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This is true (AND ridiculous!) It has something to do with predatory lending laws. I guess there's only so much a broker can charge in closing costs so 60K is the point where they lose money and that's their minimum. A bank however has no minimums so you'd HAVE to go to a bank to get a loan under 60K which limits your accesst to different loan programs a broker may have access to. These laws were made to help low income buyers but has ultimately hurt them with brokers cutting off loans under this amout.
Community Loans, and NC Bond loans are good alternatives.
VA foreclosures offer pretty good Vendeee financing, but the houses are often trashed.
It certainly isn't impossible. It is just another niche reason that anyone who is serious about home buying shops for money prior to shopping for a home.
In Creedmoor their are brand new houses starting at $112,000. Only 2 are on the ground so far.
Can you be more specific about the development, location, etc.? Feel free to PM me. My Mom is looking to relocate down here in a small house/townhouse/whatever but she's looking to keep it as inexpensive as possible.
Can you be more specific about the development, location, etc.? Feel free to PM me. My Mom is looking to relocate down here in a small house/townhouse/whatever but she's looking to keep it as inexpensive as possible.
I recently sold a home in Lake Royale. There is a vast array of home types and price ranges which may suit you. It would be in the upper limit of your commute time but worth the drive for a nice lifestyle.
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Louisburg & Lake Royale
