Home Buyer Alert: Conventional 97 Mortgage Loans are ending Nov. 15th, 2013

Conventional 97 Mortgage Loans with 3% down payment are ending Nov. 15th, 2013

This means files must be run thru Desktop Underwriter by this date.
Buyers with minimum down payment should get all the details before waiting longer to purchase a home.

FHA 3.5% down VS Conventional 97 with 3% down.                            

FNMA Conventional 97 with 3% Down Payment Loans Soon to Be Extinct.

FNMA Conventional 97 with 3% Down Payment Loans Soon to Be Extinct.

The FHA good -

- The mortgage interest rate will be significantly lower. This can allow for more of your closing costs and escrows
to be paid with a lender credit.

The Bad -
- Monthly mortgage insurance is higher than conventional loans.
- Monthly Mortgage Insurance Premiums are for the LIFE OF THE LOAN.
They NEVER drop off.
- An additional .005% down payment.

Continue reading “Home Buyer Alert: Conventional 97 Mortgage Loans are ending Nov. 15th, 2013” »

Parade of Homes, Durham, Orange, and Chatham Counties

Review of Durham and Chatham County Parade Homes from $200,000.00-$341,000.00

There was no W.W.F. rating (Wife Wow Factor) as our daughter was in town and it was Hot Pepper Jammin’ time with her girl friend. (If you need a expert taster, please let me know.)

I decided that looking in a specific price range at one time  gave me a better perspective than following the tour map of homes in all price ranges.

First, I must freely admit that it annoys me when I find that the official judges of any contest have as good, or better, taste than I do.

One of the BFO’s I’ve had (blinding flash of the obvious) is that staging, and the interior decorations that creative designers do, can trigger feelings of warmth and hominess, even if that does not correspond to the reality of your own furniture when moved in.

NC Beach homes offered for sale “as is” with all the furnishings in tact. Perhaps that’s the next phase of new home construction. “Leave your old stuff behind and just move in.”

That would actually be pretty tempting to me. Would it be for you?

I visited the following 2013 Parade Of Homes:

Chesapeak Homes – (D4) 1807 Rustica Dr.,in Rustica Oaks, Durham – $250,900.00
Lennar Caolinas – (D22) 406 Ravenstone Lane, Meadows at Ravenstone, Durham – $240,995.00
Saussy Burbank  – (C20) 273 Tobacco Farm Way, Briar Chapel, Chapel Hill – $282,900.00
Saussy Burbank  – (C18) 73 Pokesberry Bend Dr., Briar Chapel, Chapel Hill – $289,900.00
Garman Homes    – (C22) 2381 Briar Chapel Parkway, Chapel Hill – $316,865.00
MI Homes-         (C23) Revisited – 23 Heatherwood Dr., Briar Chapel, Chapel Hill -$332,704.00
D.R. Horton      -(D18) 1722 Waddell Court,Brightleaf at the Park, Durham, Nc – $340,973.00

Here are are my 2013 Parade of Homes observations–

-Saussy Burbank has the best first floor flooring. They are natural
hardwoods, stained a couple to three times, and look much better than manufactured
flooring. The two bathrooms I visited were light, airey, and well laid out.
Even though the window view were at the corner of Main Street and Vine. Thank goodness for curtains.
A+ on bathrooms. The second floor layout was pretty good for working in a small space.

-Garmen Homes, C22- One of the unique features was the non attached garage
which was connected to the house with a nice deck and outdoor firepit,
that was quite cozy. The bathroom had marble counter top and a very nice tile floor.
And on a side note, the sales rep remembered me and asked where my wife
was. So, an A+ for memory and personal sales.

-D.R. Horton, (D18) on 1722 Waddell Court, Durham, NC at Brightleaf at the Park,
has a open and flowing left side room layout that “L” shapes into the kitchen.
Very liveable. This was my second favorite home in this price range.

MI Homes, (C23) on 23 Heatherwood Dr. Briar Chapel, made 1,999 square feet look and feel
much bigger than it is.

Finally, the home that I was most impressed with the design and flow, that offered the most value,
..even with the more than tasteful staging that I recognized almost clouded my crystal clear vision…was

Lennar Homes (D22) at 406 Ravenstone Lane, Durham, NC in Meadows at Ravenstone Subdivision.

This house is worth a trip to see.

Which homes were your favorites in this years Parade of Homes?

Parade of Homes in Orange and Chatham Counties 2013

Last weekend Donna and I visited Parade Homes in Orange and Chatham counties that were clustered together in Winmore and Briar Chapel subdivisions first, then other homes that would be interesting for us.

How do you judge a Parade Home?

After many solo visits and with Donna to open homes, I’ve determined that my taste and hers are different, and that she has a better feel for homes and flow and decorations than I do.

As a result, when visiting homes, I withhold my rankings for a few minutes until I get a read on The W.W.Factor. Continue reading “Parade of Homes, Durham, Orange, and Chatham Counties” »

October 4, 2013 : Government Shutdown and Your Home Mortgage Closing Update.

One more of our lender said they will waive the IRS Tax Transcript requirement for now.

If you were lending your own money, would this fine print concern you?

“We will obtain tax transcripts on all loans when the federal government shutdown ends.
Once tax transcripts are received, we will compare the income documents to the transcripts and loans with discrepancies may be subject to repurchase.”

Certainly some risk and reward going on for lenders who close loans without Tax Transcripts. Continue reading “October 4, 2013 : Government Shutdown and Your Home Mortgage Closing Update.” »

Mortgage Rate History |Raleigh|Durham|Chapel Hill| NC|27614

Are Mortgage Rates High Today? Yes, mortgage rates have jumped up to 4.5 %-ish  in the last 60 days. Check out this 1987 mortgage rate sheet for historical perspective. Somehow, homebuyers did just fine. What do you think? Continue reading “Mortgage Rate History |Raleigh|Durham|Chapel Hill| NC|27614” »

Mortgage and Real Estate Tips for Triangle NC Buyers and Sellers

There is one mortgage TIP that is not spoken of often. Not all mortgage lenders do it, and most of the big mortgage banks definitely do not do it.

It is glossed over by those who do not as a non-factor due to the virtual nature of business, the cloud, and technology.

Don’t believe that.

mortgage rates raleigh nc Jim Enright location

Have your mortgage approved locally.

The Critical Mortgage Factor is……LOCATION.       Continue reading “Mortgage and Real Estate Tips for Triangle NC Buyers and Sellers” »

About Your Raleigh Mortgage Loan Approval

The waiting period to buy again has been reduced from three years to one year…for those who qualify.

This is a great first step by FHA that potentially has a major impact on the housing recovery.
There will be many bugs to work out during the first 6-12 months of the program. Perhaps longer. Continue reading “About Your Raleigh Mortgage Loan Approval” »

Home Mortgage Refinancing |Raleigh 27517|Durham 27706|Chapel Hill 27517|Chatham|NC|

This interview was done with Jesse Wojdylo after mortgage rates began to increase.
As rates continue to increase, being aware of potential savings become even more important.

Continue reading “Home Mortgage Refinancing |Raleigh 27517|Durham 27706|Chapel Hill 27517|Chatham|NC|” »

30 Year Jumbo Mortgage in Raleigh, Cary, Durham, Chapel Hill, NC

My name is Dr. Jim Hilkey. I am a long-time resident of Chapel Hill. We moved to Chapel Hill in 1975. Employed as a forensic clinical psychologist here in Chapel Hill. We just finished refinancing with Jim Enright,  with Corporate Investors Mortgage. Continue reading “30 Year Jumbo Mortgage in Raleigh, Cary, Durham, Chapel Hill, NC” »

NPR Public Radio 91.5 FM – do you listen to this station?

What’s your favorite Sunday Morning Music?

I cannot settle on just one style or station. Seem to be a compulsive channel switcher between the music that moves me.

WNCU 90.7 FM can have really excellent gospel and commentary.

WKNC 88.1 FM has Geet Bazaar Sunday mornings with music from South Asia which can be very refreshing. Especially like the different languages spoken on the show.

WCPE 89.70 FM classical can have very moving and inspiring music, but you’ve got to catch it right.

Do you listen to North Carolina Public Radio – WUNC 91.5 FM?

If so, listen today (May 7th, 2013) around 3:49p pm (better arrive
a few minutes early just in case) for my sponsorship.

You don’t need to live in Raleigh, Durham, Chatham, or Chapel Hill.
You can live stream also http://www.wunc.org/ The “Listen Live”
button is on the top left.

Let me know if you heard it.  

First Time Home Buyer Loans in Raleigh, Cary, Chatham, Durham, Chapel Hill

Here’s Chris and Lindsey Hirni after closing on their first home.

Lindsey: We’re on camera so.  Continue reading “First Time Home Buyer Loans in Raleigh, Cary, Chatham, Durham, Chapel Hill” »