Yes, however, they are the same programs that are available for any other property.
Hook up with a good lender who knows how to explain the variety of programs available, and you will be in good shape.
If you're the LLC (Buyer) there are no special precautions you would have to take. I've bought and sold many properties as an LLC and it has no impact other than with your lender. Between you and your broker it no different than if you were buying under your own name.... more
Think scam. They are set up to benefit the seller, not the tenant/buyer.
You can look on Craigslist.
Do not get into a rent-to-own without hiring an attorney to write the contract. And many attorneys will not write those contracts, since so few rent-to-owns ever result in a closing.
If the seller tells you that you don't need to have a home inspection, appraisal, title search, attorney, property survey....Run Away!
There are quite a few property management companies popping up lately. Many are being created by investor groups that have gone into an area and started buying homes as an investment. I know of at least two such companies here in the Triad (neither are Evershine though). One company the investor is out of California the other was out of South Carolina. You can always research them by checking to see if they are licensed brokers in NC by going to the NC Real Estate Commission website at http://www.ncrec.state.nc.us and then do a Licensee Search or call them. You do want to make sure anyone you are going to be dealing with is licensed otherwise they are not going to be held accountable/libel to our rules and regulations.
Hope this helps,... more
Look in to HomePath financing. You would be limited to a selection of Fannie Mae-owned homes (foreclosures), however the perk is that they set guidelines that participating lenders must follow when lending under the Homepath financing rules. Low down payments, and no mortgage insurance are two of the advantages.
The caveat is that you'll likely pay a slightly higher interest rate, but often the total payment will be less than if you had to pay mortgage insurance.
Talk to a mortgage professional to explore all your options, and crunch the numbers to see what works best for your situation/finances.
Hope that helps!... more
None of Morrisville NC qualifies for USDA financing. If you move out a few miles, west of Apex, past Kelly Rd or South of Ten Ten Rd then those areas are USDA eligible areas. You can look up any address here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Those lines are due to change in October and they will be pushed out much further west and south so some of the areas eligible today will not be eligible after October.
There are some other options for 100% financing depending on your income and the home you are interested in. A “good” mortgage broker can provide all the details and get you pre-qualified with one of the available programs. I work with the best lenders in town and they can let you know what your options are.
Please give me a call and let’s start the process of finding your next home.
Real Estate Broker
"Simplifying Real Estate"
Keller Williams Realty - Cary... more
If the house is listed with the correct sales price, then the appraisal should come in at the sales price or above. However, sometimes you can run into an appraiser that is not local to the area. That can happen with a lender who is not local to the area either. If an appraiser has worked this area a long enough time, then he should be familiar with the neighborhoods, and there shouldn't be a problem. You never really want an appraisal to come in lower than the sales price, because it makes it difficult to get a loan.... more
Hi Mo Bo,
This is a great question. I recommend that you repost this question in our Cary, NC section to get more answers, which you can find here: http://www.trulia.com/voices/activity/Cary-Rentals-57-8402
Good luck with your search,
Hi Raji.... All the schools in the area are based on a specific property address. There can be two different school assignments in the same neighborhood. Your best bet would be to click on the link below and type in the address your interested in. Hope this helps!
The Bliss Real Estate Group
115 Dry Ave
Cary, NC 27511
For a true urban feel in the Raleigh/Durham area, you will want to take a look at North Hills in Raleigh, downtown Raleigh, or downtown Durham.
Unfortunately, if you would like to stay in the price range of the property you asked about, then you will lack a true urban experience. Parking is no problem in any of these locations, and there are a few restaurants within in walking distance.
Brier Creek has some nice apartments, but it is definitely more geared towards driving to different places.
Lastly, there is a new development coming to Cary called Bradford, but it is not leasing until Summer of 2013, this may provide what your looking for in an appropriate price range.
All the best,
Always a question at, or near, the top of every home buyer's mind. I really like this site for guidance: http://www.bankrate.com/news/rate-trends/mortgage.aspx
I used it myself for my loan lock decision on my home and I recommend it for my clients. It is near-term info, though, what's happening in the next week.
I think, for the longer term, a lot will depend on how Congress handles the "fiscal cliff". If they bungle it and erode consumer confidence, the rates may have to go down to compensate and calm the masses. If they handle it well (wouldn't that be a miracle??), I think we'll see steady rates for awhile. Whatever happens, these record-low rates are AMAZING, and I'm SHOCKED there aren't more people falling all over themselves to buy now!... more
Many builders are offering very good deals on new homes right now. Given the aggressive pricing and low interest rates, it seems to me to be a very good time to buy if t you intend to be in the area for several years. I offer buyer agent services for new home buyers that can provide you with a significant commission rebate at closing, which can help keep your costs down. I am happy to discus this in detail with you.
20% down payment would be minimum on an investment property and 25% down would make the pricing better. If a buyer is purchasing an investment property eligible for Fannie Mae's Homepath loan, up to 90% is allowed with no appraisal. The property must be listed on www.homepath.com, must be past the "First Look" period for primary residence buyers, and must show as eligible for "Homepath Mortgage" under "Property Features".
Another idea is using equity in another property for the down payment such as a home equity line of credit or a cash out refinance with a new first mortgage if it makes sense.... more
Cary and Morrisville are excellent towns that value their residents. They offer safety, security, recreation and the feeling of community that is hard to find.
I would love to talk to you about your options and your concerns to make sure you are making the best choice for yourself.
Feel free to contact me through Trulia or directly at 919.228.9421 or email@example.com and we can talk.
I look forward to working with you soon.
Make it a great day,
This is a contractual matter you should discuss with an attorney to get their legal opinion.
No one here can give you a qualified opinion without knowing more detail than you can or should divulge on a public site.
I don't work for K. Hovnian so I can't claim to have any particular insider knowledge, but here's my thoughts. To begin with it's a niche product; you must be 55 or older to purchase in this development as it was designed specifically as an active adult community. Currently they have 11 homes on the ground 2 of which are under contract. In terms of building more my guess is their lender won't permit it until a few more are sold. This is very common in today's environment and lenders are anxious about letting builders get to far ahead of themselves.
These active adult communities are a relatively new product here in the Triangle. There are half a dozen or so, and all came into being within the past 5 or 6 years as far as I know, Over the next 3-5 years I personally believe you'll see some others and it's not uncommon for newer market concepts to take a little time to catch on.
The homes and townhouses themselves are very attractively priced and offer what I think is excellent value, and while very conveniently located in many ways I wondered from the beginning if the proximity to RDU might have a negative impact on their sales as buyers may have concerns about flight noise.
If you are interested, I'd be happy to assist you in finding a great home. You can find out more about me here on Trulia by checking my profile or by visiting me website.... more
I don't know if this helps but you might check out this link http://www.townofcary.org/Assets/Planning+Department/Maps/Southwest+Area+Plan+Map.pdf
or the town of Cary's website which has many useful links to the town's plans. See link below.