Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-16-2007, 06:24 PM
 
44 posts, read 175,912 times
Reputation: 33

Advertisements

Hello,

I'm purchasing my first house in the charlotte area and I'm hoping to get the community commitment mortgage through Bank of America. Has anyone tried this program? Again, it's for first time homebuyers so the response may be limited!

Also, if we are unable to secure a job prior to actually moving to charlotte - what are the best options? I know there are "no doc" loans but those usually have very high interest rates. Has anyone tried something like this? My only restriction is that we're unable to put up a large down payment.

Any ideas/experiences would be great
Reply With Quote Quick reply to this message

 
Old 01-16-2007, 06:31 PM
 
Location: Cornelius
2,314 posts, read 2,835,594 times
Reputation: 287
I do no docs all the time with investment properties. Its good if you can get refi in a few months the interest rate is less than desirable but in my case I am more worried about cash flow and moving the property.

If you have to go that route do not sweat it but remember as soon as you can refi.
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 06:33 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,546,909 times
Reputation: 2118
Quote:
Originally Posted by NYtoNC07 View Post
Hello,

I'm purchasing my first house in the charlotte area and I'm hoping to get the community commitment mortgage through Bank of America. Has anyone tried this program? Again, it's for first time homebuyers so the response may be limited!

Also, if we are unable to secure a job prior to actually moving to charlotte - what are the best options? I know there are "no doc" loans but those usually have very high interest rates. Has anyone tried something like this? My only restriction is that we're unable to put up a large down payment.

Any ideas/experiences would be great
You can try stated income loans. I personally worked with about a dozen or so lenders, reducing the list as time went on, and keeping 2-3 until the very end (i.e., less than 2 weeks before closing). Something IMO always comes up, so it's good to have a backup lender. It's more work on your part, but I did everything electronic- so I had PDFs of everything they all needed and just sent everything via email (copy and paste). It wasn't to bad.
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 06:42 PM
 
Location: Union County, NC
2,115 posts, read 7,087,349 times
Reputation: 1141
We used B o A's CCP. What questions do you have? Hopefully I can remember any helpful details! After all, it was only two months ago that we closed.

SL
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 07:33 PM
 
743 posts, read 2,243,580 times
Reputation: 231
My husband and I did a stated income loan because he was working here in Charlotte but I was still in Maryland. We tried to qualify for a conventional but they would not do it because I did not have a job lined up here in NC and they would not use my income from MD. It would have been great if they did, we would have qualified for a lot more. We also was able to get in with almost nothing, only $2000, the builder contributed $5000. They ended up doing an 80/20, with a 7% rate on the first and 9% on the second. We have every intention of refinancing in one year since my husband needs to establish "Credit worthiness" in NC as the mortgage broker put it. Majority of his income is commission and due to the relocate they will not consider this until after one year since he was not with the same company. Hope this was some help to you.
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 07:52 PM
 
44 posts, read 175,912 times
Reputation: 33
Quote:
We used B o A's CCP. What questions do you have?
I'm curious to see how much your closing costs were? Were there any surprise last minute fees that popped up? Also,what kind of interest rate did you get?
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 08:09 PM
 
414 posts, read 1,381,215 times
Reputation: 80
Quote:
Originally Posted by NYtoNC07 View Post
I'm curious to see how much your closing costs were? Were there any surprise last minute fees that popped up? Also,what kind of interest rate did you get?
Im doing a no doc loan. Because Im still up north waiting until my house is built. The I will start job hunting. Im going to refi a few months after to get a lower rate. 30 year fixed.
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 08:27 PM
 
525 posts, read 1,804,595 times
Reputation: 126
I'd go with some sort of 80/20 or 80/15/5 if you can get a decent rate. That way you do not pay PMI which is not tax deductible but the interest on a mortgage is. What about a 5 yr ARM with no prepayment penalties and a cap, that way it might give you al ower rate but enough time to refinance?? Know what is on your credit report as well..clear up anything that you can. I am NOT in the mortgage business...I just did a ton of research over the past year before moving and purchasing a home!
I thought they have gotten a little more strict with no doc loans in recent months. Be prepared to possibly pay a point at closing though. Definitely figure out your finances. The reason we didn't go with the Bank Of Amer. thing I remember ( if I can remember correctly ) is that we would have had to carry PMI which I did not want to do if I didn't ahve to...it was like throwing away money. Good luck, do a LOT Of research to see what is out there and what you qualify for.
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 08:37 PM
 
Location: Union County, NC
2,115 posts, read 7,087,349 times
Reputation: 1141
There is no PMI with the CCP @ B o A. Also, no min. credit score req'd. We ended up doing an 80/20, 5.875%, 30-year fixed. Started the process with B o A in Jersey, so I don't know/recall who the local (Charlotte) contact was .... experience was pretty painless (unless you consider I only had to produce like 1,000 documents -- well, felt that way at least ). We did pay 1/2 point, if I recall correctly. There were no surprises, everything was on the up and up. I'd have to go back and see exactly what we paid in closing costs, minimal though because the seller paid $2,500. Ummm, and for personal reasons, this was based on my income alone (DH's not included) and as proof of income I produced a promise of local employment that included hiring date and salary. At one point, it looked like we might need to do a stated income loan and well, we almost went into a panic because we really needed to keep it as affordable as possible.

Hope this helps!

SL

Last edited by saralee; 01-16-2007 at 08:42 PM.. Reason: added information
Reply With Quote Quick reply to this message
 
Old 01-16-2007, 08:55 PM
 
525 posts, read 1,804,595 times
Reputation: 126
There was no PMI b/c you did the 80/20. What is the interest rate on your second loan if you don't mind me asking?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top