Blog Archives

New Listing in Richmond Park

1312 Ann Street

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Click For Listing Website
Beautiful home located in Richmond Park, near Downtown Rockingham. This property features a fenced in backyard, patio, walk-in closets, beautiful landscaping, and a spacious 3217 square feet.
Nicole Hayden
Nicole Hayden
EXIT REALTY PLATINUM
910-997-2260

MLS# 14874
$155,000
4 Bed, 3 Bath
1312 Ann Street
Rockingham, NC 28379

EXIT REALTY PLATINUM

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Great Investment Opportunity in Hamlet, NC

332 Hendersonville Street 
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Click For Listing Website
This property is located just south of Downtown Hamlet. With a large fenced in yard and a covered porch, this property would make a great investment. For more information on this property click here.
Nicole Hayden
Nicole Hayden
EXIT REALTY PLATINUM
910-997-2260

MLS# 14902
$16,380
2 Bed, 1 Bath
332 Hendersonville Street
Hamlet, NC 28345

EXIT REALTY PLATINUM

317 Covingtonton Street – New Construction

317 Covington Street
Click For Listing Website
Affordable New Construction near Downtown Rockingham. Home features an open floor plan with a spacious living areas, large bedrooms, separate laundry and walk-in closets. This beautiful home is being built by Hayden Construction Inc.
Nicole Hayden
Nicole Hayden
EXIT REALTY PLATINUM
910-997-2260

MLS# 14731
$114,900
3 Bed, 2 Bath
317 Covington Street
Rockingham, NC 28379

EXIT REALTY PLATINUM

Down Payment Solutions

One way to get the best mortgage terms is to make a down payment of at least twenty percent. That not only gets you a lower rate and monthly payment, but you’ll also avoid additional PMI (private mortgage insurance) fees, and have “instant equity” in your home.

But what are your options if you can’t manage twenty percent down? There are many federal, state and local programs that provide first-time homebuyers with assistance and great loan terms. One popular FHA (Federal Housing Administration) loan is the HUD 203 (b), which requires just 3% down and rolls the closing costs into the financed amount.

If you’re starting with a fixer-upper, you might consider the HUD 203(k) loan. Traditionally, lenders don’t provide a mortgage until repairs are completed, but buyers can’t start repairs until they own the home. This FHA loan provides the entire amount for the purchase and the improvements, based on an estimate of the home’s value after repairs.

Young first-time buyers could also get great terms if your parents can make the investment and down payment for you. Their good credit will guarantee the best terms, and you can buy them out over time or they can forgive a percentage of the loan each year. If the federal programs aren’t for you, then the bank of Mom and Dad may be the next best thing!

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Look Before You Leap, Advice on Reverse Mortgages

Many retirees are facing dwindling incomes from their battered investments, which explains why applications for “reverse mortgages” have risen nearly 50% in the last two years.  It sounds like a great option: a lender essentially gives you a cash advance on your home’s equity, which doesn’t have to be paid back until you either move or “move on.”

 There are drawbacks hidden in the details, however.  Although recent legislation has raised maximum allowable home values, the formula for determining how much you’ll get includes other factors like your age and current interest rates.  Your current mortgage balance and the loan’s fees are then subtracted from that number.

Although loan origination fees have been capped at $6,000, the monthly mortgage insurance premiums and service charges could push the total cost of the loan up to twice that much.  If you think you might move anytime soon, this just doesn’t make sense.

While anyone 62 or older may qualify, it’s the youngest who run the biggest risk with a reverse mortgage, because you may very well outlive the life of your payments.  When that happens, the equity you would have fallen back on has disappeared.

It’s best to seek other alternatives first, with your best option being to make your move now and downsize to a smaller home, pocketing the equity from your sale for the future.