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Links
Here are some links for financial assistance and for buying foreclosure properties:
North Carolina Housing Finance Agency - Low interest rates, down payment assistance and mortgage credit certificates for buyers who have not owned property in the last 3 years, who earn under $63,500 per year ($36,050 for down payment assistance) (both of those numbers are for one person families) buying existing homes under $170,000 or new construction under $185,000. I used their mortgage credit certificate to buy my condo (pictured above) and I saved over $13,000!
House Charlotte - Down payment assistance for those buying homes in specific neighborhoods. All recipients must attend home buying classes. There is no 3 year limit on having previously owned a home, however the income limits are lower than NCHFA (sliding scale) and the home cost must be under $140,000.
HUD Properties - My company and I are approved to bid on HUD properties, and I have a HUD key, so I can show you these homes. On this web site, you can surf the listings, view your bid results and see what properties have sold for in the past. You can also view the contracts and all of the procedures.
Quick HUD summary:
- Most of the properties require $1,000 deposit via money order or cashiers check;
- We must use your full name as it is written on your Social Security card or other primary identification card;
- Priority bidding goes to owner/occupants - those who guarantee they will live in the home for at least the first 12 months;
- Investor's (non-owner/occupants) bids are not considered until after the home has been listed for 10 days, however most homes sell quickly after bidding opens up to investors, so you must be prepared to act quickly at that time;
- HUD has an inspection done and creates a Property Condition Report which is quite helpful, although it is recommeded that you conduct your own inspection if your bid is accepted;
- Study the bid results - you're bid is usually up against many others, so if you really want the property, make a solid offer;
- HUD will pay closing costs, but HUD is looking for bids in which they will net the most money after paying closing costs and realty commissions, so if you ask for closing costs, be prepared to price your bid amount to cover them.
Click on the category you are interested in:
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