Wow! First $8,000 from Uncle Sam, and now $14,900 from the state of North Carolina! If you ever thought of buying a home in the Carolinas, now might just be your best bet!
Seems like yesterday, with all its frenzy, no one hesitated about sinking their teeth into real estate and stocks. Call it the last great American land grab…so when the markets stumbled and tumbled, many were left feeling like they had their teeth kicked in.
We are finally at the point where it looks like the markets are stabilizing. Our Charlotte market is looking better. Minor ticks have some economists becoming optimistic. This may be an excellent time to consider putting your teeth back in and sinking them into this real estate market .
And for first time buyers, you have little to risk and a lot to gain! As a matter of fact, all indicators suggest that it’s a good time to put that smile back on your face. With the triple whammy going on … extremely low prices…historical low mortgage rates….and a bonus of a $8,000 from Uncle Sam. Plus, a new program coming out at the end of June 2009 will help Charlotte NC first time home buyers with an additional $14,900 (free money!)available for their down payment-the home does have to be a foreclosure.
Don’t groan if you think a foreclosure is just a run down property. Some of the homes being foreclosed on were obviously treated with love and affection. They are the result of a sad state of affairs, not necessarily neglect put upon a property.
If you are not looking for real estate in North Carolina, ask your Realtor if your state is also trying to reward those that purchase on foreclosed property. Keep up with those in the industry and you, too, may be able to reap some of these previously unheard of rewards!
For those first time home buyers seeking North Carolina real estate, here are some of the most basic requirements to get the 14,900 dollars: the homes must be foreclosed and for sale by a bank, bank holding company, government agency, or authorized REO designated entity. Only single-family homes, condominums, and townhomes qualify. Manufactured homes are not eligible.
Further requirements include the physical location of the real estate you are interested in buying: In North Carolina, the home also must be located in one of the 23 counties served by the NSP grant: Alamance, Brunswick, Buncombe, Cabarrus, Catawba, Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth, Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover, Pitt, Randolph, Rowan, Union, Vance, and Wake. You must occupy the home within 60 days of closing. Any Charlotte NC real estate will be included in this, as Charlotte is located in Mecklenburg County. The counties buffering Mecklenburg, are also included. This gives you a wide spectrum of great places to buy!
This money is available through the NC Housing Finance Agency. If you are sitting on the fence in today’s real estate market….it’s time to hop off.
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