1. FHA limits for the Charlotte area have been raised to $303,750, and with FHA loans, you only need 3.5% down and a minimum credit score of 620. (Conventional loans are still more restrictive, typically 5% down on conforming loans and a credit score of 700 or above.)
2. You have a large inventory to choose from. Real estate in Matthews and Mint Hill, always exceptionally popular locations for the discriminating buyer, are at an incredibly affordable rate and there is a plethora of welcoming properties. The team at Jamison Reality has "helped people home" in both lovely towns, and they can take work with you to make sure your selection appeals to tastes and pocketbook.
3. Nationally, the housing market, while still down sharply from its peak, has shown signs of stabilizing, a step toward recovery. When the housing market moves back up, your home will increase in value with no real effort on your part. As the economy continues to thrive, the discounts, incentives, credits and rebates will end. If you buy now, you will get in on the ground floor or a bargain that could eventually lead to an investment windfall for you.
4. Mortgage rates are historically low. Long-term mortgage rates this week reached the lowest level since at least 1970, falling for the third consecutive week. Freddie Mac’s weekly rate report says the average 30-year; fixed-rate mortgage fell to 4.78 percent, matching a low set April 7. It is the lowest rate on such mortgages since Freddie Mac started keeping track in 1970.
5. You can get a federal tax credit: The Fed's have revised the Tax Credit from last year to a much better program. Effective for purchases on or after January 1, 2009 and before December 1, 2009, Purchaser will receive up to $8,000 tax credit. This program is available to anyone who has not purchased in the last three years. If the home is sold within three years, the full amount will be recaptured on sale of the home. Otherwise, this is a great program and should help spur more sales during the months ahead.
Mint Hill & Matthews, NC
Check out www.minthillrealty.com