The Highland Creek neighborhood in north Charlotte spans 2000 acres and consists of 44 different neighborhoods. A wonderful community with something for everyone, the community has several pool and amenity areas, as well as a golf course. As of today, November 22, there are 105 homes for sale, ranging in price from $129,000 for a 1364 square foot home, to $500,000 for a 5,788 square foot home.

From October 15 – November 15, 2010, 14 homes were sold, ranging in price from $155,000 to $293,000. A market snapshot including data on those 14 homes is below. To learn more about homes for sale in Highland Creek, contact me at www.JoycePoole.com

Buying A Home In Charlotte With Little Or No Down Payment

If you’ve been waiting to buy a home in the greater Charlotte area because you don’t have enough down payment money saved, you need to read this:

BB&T bank has brought back their Community Homebuying Incentive Program, or CHIP. Several of my buyers used this program in the last few years; buyers who never thought they’d be able to own a home. Some of my first-time home buyers had good credit and made enough income, but they didn’t have enough saved for a hefty down payment. This program made home buying achievable for them! Keep in mind that this program is for households that earn no more than $66,500.00 annually.

In general, these loans are for 97% or 100% of the sales price, and no private mortgage insurance has to be paid. Below are some particulars that were provided to me by BB&T today. Call me for more information and I will connect you with my favorite BB&T Mortgage Loan Officer:

THE BASIC INFO:
• Maximum loan value is $417,000, buyer can purchase a single family home or condominium

• For a 97% loan (buyer would be putting 3% as a down payment) the income limit is $66,500.00 per household. For a 100% loan (buyer would contribute only $500.00), the income limit is $53,200.00 per household.

•Term of the loan would be a 30-year loan at a fixed interest rate (rates vary)

• For a 100% loan, the buyer’s minimum credit score must be 660. For a 97% loan, there is no minimum credit score.

• Non-traditional credit sources may be utilized, however the accounts must be opened and maintained for at least 12 months. Minimum number of non-traditional credit sources is three, excluding rental verification.

• Estimated monthly housing bill must not exceed 33% of buyer’s total income for the month. The total of ALL monthly expenses (including mortgage, credit cards, car payments, etc) must not exceed 41% of buyer’s total income. If buyer has a credit score of 720 or higher, the total debt-to-income ratio is raised to 45%.

• Student loan payments will not be counted in total debt, as long as payment will be deferred at least 12 months from loan closing.

•No 30-day delinquencies within the past 12 months. All derogatory credit must be explained.

This blog is dated November 19, 2010. I’ve dated it because you never know when these programs will change. There are a few other stipulations that apply and can be explained in greater detail. If you would like more information on this program, call or email me. I will connect you with my favorite BB&T Mortgage Loan Officer in the Charlotte region. http://www.JoycePoole.com

Although BB&T operates in 12 states and Washington DC, I don’t know if this type of loan program extends to all of those places. It does, however, apply in the greater Charlotte region.

SPX Expands in Charlotte – To That I Say, “Welcome!”

SPX map

Location of SPX Offices

Yesterday, Charlotte got some great employment news! Charlotte-based industrial manufacturer SPX Corp. will expand its headquarters here and add 180 jobs. The company says that those 180 jobs will be a combination of new positions and transfers from other SPX offices across the country. To that I say “Welcome SPX employees – I want to help you find a place to live in our fair city!”

SPX is not new to Charlotte. The company currently has 252 employees in its at Ballantyne Corporate Park offices. See map for SPX location. The company says its new jobs will pay an average wage of almost $83,000 a year.

Just in case you aren’t familiar with SPX: They manufacturer a variety of goods, including power-plant components, tools to repair other industrial equipment, heating and cooling equipment and hydraulic gear.

If you are an SPX employee considering a move to Charlotte, I’d like to help you get started in researching your new city. Click here to see a comprehensive list and brief description of the various neighborhoods in the greater Charlotte region. Or, visit www.JoycePoole.com and click on Communities.
Lastly, if you are relocating to our area, email me and I’ll send you a complimentary Relocation Packet.

What Are Closing Costs? A Concise Explanation Of A Broad Term

An Explanation of Closting Costs

I put this document together a few years back to explain the term “closing costs” to my buyers. Lately, I’ve had lots of request to re-print it…so here you go! Also, it’s available on my website http://www.JoycePoole.com, or by clicking

Mecklenburg County Foreclosures Lead North Carolina in Q3 2010

Mecklenburg County Foreclosure Rise in Q3 2010

News from RealtyTrac shows that Mecklenburg County tops North Carolina foreclosure filings for 3rd quarter 2010 with 3,388 filings. One in every 119 housing units received a foreclosure filing in this period, which is 2.7 times the state average.

To put things in perspective, North Carolina contributed less than 1% of the nation’s foreclosure total for the third quarter.

Looking to buy a foreclosed property in NC? Contact me for a list of foreclosures home in the greater Charlotte region. http://www.joycepoole.com

The Faceless Underwriter Strikes Again in Charlotte

Now that I’ve had a few days to cool off, I want to dispense some advice to anyone out there who may be buying a home in the greater Charlotte region: Please — I implore you — please use a local mortgage officer.

Here’s the short story: My sellers were supposed to close last Wednesday morning. The buyer was using a ‘big bank’, but the mortgage people were in Texas. He never met anyone face to face while putting together this transaction. As has happened to me with this particular ‘big bank’ many, many, many other times in the past, the closing did not occur on time. I’ll spare you the ugly details, but suffice it to say that the transaction didn’t close until Thursday at 4:00pm.

When you work with a local mortgage officer from that ‘big bank’, you will wield more power in making the process move in an appropriately timely manner. Without a local contact, the faceless underwriter in some other state who is handling your loan doesn’t give two hoots about you. All they know is that you are another piece of paper on their desk. They could care less that your closing is delayed and, because they’ve never seen the buyer, they get to remain anonymous and not have any accountability. Yes, things happen that delay closing. Yes, this is a fairly common occurence these days. But, the difference is that a local mortgage officer will actually RETURN YOUR CALLS so that you will be kept in the loop of why the delay is occuring.

Don’t let the Faceless Underwriter Strike again! Ask your REALTOR to give you the names and contact information of their favorite mortgage officers. www.JoycePoole.com

New Listing: 2654 Dilworth Heights Lane, 3 bdrm townhome in Dilworth!

Great room of 2654 Dilworth Heights Lane

Wow! Your friends will be envious of this location! This townhome is located in Dilworth, with walking distance to everything that East Boulevard has to offer! (Read my previous post to learn about this lovely area!). Three bedroom townhome that I think is the BEST floorplan in the entire Dilworth Heights complex! 3 bedrooms PLUS a reading loft with master suite DOWNSTAIRS!

Hardwoods throughout the main level, granite counters in kitchen with stainless steel appliances. Need a fridge? Ask for it in your offer! Sellers may provide one, or may contribute to closing costs so you can buy your favorite.

The two-story foyer and living room offers amazing windows. You won’t believe it’s a townhome!

Back door in kitchen leads to private fenced area with enought yard for a pet, plus a slate patio and in-ground gas grill.

Assigned parking space directly in front of your front door, plenty of guest parking and a community pool, too!

Fron this wondeful townhome, you can walk to all that the East Blvd corridor has to offer: shopping and dining and grocery and gas and more!! Don’t miss this unit! 2654 Dilworth Heights Lane, Charlotte, NC 28209.