Wilmington Real Estate

$8000 Tax Credit Update in Wilmington Real Estate

Today we have a new update in the popular tax credit program that will make purchasing a home even more possible than ever before. FHA will now permit lenders to provide a short-term bridge loan allowing home buyers to use the tax credit to make a larger downpayment, cover closing costs, or even buy down their interest rate.

What this means for you is in the past, the tax credit was great but still wasn’t what today’s first time home buyers needed the most. Todays buyers in Wilmington Real Estate need help at the closing table. This new amendment provides support to get people in the door.

This program is overdue and will have a huge impact to todays buyers. Wilmington Real Estate and Wilmington Homes for Sale will benefit greatly. When one home goes under contract a chain reaction starts allowing sellers to become buyers in other areas of Wilmington.

If you have more questions about this recent update, feel free to contact me at anytime at 910.620.8838.

USDA Loan Update for Wilmington Real Estate

Today in Wilmington Real Estate I wanted to update all of my clients on the very latest in rates for USDA programs. I also have list the current rates for other loan programs suitable to all parts of Wilmington Real Estate.

June 29th 2009

Based on 30 day locks and most with 1% origination

USDA 30 year fixed 5.0%
Conventional 30 year fixed 5.0%
FHA /VA 30 year fixed 5.0%

Feel free to contact me for a list of my preferred lenders. My direct number is 910.620.8838. Thank you again for reading Wilmington Real Estate.

$8000 Tax Credit for Wilmington Real Estate

This week in Wilmington Real Estate I would like to spotlight the tax credit of up to $8,000 now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009. The program defines a first time home buyer as someone who has not owned a pricipal residence in the last 3 years. A principle residence means a property where you lived the majority of the year in.

Unlike the tax credit enacted in 2008, the new credit doesn’t get repaid to the government. However, a critical part of this program is the ending date which will be here before you know it… December 1st. When you look at the timing of a 30 day closing period, a home search process taking atleast 30 days, before you know it the deadline has arrived.

Contact me today on my direct line at 910.620.8838 to learn about beginning your search now. I am always available to answer all of your questions about this wonderful program. Purchasing Wilmington Real Estate has never been more affordable.

USDA Loans In Wilmington NC’s Real Estate Market

This week in Wilmington Real Estate, I would like to discuss USDA loan financing. USDA financing is very unique as it is about the last program around that still can offer 100% financing to qualified buyers.

This program focuses on rural areas in order to boost this segment of the marketplace. USDA has quickly become a program that more and more families are turning to as their lending solution. The qualifications are easy to come by but the area where the homes are located is actually what matters the most. As a general rule, the home needs to be located in a rural area and outside of most city limits. This will depend on the size of the town however and you should consult your lender for a general map.

If you would like to learn more about this special program, feel free to contact me at any time. My direct phone number is 910-620-8838 or visit my website at http://www.garysmyagent.com .

Wilmington NC Home Insurance

This week in Wilmington Real Estate, I would like to cover a very important topic affecting all home owners in the New Hanover, Pender and Brunswick County areas. Homeowners Insurance policy holders will see a sharp increase in their coverage averaging about 30% per year. Below I have listed out some key points in order to find a way to reduce your premium and not be impacted by this new plan.

1. Shop Around… This holds true for everything in life with a big price tag
2. Raise your deductable… $500 saves 12%, $1,000 saves 24%, $2500 saves 30% etc….
3. Combine home and auto coverages onto the same policy
4. Deduct the land value… The land isn’t going anywhere, typically land represents 25% of the total value and shouldn’t be part of the overall insured value
5. Ask for discounts if you have a home security system, fire monitoring, etc…
6. Ask for senior discounts if you may qualify

Coastal NC is a wonderful place to live and raise a family. Insurance companies are merely reacting to recent storms in other parts of the country by raising our rates. Follow these steps listed above to ensure you are paying the lowest insurance rates available today.

Thank you for reading Wilmington Real Estate and have a great day!

FHA Loan Limits for Wilmington and New Hanover County

Here is the latest news released about the FHA lending guidelines as they effect Wilmington Real Estate and Wilmington Homes for Sale. North Carolina FHA loan limits for 2009 have just been sent out. These loan limits increase the loan limits from the past and impact New Hanvoer County, Pender County and Brunswick County homes for sale. $303,750.00 is the newly raised maximum home purchase price for a single family type property. These limits will be in effect until December 31, 2009. GREAT NEWS !

Is it the Right Time to Buy for Me?

You may have noticed Wilmington Real Estate for sale signs appear to be everywhere.  Whether you are new to the real estate market or not, I would like to share some tips that may help you make the right buying decision for you and your family.  As your Wilmington real estate agent, I will travel on this journey with you to present all available information so an informed decision can be made. 

1.  Buy a home because, for you and your family, it’s the right thing to do.  Buy because it’s more affordable than renting, because you plan on staying put until it pays off in the future, buy because it is a good fit for your lifestyle and your personal goals.

2.  Examine your credit.  Know what your credit report says before your lender does.  AnnualCreditReport.com is the one and only official, federally sanctioned program giving you free annual access to your credit report.

3.  Get a mortgage approved before you begin to shop for a home.  You need to know how much you can afford and how much home you can buy so you can negotiate from a position of strength.

4.  Buy like a savvy investor.  Buy low now, sell high later.  You may want to look for the most affordable home in the neighborhood, community or area in which you wish to live. These homes will always bounce back the strongest.

These are just a few thoughts to consider as you enter the Wilmington Real Estate Market.  I welcome the opportunity to talk with you in person to find the right house to call your home. 

Short Sales in Wilmington NC

Today in Wilmington Real Estate, I would like to discuss Foreclosed homes and Short Sales transactions.

In our local market today, we are seeing countless more short sales, bank owned properties, and foreclosures than ever before. These foreclosed and short sale homes can represent a great opportunity to obtain a great price on a home. However, they are not for everyone and can encounter a lot of pitfalls along the way.

With Short Sales, typically the biggest issue is time. It can take as long as 3 months or more before you get under contract with another 30 days to get to the closing table. This is not always the case as some of the short sales are pre-approved providing a faster response time from the bank.

Feel free to call or email me to help decide if one of these homes would work for your needs. I would also be happy to send you a complete list of these properties in your price range and area of interest.

Thanks as always for reading Wilmington Real Estate.

David Cook Coming to Wilmington

This week in Wilmington Real Estate, I wanted to remind everyone about the big announcement in Wilmington. David Cook, recent winner of the American Idol TV show, will be making an appearance here in Wilmington. David will perform live at Trask Coliseum on the campus of UNCW on April 2nd in association with the Azalea Festival.

Tickets are sure to go fast for this special event and I am told that they will cost approx. $45 each. We are fortunate to have such a performer come to our city but this is certainly not our first Idol star. Carrie Underwood, winner in 2006, performed for our festival as well not too long ago.

Special events like the Azalea Festival that attract thousands of visitors each year prove why Wilmington is such a special place to live and work. When you are ready to learn more about Wilmington Real Estate and Wilmington Homes for Sale, contact me at anytime.

Mortgage Activity in Wilmington Real Estate

Here we are in Wilmington Real Estate in mid January and Mortgage activity is as high as it has been in the last 6 years. Many homeowners are taking advantage of the historically low rates and re-financing their properties to cash in on the savings. This activity has allowed many of these homeowners to free up money for needed improvements to their homes or other consolidation activity.

With every upside there is also a downside. The current downside is that some homeowners and buyers may not be able to fully take advantage of these rates in Wilmington. Lenders have new guidelines that may prevent clients from obtaining a program that best works for them. Always check with your local Wilmington Mortgage lender to see how these changes apply to you.

I work closely with many lenders in the Wilmington Real Estate area and would be happy to suggest a few to consider. Feel free to contact me today directly at 910-620-8838. Thank you as always for reading Wilmington Real Estate and Wilmington Homes for Sale.