tue Dec 18, 2012

If you do not have a buyer's agent, contact me directly and I'll hook you up with my lender who may be able to help you!

John Siddons
0 votes Thank Flag Link Tue Dec 18, 2012
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