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Old 05-12-2009, 04:06 PM
 
3 posts, read 3,694 times
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Hi Charlotte people!

Our son is graduating from college and starting a job in CLT on June 1.
We are coming down next week to help him find a place to live.
We know he can rent, but:

1) As a new graduate does he have a chance at getting a mortgage? He has little credit history, but does have some money for a down payment.
if so,

2) How do we find a GOOD realtor without knowing anyone down there? Hate to just pick one blindly, you know?
By 'good' I mean someone who really knows the area, the market, and where the deals are; who is willing to show us a ton of homes in a few days, and go to bat for us on offers. (I don't want to say "aggressive", but you get the idea.)

Maybe banks won't lend until he's employed for a while (professional job) ... anyone know? He would like to buy because of the low interest rates and the 2009 Tax Credit, (and because he has a dog who would do better w/ a yard.)

Area of interest: Matthews/Mint Hill or somewhere on that side of town.

Feel free to PM us with suggestions on realtors, as I don't think that advertising services is allowed here.

Thanks!
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Old 05-12-2009, 04:11 PM
 
Location: Up above the world so high!
45,270 posts, read 88,319,180 times
Reputation: 39845
Quote:
Originally Posted by pikl View Post
Hi Charlotte people!

Our son is graduating from college and starting a job in CLT on June 1.
We are coming down next week to help him find a place to live.
We know he can rent, but:

1) As a new graduate does he have a chance at getting a mortgage? He has little credit history, but does have some money for a down payment.
if so,

2) How do we find a GOOD realtor without knowing anyone down there? Hate to just pick one blindly, you know?
By 'good' I mean someone who really knows the area, the market, and where the deals are; who is willing to show us a ton of homes in a few days, and go to bat for us on offers. (I don't want to say "aggressive", but you get the idea.)

Maybe banks won't lend until he's employed for a while (professional job) ... anyone know? He would like to buy because of the low interest rates and the 2009 Tax Credit, (and because he has a dog who would do better w/ a yard.)

Area of interest: Matthews/Mint Hill or somewhere on that side of town.

Feel free to PM us with suggestions on realtors, as I don't think that advertising services is allowed here.

Thanks!
Just a thought...he might want to make sure the job is secure before he actually commits to a house. Especially if it's with one on the banks, I'd work a few months to get a feel for how long term I might be there.

Congrats on getting him thru college
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Old 05-12-2009, 04:26 PM
 
1,453 posts, read 4,687,886 times
Reputation: 734
Most lenders want to see a two year work history before extending credit for a mortgage. Things are changing on a daily basis with lenders since the subprime crisis so you may find a lender. The economy in Charlotte is a little unstable right now so waiting may be best.
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Old 05-12-2009, 04:27 PM
 
Location: Concord, NC
1,210 posts, read 1,935,359 times
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With a short credit history you might have to co-sign the loan. With no credit history or a short history he may not qualify for a low interest rate on his own. Call around local banks to see what requirements they have for home loans. My wife and I had to give our last 2 years w-2, last 2 pay stubs, and show any other income/savings that we have.
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Old 05-12-2009, 07:28 PM
 
Location: Union County, NC
1,891 posts, read 5,547,061 times
Reputation: 749
I would call a few lenders first to ask them what your options are. I can recommend some if you would like. I don't know about other realtors on the board, but I ask people to obtain preapproval before I take them out looking at homes for several reasons. I won't submit an offer without a preapproval. Also, lending rules seem to change daily, and you want to make sure you are looking at houses that he can afford.
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Old 05-13-2009, 05:21 AM
 
Location: East Lansing, MI
8,723 posts, read 7,930,882 times
Reputation: 3698
He might want to rent for the first year or so, to get a feel for the city and the neighborhoods. We bought before we moved and closed 2 months after we got down here. Had we waited a year or so to buy, we'd have likely lived in a different neighborhood.

Not to say we don't like where we live, we very much do, but there is 1 other neighborhood we would prefer over ours.

Just a thought...
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Old 05-13-2009, 06:17 AM
 
Location: Charlotte, NC
1,808 posts, read 5,859,278 times
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I agree with the suggestion of having your son rent first (even if it is just for 6 months!). This will help him get acclimated to Charlotte without being tied down to a neighborhood that may or may not be the right fit for him in the long term.

I can recommend a pet friendly apartment complex in South Charlotte that allows dogs, though I am not sure how large they allow (ours is 35 pounds). This complex has the option of a garden style apartment OR a townhouse. The townhouses have a small patio adjacent to them, with a grassy area beyond. Of course, that's not the same thing as having a private yard, but it might be a good option for your son's dog. The complex is called Strawberry Hill - here's the URL: Welcome to Strawberry Hill Apartments (http://www.strawberryhillapts.com/home.htm - broken link)
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Old 05-13-2009, 09:22 AM
 
3 posts, read 3,694 times
Reputation: 10
Thanks for the terrific insights all, both here and in private messages!

We have some serious thinking to do in the next few days (he's not even home yet). Perhaps it would be best if he rents short term, gets acclimated to the area, then buys before the end of the year to still take advantage of the 2009 $8,000 tax credit.

However, we've read that Charlotte home prices are currently relatively low, which is an incentive to look now. Hmmm.
I'm going to call lenders today, to see what they say.

Thanks again, and feel free to comment further, as we are very open to suggestions!


Quote:
Originally Posted by lovesMountains View Post
Congrats on getting him thru college
Thanks, loves! And we are extremely thankful for the great job offer he received. New graduates are having a tougher time this year. Several of his friends have actually had offers rescinded due to corporate freezes and economic woes.

Would you believe that at the beginning of this school year, we had 4 kids in college? One graduated in December, and now the 2nd is graduating this weekend.
So next year, only two in. Whew, lol. And by the grace of God, no loans have been incurred in the process (for them or us)!
.
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Old 05-13-2009, 09:57 AM
 
Location: East Lansing, MI
8,723 posts, read 7,930,882 times
Reputation: 3698
I wouldn't worry about the home prices rebounding *that* much before the end of the year, honestly. Typically it takes much longer for prices to increase than it does to fall....
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Old 05-13-2009, 11:54 AM
 
Location: Union County, NC
1,891 posts, read 5,547,061 times
Reputation: 749
Just FYI, tax credit supposed to go away Dec 1 -- purchase needs to be closed by December 1.
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