New And Improved Website Coming Soon!
My new and improved website is under construction and coming soon. In the meantime, I have left up some of my most popular pages and posts from the past. Contact me if you have any questions!
919-455-7735
freddie@freddiewoodard.com
$8,000 First Time Home Buyer Tax Credit
The Deadline to purchase a home and qualify for the $8,000 credit is November 30th.
To meet this deadline, you should begin working with a real estate professional right now.
Once In A Lifetime Opportunity
As part of the government’s plan to stimulate the U.S. Housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Visit my exclusive website, http://www.FirstHomeBuyerTaxCredit.com, for more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Visit http://www.firsthomebuyertaxcredit.com/ to watch my video and read more information on how to qualify for the $8,000 First-Time Home Buyer Tax Credit.
If you have questions about qualifying for the tax credit when buying your new home, call me or email me now. I’ll be glad to help!
919-455-7735
freddie@freddiewoodard.com
Just Sold – Wynngate, Creedmoor NC
Over $91,000 in savings on my client’s first home!
I found this awesome deal on a foreclosure for one of my first-time homebuyers as soon as it hit the market! We put it under contract in just 10 days on the market!
The home is 2,500 square feet, with 4 bedrooms, and almost a half acre fenced backyard for his dog. It is a short commute to my client’s job in RTP.
We negotiated to $68 per square foot which is approximately $78,000 less than it would’ve cost to build brand new in this neighborhood. Plus, we negotiated over $5,000 seller-paid closing costs and he qualifies for the $8,000 first-time homebuyer tax credit, which adds another $13,000 additional savings!
If you would like to experience this kind of success in buying your new home, call me or email me now. I’ll be glad to help!
919-455-7735
freddie@freddiewoodard.com
Understanding Adjustable Rate Mortgages
During the recent “housing bust”, adjustable rate mortgages earned a bad reputation. However, like any financial instrument, there are dangers and benefits to using this type of home loan.
Basically, an adjustable rate mortgage (or ARM for short) starts out with a low interest rate, then adjusts to a higher interest rate at a specified time in the future.
If misused, this can spell disaster for the borrower who does not prepare for the increase in monthly payments once the ARM adjusts to a higher rate.
The most common misuse of an ARM is to use the lower initial interest rates to buy a bigger home than the buyer can actually afford once the rates adjust higher. This common mistake has contributed to many financial hardships and even foreclosures in recent years.
Because an ARM offers lower initial interest rates and lower down payment requirements than conventional mortgages, there may be situations where an ARM is a more desirable mortgage option — IF USED WISELY!
For example, I personally used an ARM to finance my first home. With the lower rates, lower down payment, and lower monthly payments, I was able to invest the ‘extra’ money saved into renovating the home. Then, I sold the home at a higher price (in a high appreciating neighborhood) before the interest rate adjusted.
Here are 10 parts of the modern adjustable rate mortgage you MUST understand BEFORE considering using an ARM as your home mortgage option.
- Life Cap: This is the ceiling that the note rate cannot exceed over the life of the loan.
- Index Rate: The rate to which the interest rate on an adjustable rate loan is tied. One of the more popular indexes used is the One Year U.S. Treasury bill.
- Points and Costs: The amount of money they will charge you or add to the loan amount. This is really just a way to increase the yield to the lending institution.
- Amortization: A period of time in which gradual repayment of debt occurs by means of systematic payments of principle and/or interest. At the end of the time period, the balance is zero.
- Convertibility Option: An option that allows you to convert to a pre-determined or market-fixed rate at a specified time.
- Pre-Payment Option: An option to pre-pay any portion or a pre-determined portion of the principal prior to its due date without penalty.
- Deferred Amortization: Increasing principal balances derived from the underpayment of interest.
- Payment Cap Option: The capping of a payment amount when interest rates have increased that it raises the payment amount above a pre-determined limit.
- Margin: The amount added to the index rate that represents the lender’s cost of doing business.
- Interest Rate Cap per Adjustment: The maximum amount a borrower’s interest rate may increase or decrease at time of adjustment.
WARNING: Please consult a mortgage specialist before applying for any type of home loan.
If you would like to speak with a leading mortgage specialist in order to determine the best type of loan for your financial situation, let me know.
I partner with the top mortgage professionals in the country. As a favor, I can set up a one-on-one phone appointment for you to discuss your mortgage needs and questions with one of them.
919-455-7735
freddie@freddiewoodard.com
How To Find The Perfect Neighborhood
What factors should you look for in finding a high-appreciating neighborhood?
- Pride of ownership
- A low crime rate
- A history of high-appreciation
- Great schools in the area
- The economic stability in the area
- The availability of long term employment
- The homogeneity of building styles in the neighborhood
- Proximity to: work, schools, churches, shopping, major roads/highways, etc.
- Well maintained streets
- Rivers, mountains, hills, lakes, or the ocean nearby
- Common areas
- Green areas and parks
- Abundance of trees
- Well-lit streets, but not too bright
- Historical significance
- Trendy stores, the arts or bohemian lifestyles in the neighborhood
- Quality infrastructure, a friendly viable city with quality fire and police protection
- Low congestion
- Availability of parking
Here in Raleigh, Durham and Cary, we have many high appreciating neighborhoods that offer great lifestyles, convenient commutes, and stable property values. The Triangle area is consistently featured as one of the best places to live in the country.
Let me know if you would like more information on any communities around the Triangle.
919-455-7735
freddie@freddiewoodard.com
7 Ways Buying A Condo Can Become A Nightmare
Condos have become a popular home buying choice for many demographics including retirees, first-time homebuyers, grad students, business professionals, and others.
Many features make condos an attractive alternative to full size single family homes, whether price, location, amenities, maintenance-free living, etc.
In Raleigh, Durham, and Cary, there are many popular condo communities from which to choose.
Before you begin your search for a condo, watch out for these seven ways a condo can become your worst nightmare!
- 50% or more of the units are tenant occupied.
If 50% or more of the units are rentals, it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell, and what the resale price may be. - The association’s “reserve fund” is less than healthy.
The association does not have a healthy reserve fund. Without a large sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value substantially. - The project is in litigation.
If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value. - There is a non-responsive homeowners association.
If the homeowners association does not have regular meetings, does not use standard accounting procedures, or is non-responsive to problems, this can create selling pressure and a poor presentation to potential buyer. - The head of the homeowners association is horrible!
If the leader leaves much to be desired, you and other owners will have to weather a year of inept (or worse) leadership. - You have bad neighbors.
Since good fences make good neighbors – what happens when you have no fence? - There are different “opinions” on maintenance.
The project will never look as good as the most persnickety owner would want or as bad as the worst sloth could make it.
If you are in the market for a condo in Raleigh, Durham, RTP, Cary, or surrounding areas, contact me so that I can help you avoid these potential nightmares.
919-455-7735
freddie@freddiewoodard.com
Are You Getting The Best Home Loan Available?
How do I know that I’m getting the best home loan available?
Ask yourself the following eight questions to find out if you are getting the best home loan available to you.
- How long will I own this property? The shorter the stay the more you should search for minimal closing costs at the cost of a slightly higher rate.
- Is there a type of loan that makes me feel most comfortable? Some people want to know that their payment (P&I) will never change (fixed rate).
- Does it matter to me who services the loan? Where and to what group am I making my monthly payment?
- If given the choice, do I want to manage my own escrow accounts or would I prefer that the lender handle this matter?
- Do I want a “brand name” lender (one I know) or am I willing to try a company that’s new to me?
- Am I willing to pay for an interest rate lock or roll the dice?
- Have I structured the transaction to eliminate PMI?
- Do I understand the relationship between leverage and cost?
You may find it helpful to discuss these questions with a mortgage professional in order to determine the best answers based on your personal needs.
I work with some of the top mortgage professionals in the country. Let me know if you would like me to arrange a no-obligation, one-on-one, phone appointment for you to talk with one of them about your mortgage questions.
919-455-7735
freddie@freddiewoodard.com
8 Ways To Buy A Home With No Down Payment
No money down home loans are increasingly rare these days. However, if you are resourceful, there are still creative ways to get a mortgage with no down payment.
8 Ways To Buy A Home With No Down Payment
- Zero down payment loans: Only one traditional loan program still allows for no down payment, the government backed USDA loan. It is similar to FHA or VA loans which are more common and require some down payment.
The major stipulation to the USDA loan is the home must be in a “rural” community as defined by the USDA program. If you are in the Triangle area, parts of Raleigh, Wake and Durham Counties still qualify. All of Johnston County and many other surrounding counties all qualify. - Locally and federally sponsored government assistance programs (check with the local municipal housing agency or with me!)
- Seller financing with a second or the whole balance financed.
- A down payment gift from family or friend.
- Lease option with some or all of the rent credited to a down payment on a firm price.
- Partnership program where one party puts up the down payment and the other party makes the payments; equity and ownership is shared at a pre-determined amount.
- Offer the owner personal assets as a down payment rather than cash; if you can prove liquid value, some lending institutions will make the balance of the loan to you.
- Buy and refinance to get your down payment back. It’s tough, but it is possible. It gets easier as time goes by.
IMPORTANT: Be sure to speak with a reputable mortgage professional to determine which options are allowed with your specific loan program without breaking any laws and committing mortgage fraud!
I work with some of the top mortgage professionals in the country. Let me know if you’d like me to set up a no-obligation, private phone consultation for you to speak with one of them about your mortgage questions.
919-455-7735
freddie@freddiewoodard.com
Just Sold – Flower’s Plantation, Clayton NC
First-time homebuyers, engaged to be married next month. Glad I could help them get an awesome home at a great price to start out their new life together! (Plus $5,000 incentives + $8,000 first-time homebuyer tax credit = $13,000 savings on a new home!)
“We went with Freddie because he made us feel very comfortable and confident in every decision we made. At no moment during our search did he make us feel pressured or rushed into making a decision.
We chose Freddie because we felt like he was someone who was trustworthy and at no moment during our home buying process did we ever doubt that decision.
We are very happy with our new house and with our entire home buying process with Freddie and his team members.”
- Jason and Tiffany
If you would like to experience this kind of success in buying your new home, call me or email me now. I’ll be glad to help!
919-455-7735
freddie@freddiewoodard.com
Just Sold – Hannah’s Creek, Clayton NC
What my clients had to say…
We listed our home for sale in August 2008. After 5 unsuccessful months with no offers, few showings, and very little communication from our agent, we decided to take our home off the market, and re-evaluate.
In January of 2009 we decided to re-list our home with Freddie Woodard.
Freddie met with us, discussed with us our needs and what are expectations were of him as our agent. He not only met those expectations, but exceeded them 1000%! Freddie’s knowledge and pricing expertise, in conjunction with an amazing marketing strategy, brought us 2 offers on our home in just 24 days! Wow!
Freddie openly and frequently communicated with us, keeping us abreast of any happenings surrounding our home.
When we received multiple offers, Freddie examined each offer with us, and helped us to make a wise decision.
Freddie is a dependable, hard-working agent of the highest integrity.
To add to his fabulous customer service, Freddie has a knowledgeable and enthusiastic team working with him to meet all of our needs from an amazing mortgage lender to an awesome company, Keller Williams.
Freddie Woodard is our agent of choice, and we would highly recommend him to anyone! We already have family members using Freddie to sell their current home.
To summarize, there is only one Freddie, and Freddie is #1!
McDonald Family
Thank you, McDonald family, for the kind words! I’m glad we could accomplish your real estate goals.
If you would like to experience the same kind of success with your real estate goals, call me or email me now. I’ll be glad to help!
919-455-7735
freddie@freddiewoodard.com
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