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Financing in Chapel Hill : Real Estate Advice

  • All182
  • Local Info17
  • Home Buying68
  • Home Selling5
  • Market Conditions13

Activity 3
Tue Nov 12, 2013
Lannie Hall answered:
Briar Chapel offers so much to so many different lifestyles. Whether you are looking for a town home or a single family, you are certain find what you are looking for in this neighborhood. Need a small lot or a larger one? You will find these alternatives in this neighborhood. What I have found interesting about the sub-division with responses of clients is the fact that you have the positioning so far off of 15-501 providing for a peaceful living experience. The fact that there are trails, swimming pool/club house, community garden and a dog park allows for opportunities to interact with not only immediate neighbors but many throughout the community. The fact that there is consistent construction translates into the fact that the neighborhood is still considered a great value to buyers. If I can assist you in any way, please give me a call, drop me a line or click on my profile. I bring 13 years of real estate experience to the table for my clients. Good luck in finding your new home.

Lannie Hall
lannie@lanniehall.net
919-926-7978
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Tue Jan 8, 2013
Reg Morgan answered:
This is an interesting question, and really highlights one of the toughest parts of real estate investment in our "new normal." Lending is a very different game then it was a few years ago. It is unlikely that a conventional loan would work for your parents.

Contact me through my trulia profile and I can give you some contacts. You want a very experienced, sharp mortgage broker working on this. Good luck to your folks and Happy New Year.
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Wed Sep 7, 2011
answered:
Nehemiah no longer directly offers down payment assistance.

The type of down payment assistance Nehemiah offered was called "seller funded" or "private funded" down payment assistance, where the money for your down payment actually came from the seller of the home. The seller would agree to pay Nehemiah X amount upon the sale of their home, that same X amount was the buyer's down payment which Nehemiah would provide at the closing table. The issue was that in a lot of situations this would result in an increased sales price, because if the seller is paying for the buyer's down payment they would want to increase the sales price in the contract by that same amount so the "net" is the same to them. So, back in October 2008 Congress passed a bill that prevented that type of down payment assistance.

Nehemiah Corp. didn't stop trying to help homebuyers with down payment assistance though, they actually have a nice searchable database of down payment assistance programs all over the U.S. which you can find at: http://www.ncf-wep.org/services-and-resources/down-payment-assistance-dpa-search.html

Those down payment assistance programs have income limits, often require someone to be a first time homebuyer, funds aren't always available, and other restrictions, but that's the norm for down payment assistance - it's only for those who the assistance providers have deemed could "need" it and not everyone.
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