Owing to the subprime meltdown, there’s a new push toward FHA loans. Assistant Secretary for Housing, Brian Montgomery, testified before a congressional committee in favor of modernizing the process for the benefit of “troubled subprime borrowers.” Requested changes include: Eliminating a 3 percent down requirement, which would enable more low income borrowers to qualify; increasing the maximum loan to reflect the increase in home prices brought by the housing boom; assigning rates by risk to enable borrowers with higher credit scores to receive lower interest rates. FHA loans with low interest rates can be approved with low down payments. Adjustable rate mortgages (ARMs), which can help buyers to get through the first, and often most difficult, year of ownership, are also available.

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Just listed is this beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 - 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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All new homes have defects, regardless of the competence and integrity of the builder or the construction supervisor. If this were not the case, the essential imperfection of humanity would be disproved. Some new homes have repair lists that are long, while other lists contain only a few items. In most cases, defects are minor in nature, but serious problems, such as violations of safety requirements, are not uncommon. In the long run, a thorough home inspection benefits the builder, as well as the buyer, by reducing the number of repair callbacks that might occur after the home is sold. It lessens the possibility of injury to occupants, and limits the likelihood of future lawsuits.

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Now-a-days , it is not unusual for a home inspector to arrive with an array of gadgets that will “see” through walls to provide clues to what’s going on inside them, that will measure the thickness of steel without poking through it, and that will analyze electrical circuits without dismantling the circuit-breaker box. One effective high-tech device used by home inspectors is the infrared camera. With a good one, a trained technician can get an idea of what is going on behind the walls, ceilings and floors. The camera allows an inspector to determine if there is adequate insulation and provides clues about hidden structural, electrical and moisture problems.

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With foreclosures spiking around the nation, homeowners should learn the foreclosure laws in their states - what you don’t know can hurt you. “The foreclosure laws tend to be very parochial,” said Lawrence Jacobson, a real estate attorney in Los Angeles. One major divide is whether the principle instrument securing the loan is a conventional mortgage or a “deed of trust.” They are not the same even though everybody uses the term “mortgage” interchangeably. Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans. That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don’t have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.

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Biweekly mortgage payments schemes don’t do much for you, yet they tend to cost a lot in fees and expenses. You can do as well on your own by making an additional principal payment each month with your current mortgage. You definitely don’t want to refinance your 4.5 percent mortgage in an attempt to find a way to pay off the loan in less than 12 years. I think you’re confusing the bank’s response on the biweekly mortgage with your ability to make additional principal payments on your loan. Ask your bank what would happen if you made an additional principal payment each month on your loan. Your monthly loan payment wouldn’t go down, but you would shorten the life of your loan.

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Before you even begin the application process, you should be upfront with questions and as well informed as possible about the property. Know where your potential landlord stands on pets, qualifications for tenants and other possible deal breakers. If you do have any potential red flags, such as lack of current employment, need for a co-signer or having a checkered credit history, mention those things at the beginning. One of the worst things a potential tenant can do is make a property manager go through the whole application process only to find out they have credit problems or they need a co-signer.

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