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Charlotte : Real Estate Advice

  • All2K
  • Local Info283
  • Home Buying735
  • Home Selling83
  • Market Conditions59

Activity 2,246
A few hours ago
Global Funding Solutions answered:
Do you need a Personal/Business loan without stress and quick approval today?
0 votes 173 answers Share Flag
Fri May 19, 2017
Gray.ebony96 answered:
Yes I am looking for a 3 bedroom and 2 bathrooms single family house.
0 votes 75 answers Share Flag
Wed May 10, 2017
Drewstep3 asked:
I know my mortgage company will not have a problem with it, same with my HOA company. However I do want to know where to advertise my place for corporate leasing or get on a list.
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Wed May 10, 2017
Josh Mettle answered:
There are now mortgages for CRNAs that offer lender paid mortgage insurance and only count your current monthly student loan payment in your debt to income ratio. This is a really great option for CRNAs with high student loan debt. ... more
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Mon May 8, 2017
Kathy Burgreen answered:
For down payment assistance programs - contact the Housing Authority for your county and the Housing Agency for North Carolina. These are funded by state / county or city. You will need to meet income and credit requirements to be eligible.

For closing costs - this can be negotiated with the seller. It's up to the seller whether they will pay or not. In a hot selling market, sellers will refuse to pay and in a slow moving market, sellers will consider paying it. Bottom line - you need to be prepared and have the cash to pay your own closing costs.

Down payment - If you don't qualify for state / county assistance, the other options are: Have you served in the military? Military veterans are eligible for the VA loan which is 0% down. If you are buying a rural property that qualifies for USDA loans, they are also 0% down.

If you don't qualify for any of the above, the minimum down payment is 3.5% with an FHA loan or 3% as you stated with your credit union. If you don't have the cash saved, you need to wait and continue renting. You're not ready to buy and need to save up some money for both the down payment + cash to pay for your closing costs.

Buying a home is not an emergency. You need to learn that lenders will require that you pay mortgage insurance if you are putting less than 20% down. Mortgage insurance makes your monthly payments higher and with FHA loans, it stays for the entire term of the loan (30 years). You can save thousands of dollars if you can put at least 10% down. This reduces your mortgage insurance a lot and makes your monthly payments affordable.
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Sat May 6, 2017
Kathy Burgreen answered:
I'm a former realtor and here are some facts you need to know (and unspoken truths that realtors will never tell you):

1. Forget Credit Karma. Use FICO credit scores instead. Lenders have their own method / software to pull a buyer's credit history and credit score. This is NOT available to the public (for lenders only). However, the closest it comes to is FICO which you can do yourself. You will see Credit Karma's scores tend to be higher than FICO or what a lender pulls.

2. You will need cash for a down payment + cash to pay for closing costs. FHA loans have a minimum down payment of 3.5%. If you were in the military, you should qualify for VA loans which have 0% down payment. If you are buying in a rural area and your income meets the requirements, you can apply for USDA loans which are 0% down. Many states / counties / cities have down payment assistance programs for 1st time buyers who are local residents. You will need to meet income and credit requirements but you should call and ask questions.

3. If you putting less than 20% down payment, you will be required to pay mortgage insurance. This is insurance to protect your lender if you are late with payments or you default on your loan. You can either pay this as a separate monthly charge or your lender can add it to the loan amount. Beware - mortgage insurance is expensive. If you're not in a rush to buy immediately, save up some cash and provide at least 10% down payment. This reduces your mortgage payment a lot. Also with FHA loans, the mortgage payment stays on for 30 years or the entire loan period. You cannot remove it.

4. As for student loans, the law was changed last Oct. It used to be that lenders would accept IBR. The new law is that Fannie Mae cannot accept IBR and must take 1% of the student loan balance and add it to your debt to income ratio. Many buyers with student loans have complained that the new law increases their debt to income ratio and are now being denied by lenders to buy a home. From what I learned is Freddie Mac accepts IBR. You will need to verify the above information.

5. Home ownership means you will be responsible to pay for: your mortgage, property taxes, homeowners insurance + utilities and other expenses. Lenders qualify you based on steady employment, income, savings or investments, credit history and credit scores and tax returns. Lenders want proof that you can afford to pay for the loan, property taxes and insurance + have some cash left over for other expenses.

6. You should start using weekends to visit Open Houses. You can explain to the listing agent that you're not ready to buy yet but you want to get a feel for what is available and what you both like and dislike. While visiting Open Houses PAY ATTENTION TO: asking price for the condition of the home; square footage, lot size, layout, any upgrades or lack of; age of home; neighborhood it's located in; style of home; etc. You will be comparing homes with each other, so take notes (even better - cell phone pictures). Remember, the listing agent / host is working for the seller. He/she has no interest in what is best for you - only to find a buyer for their client (seller).

7. When you are ready to buy, realtors will have you sign an Exclusive Buyers Agreement. This is to protect the realtor / brokerage - not you. The reason is if you make the mistake of signing multiple Buyer Agreements with more than 1 agent, you will get caught and you may owe a commission to the agent you did not buy the house from. Do yourself a favor. If you don't like an agent after you sign the Buyers Agreement - fine. Get the Office Manager / Broker in Charge to sign a release form and release you. Tip: Before signing a Buyers Agreement - interview realtors carefully - like it's a job interview because it is. Realtors will interview you too because they refuse to work with a buyer who doesn't end up in a closed sale. Realtors do want to get paid and if you don't buy a home with them, they don't get paid.

8. Fair Housing laws - Realtors CANNOT (NEVER) discuss quality of schools, neighborhood demographics, crime statistics, religion, etc. If they do, they can lose their license. You will need to research everything yourself. There are websites that realtors can give you because they did not provide the content. My advice: skip all the websites because it's not 100% accurate. Instead - visit the local police stations or their websites, use the Census Bureau's website, visit local public schools and talk with parents and staff; talk to residents in local grocery stores, parks, playgrounds, places of worship, etc. Finally, check out the sex offenders registry because realtors cannot give you this information. Please remember that not all sex offenders are criminals. Some could be an 18 yr. old male dating a 17 yr. old girl and the girl was forced by her parents to file charges even though she loved the boy.
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0 votes 2 answers Share Flag
Fri May 5, 2017
Mary answered:

Thank you for reaching out. Please follow the instructions below on how to find a Section 8 rental listings.

1. Click the Rent tab on our homepage
2. Enter your desired area in the search bar and hit Enter
3. Click More, enter the keyword 'Section 8', and click Search.

Let me know if you have additional questions by replying to email I sent you and I will be happy to assist.

Thank you for using Trulia!

Consumer Care Advocate
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Thu May 4, 2017
Luvvflowers asked:
Wed May 3, 2017
Emmer Barrett answered:
I believe in family, so i have helped a family member twice to get on their feet by cosigning for them which has resulted in bad credit on myself and them. My bank says i have excellent credit with them but cosigning is against my report at the credit bureau. I have helped three other family members thru times of illness also, but now i need help. The owner where i rent has decided to sell and my lease is up in june. I need a small house in charlottes 28269 area so i can be close to my job. Can you help? ... more
0 votes 18 answers Share Flag
Wed May 3, 2017
Mcowan answered:
Tue May 2, 2017
Summerannn1234 answered:
I recently had the same problem and sellers refused to fix. I lost my inspection money. Already had offered over asking price for the property. Sellers refused to fix anything or accept even partial responsibility yet wanted top dollar for the property. If it's a lot of money and your price being paid is already high my recommendation is to walk away before you lose your escrow!! ... more
0 votes 40 answers Share Flag
Sat Apr 29, 2017
Joyholmes117 answered:
My doctor advises I must go to assisted living.
0 votes 14 answers Share Flag
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