February 05, 2010

Get $14900 to Buy Foreclosures in Hickory NC (1st Time Home Buyer)

Yes, you heard me right.  If you're a first time home buyer and you're interested in buying a home in the Catawba county, NC area, I can get you an additional $14900 of funding if you purchase a local foreclosed property.

A little details then. 
This is NOT a tax credit (like the $8000 tax credit) and it's not extra money in your pocket.  What it is, is an essentially free loan of up to $14900 to help purchase a foreclosed property.  That's like getting a $100,000 home for $85,100 without even negotiating!

So how does it work?
I did say "essentially" didn't I?  There are conditions.  The $14,900 will be a zero percent interest 2nd mortgage on the home that will be forgiven 20% for each full year of ownership.  So, if you own and live in the property for at least 5 years, the money is free.

As you might expect, there are a few conditions that must be met, too.  Here's the main points.

  1. The property must be in Catawba county and be a single-family detached, condo or townhouse (manufactured housing is not eligible).
  2. The can't be any structural repairs or deferred maintenance issues (per NC licensed home inspector)
  3. All properties must be purchased at or below 99% of the appraised value and the price cannot exceed $210,000
  4. All necessary repairs must be completed prior to closing.
  5. Eligible borrowers must meet the mortgage financing requirements (you have to qualify for a loan)
  6. There is an income limit of approximately $46000 annually (this may be different, but close)
  7. Borrowers must contribute $1000 of their own funds into the transaction.
  8. Borrowers must complete 8 hours of classroom or one-on-one home buyer counseling from a HUD approved housing counseling agency prior to loan closing (we'll help you find one)

There's a few more particulars, but that covers the big ones.

So, if you're a first time home buyer in the market for a Hickory NC area home for sale, it may be worthwhile to check out some area foreclosures and see if you qualify for an extra $14900 in funding. 

Need more information or ready to go look at some homes, just give me a call or visit my website at www.HickoryNCHomes.com


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