News concerning USDA is fast circulating however this year’s exhaustion of mortgage funds may in fact be quite a bit different than the past. USDA mortgages allow qualifed home buyers to purchase homes with zero money down in certain parts of the county. USDA and VA are the only 100% financing programs still available for home purchases. USDA is important to the Raleigh Real Estate Market and if they run out of money in April as expected it will push many home buyers out of the market and may leave sellers in a contract that is delayed for months or may never close!
First Let Me Explain The TWO Types Of USDA Approvals:
Approval with “GUARANTEE OF FUNDS”
- This approval type states that funds are available and have been guaranteed for a specific loan.
- The loan can close.
Approval With “CONDITIONAL COMMITMENT – SUBJECT TO RECIEPT OF APPROPRIATED FUNDS”
- This OCCURS WHEN USDA RUNS OUT OF FUNDS
- It is an approved loan.
- It states that “WHEN FUNDS ARE AVAILABLE (appropriated from Congress) IT WILL AUTOMATICALLY RECEIVE A GUARANTEEE”
- The loan can close however it is up to the lender.
- Funds are NOT available to be guaranteed – Increased risk to the lender.
With regard to Approval #2 above: Some lenders WILL go ahead and close the loan with a conditional commitment from USDA while others choose NOT to. It is typical that USDA runs out of funds in September/October time frame as October is their fiscal year end. We have all experienced in the past!
First time homebuyers are busy looking for great houses under $300,000 in our Raleigh Real Estate Market. Here are a few homes that have just come on the market or have had recent price changes:
For more properties in the Greater Raleigh Area feel free to check out my raleigh real estate website where you can create your own search.
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This week my real estate office has been very busy with several out of state families who are relocating to our Greater Raleigh area. One of the neat things about having a large real estate team is that we all work together sharing our knowledge and experience to best meet the needs of our clients. When families relocate to the Triangle sometimes their needs are more complexed than just which Raleigh area home or neighborhood they want to live in. They need to know where to find the best doctors, playgrounds and daycare options just to name a few. Many of our Team members have children and have relocated themselves so they are a great resource for families. We know that Moms and Dads have so many things to take care of in a move and my Team loves to all pitch in to help relocating families in their transition . Here are some tips you may want to know or share with someone relocating with children.
Everywhere I seem to go these day whether it is at my real estate office, a Carolina Hurricanes Game, Community Event or just around Raleigh people ask me “Have we hit bottom yet?” Many know of friends, family or neighbors who have had their homes on the market for sale here in the Greater Raleigh area and have shuttered thinking about what they might need to go through if they needed to sell their house.
Home prices around the country have dropped for the past 3 years straight and many people believe we have finally hit bottom. The median national home price today is about $169,000, down almost 14% from a year ago and down 30% from it’s peak. By comparison Raleigh area real estate values are only down 11% from it’s peak with a median home price of $232,000. Those of us living in the Triangle and RTP surrounding area can all be grateful we own real estate near Raleigh the North Carolina state capital instead of other parts of the United States.
Right Now I am Seeing Two Types of Home Buyers in the Raleigh Market
Continue reading “Has Raleigh Real Estate Hit Bottom?”
Yesterday I called one of my clients and she was in an absolute panic. She had lost her wallet and was on the phone trying to cancel all of her credit cards. If this has ever happened to you then you know the fear, stress and dread she was feeling.
Here is a quick tip that will help ease your mind and take some of the work and panic out of the process.
Go to your nearest copy machine today. Open up your wallet and copy the front and back side of everything in it. Put the copies in a safe place such as a locked file cabinet or safety deposit box. If you lose your wallet it won’t be fun but, you will be able to protect yourself quickly and rebuild the contents without losing sleep over what you may have forgotten.
If your wallet or purse is stolen or lost for an added measure of protection you can also do the following:
1. File a police report in the jurisdiction where your credit cards, etc were lost or stolen. This prove to the credit providers you were diligent, and this is a first stip toward an investigation if there is one.
2. Call the 3 national credit reporting organizatons to place a fraud alert on your name and also call the social security fraud line. Placing this alert means all creditors will have to contact you before they can authorize new credit.
a. Equifax: 1-800-525-6285
b. Experian (formerly TRW): 1-888-397-3742
c. Tran Union: 1-800-680-7289
d. Social Security Administration fraud line: 1-800-269-0271
I hope this never happens to you but, sooner or later it probably will. I have had a car stolen with my purse in it and my car broken into on vacation and my purse was stolen out of it. I’ve learned the hard way to never leave my purse in the car and I have a copy of my wallets content locked in a safe place just in case I drive off from a gas station pump and leave my wallet on top of the car like one of my employees did last week.
Raleigh, North Carolina is always ranked in the top 10 best places in the USA for work and play. Many people believe with such high accalades that a great home in Raleigh must come with a huge price tag. Well, I have good news for you…Raleigh real estate is very affordable.
Check out this Raleigh Real Estate Market Data :
April 2009 T.A.R.R. Report
Average detached resale Raleigh home price $263,310
Average new construction Raleigh home price $281,935
Average Raleigh condo price $168,961
Average Raleigh town home price $179,018
To view every home for sale in Raleigh, including Raleigh new construction and surrounding cities such as; Cary, Apex, Morrisville, RTP Research Triangle Park, Chapel Hill, Durham, Wake Forest and others visit: LindaCraft.com
Raleigh real estate is affordable!