Yeah, ncsecu has one.

9/24/2007 11:12:41 AM

bank of america has a first time buyer program.

0 down, 5.75% 30 year fixed, not some 80/20/ no pmi

does have income restrictions=you must make 30k or LESS

9/24/2007 12:05:33 PM

30k or LESS????

who the hell makes 30k or less and can afford to buy a house?

9/24/2007 12:41:53 PM

$2,500 - 25% taxes =$1,875 net

you could do $100,000 house with no debt, no health insurance, no car, no cable, dead grass, and still have $200 a month left over for food and entertainment!!!

oh, and no HOA fees or HO insurance as well.

[Edited on September 24, 2007 at 12:49 PM. Reason : .]

9/24/2007 12:48:08 PM

SECU has an awesome first-time home buyer's program. It's the best rate we could find anywhere.

5.625% for a 30 year fixed
Income restrictions $60K or less a year
Cannot finance more than $150K, but if you find a house for that amount or less, you don't have to put any money down. You do however have to pay your closing costs, or get your sellers to pay them. In other words, you cannot finance your closing costs.

There are a few downsides. If you finance more than 80%, then you have to pay pmi (our house was $145K and we are paying ~$70 a month for pmi, BUT as of right now, pmi is tax deductable). Also, this particular program is government subsidized, so the capital gains tax on this particular loan can be applied if you sell your house and make a profit within 10 years (as opposed to 3 years, which is the norm).

All-in-all, if you fit their profile for their first-time home-buyer's program, it's totally worth it. We spoke with a lot of mortgage lenders and even had one sit us down and tell us if SECU really was offering that rate, we should go with them, because he couldn't beat it.

9/24/2007 12:59:46 PM

dumb question-why would the lender want an income restriction-I'm guessing because the loan is subsidized?

9/24/2007 1:01:32 PM

you said we so is the income restriction for both of you separately or combined?

9/24/2007 1:04:35 PM

^^Yes. It's also the same reason why the capital-gains-tax can be applied if you sell before 10 years, rather than the normal 3 years.

This program is meant to help people out who need it, so those restrictions are meant to deter people who don't need it or would be abusing it (ie house flippers, etc).

^It was our combined income, since we both applied for the loan together. Now everyone knows houw poor I am :-(

[Edited on September 24, 2007 at 1:06 PM. Reason : more]

[Edited on September 24, 2007 at 1:08 PM. Reason : grrr]

9/24/2007 1:06:05 PM

is that for starting income? what if the combined income jumps above 60k after the loan is given? does that matter?

9/24/2007 1:08:21 PM

i can't imagine a situation where it wouldn't be at the time of the loan approval - they can't tell you to turn down a job making more money if you get offered it....

9/24/2007 1:10:00 PM

well they might have some sort of penalty in the contract you would have to pay.

9/24/2007 1:10:49 PM

Yes, it's starting income. I'm pretty positive our combined income will be more than $60K at the end of this year, since we both have moved up at our jobs and we barely squeaked in under $60K when we applied (back in June). SECU based our income eligibility off of previous W-2's and current pay stubs.

There is no penalty if you make more than that after they grant you the loan.

[Edited on September 24, 2007 at 1:12 PM. Reason : more info]

9/24/2007 1:11:17 PM

Quote :

"It's also the same reason why the capital-gains-tax can be applied if you sell before 10 years, rather than the normal 3 years."

Isn't it 2 years normally?

9/24/2007 1:15:18 PM

^I'm pretty sure it's 3, but I could be wrong. I remember my real estate lawyer going over capital gains tax with the sellers at our closing and I think she said 3 years. However, I wasn't really interested in anything but getting the keys to my house, so my excitement could have clouded my hearing.

9/24/2007 1:17:35 PM

so is now a good time to buy a house or should I wait a little bit longer?

9/24/2007 1:23:28 PM

i don't think the psychic that knows the future of the housing market gets in until 5pm

depends on what and where you are thinking about buying right now too

9/24/2007 1:24:52 PM

im waiting until december or january. the recent rate cut will have trickled down, and the triangle is starting to follow the rest of the country.

http://www.wral.com/news/local/video/1848221/

buyers market is only going to improve.

9/24/2007 1:30:12 PM

I think the rate cut trickled down and caused rates to adjust before the cut actually occurred.

9/24/2007 1:31:10 PM

everyone was expecting a .25 cut, not the .5 the fed went with

9/24/2007 1:32:34 PM

"Mortgage rates lower, too? Not so fast"

http://bankrate.com/brm/news/mortgages/20070920_rate_cut_affect_mortgages_a1.asp


"Mortgage rates rise slightly"

http://bankrate.com/brm/news/mtga/Sept2007_mortgage_analysisa1.asp

[Edited on September 24, 2007 at 1:34 PM. Reason : ]

9/24/2007 1:33:25 PM

you guys should check out the triad market if its possible to your goals working.

150 here will get you 250 there, and you wont have to live out in holly springs. i live 2 miles from downtown greensboro

9/24/2007 1:34:24 PM

if you read it, you will see that it says fixed rates will remain stable

adjustable rates are impacted

9/24/2007 1:35:26 PM

I saw that, but adjustable rates rose last week as well. Also, I sure as hell wouldn't suggest someone get an arm, especially if that person is making 30K a year and putting 0 down.

9/24/2007 1:39:07 PM

agreed.

9/24/2007 1:39:41 PM

Im looking to get a loan, or lock one in, within the next week...

I dont want to pay the overhead on using a mortgage broker.

What is the best way to get a loan (FHA wont work for me)

Loan will be about 230-250k I think, depending on which house we get (thats after the 20% down)

9/24/2007 6:06:55 PM

Just call half a dozen places, ask to see what rate you will qualify for and ask for closing cost estimates, then compare.

9/24/2007 7:05:45 PM

1) it's two years, not three for capital gains

2) mortgage rates are NOT indexed to prime and the "rate cut" won't trickle anywhere until 2008 with regard to mortgages for a number of reasons

and look for the cap on jumbo mortgages to get moved to $475,000 (or even $500,000) before the year is out

9/24/2007 8:27:13 PM

^SECUs arms are tied to the prime rate, adjusting every meeting of the board after the prime rate changes.

9/24/2007 9:23:40 PM

Quote :

"30k or LESS???? who the hell makes 30k or less and can afford to buy a house?"

9/26/2007 6:47:49 PM

Anyone can afford a house with an option arm.

9/26/2007 7:35:32 PM

Quote :

"Anyone can afford purchase a house with an option arm."

purchase != afford

9/26/2007 8:47:14 PM

touche'

9/26/2007 8:59:36 PM

check wachovia in clayton. we typically have the best 30 yr fixed rate if you qualify for the wachovia custom mortgage program.

at 0% down the rate is 6.25% +0 for 30 yrs. at 3% down or more (and the 3% down or more can be a gift), the 30 yr rate is 5.875% +0.

loan amounts can go to $417,000. some areas dont have an income limit, some areas have an income limit of $56,500 (and, its not household income, its individual income). it depends on the address of the home. downtown condos with ann cabell do not have an income limit. cary does have a limit. johnston county does not have a limit. most of eastern wake does not have a limit. wake forest has a limit. some of 27603 and 27607 does not have a limit.

you dont have to be a first time homebuyer. but, you cant own any other houses. the pmi factor is discounted at .52%, different from the normal .77%. pmi is possibly tax deductible, so, it competes better with the 80/20's that got everybody in trouble.

get a 20% gift from momma or daddy, get 5.875% 30 yr with no pmi

no way i'd do a "subsidized" program. why pay back your hard earned equity? nobody stays in a house 10 yrs, especially the first one. and, the penalty for payback is a lot higher during yrs 3-7

[Edited on September 26, 2007 at 10:08 PM. Reason : change]

[Edited on September 26, 2007 at 10:11 PM. Reason : change]

9/26/2007 9:59:54 PM

I don't see any where about a custom mortgage program on their site. All I see is 30 year fixed for 6.375%

9/26/2007 10:39:05 PM

"check wachovia in clayton"

not the website. that thing isnt updated daily and doesnt give all 300 programs on it.

the rate was 6% today with 3% down. 6.375 with 0 down


ask for the "wolfpack special", i'll help out up and coming wolfpackers

9/27/2007 10:55:09 PM

So house hunting has come down to this ...

New home built by M/I Homes .. off carpenter fire station / green level to durham rd. ~2600 sq ft, first floor office/guest room, granite ctops, lot backs up to green level to durham rd.

2 year old home, built by McCarr homes in Carpenter Villiage. ~2800 sq ft. Corian counters, first floor master, off of Morrisville Carpenter between davis and 55... backs up to a farm that will be there for at least 15 years.

Same price, both about 5 minutes from cisco...

Trying to decide which will have better appreciation as we like both equally.

Also, wondering if anyone knows about the traffic getting to 55 from carpenter fire station rd/green level to durham/cary park area. It looks like their might not be the infrastructure in place to handle the housing boom in that area in the near future, so thats my only concern about it...

I would like no more than a 15 minute commute to cisco.

Probably making an offer tomorrow, but just trying to get some opinions...

10/9/2007 9:41:20 PM

What do those houses go for?

10/9/2007 10:51:01 PM

about 320-330k

[Edited on October 10, 2007 at 8:56 AM. Reason : .]

10/10/2007 8:55:54 AM

i was told to avoid mccarr by multiple people when i was hunting earlier this year

10/10/2007 9:38:28 AM

I heard pretty good recommendations about them, and never anything negative ...

Hmmm ... anyone else ??

10/10/2007 9:46:22 AM

I live in that area (Amberly) and there are some backroads that you can take to avoid some of the 55 traffic. You will probably come to 55 down Hopson Rd. and your entire drive on 55 can be limited to a couple of miles. You can easily turn off at O'Kelly, or if you come down TW Alexander to 55 you can hang a right on Alston and get back to Cary Park.

I love the area. It's quiet on weekends, the American Tobacco Trail is minutes away. Cary green way is connecting to all of the neighborhoods out there and most of the new development is higher end.

As of right now there is something of a drive involved in getting to a grocery store, but a brand new Harris Teeter is opening up at the corner of Carpenter and Green Level in the Spring of 2008.

Furthermore, if you cut up O'Kelly Chapel you can be at Southpoint Mall in about 8 minutes.

10/10/2007 11:10:00 AM

[Edited on October 10, 2007 at 12:06 PM. Reason : other thread]

10/10/2007 12:06:29 PM

Owner in carpenter villiage accepted our offer of 322k ... thats 2k above what they "bought" it for 2 years ago. It was brand new then, so there may have been some incentives involved for them, but nonetheless, thats ~115 per square foot and just 5 miles from work!!!

We have a $300 option to get out for any reason that expires nov 8th though, so if something better comes along, we may change.

10/15/2007 1:32:49 PM

You're still in school?

10/15/2007 1:38:33 PM

When do they usually send out your property tax bill b/c I haven't gotten mine yet?

10/15/2007 2:03:30 PM

nope

10/15/2007 2:31:05 PM

Heh, updated the profile I see.

10/15/2007 2:44:06 PM

Yeah, was wondering why you thought that

^^^ they usually do send it out, but if its included in your mortgage payments, then the bank handles it for you (although you should receive a receipt)

[Edited on October 15, 2007 at 2:47 PM. Reason : .]

10/15/2007 2:45:41 PM

I didn't escrow.

10/15/2007 2:53:18 PM

i've been paying on land value for a year and that ride just came to an end - at least when they reassess they give you the option of paying 1/12 of the difference you owe over the next 12 months so it's like a 0% $2,500 loan

hooray?

10/15/2007 6:14:56 PM