• If I have an FHA loan, how long do I have to keep the mortgage insurance?  Mortgage insurance must be maintained on an FHA loan until your loan-to-value reached 78% (from purchase date) or 5 years, whichever is longer. 
• If I have a conventional loan, how long do I have to keep the mortgage insurance?  A minimum of 12 months, but two ways of removing mortgage insurance on conventional.  The client can order their own appraisal, if the loan is at 80% of value, mail that into the mortgage servicer and request the mortgage insurance be dropped.  Or, the servicer is required to drop the mortgage insurance at 78%.
• The VA program has no mortgage insurance?  That is correct.  VA charges a funding fee that can be added into your loan amount.  There is no monthly mortgage insurance.  Funding fees are 2.15% for first-time use and 3.30% for subsequent use. reduced with down payments.  If a veteran is deemed 10% or more disabled by VA, the funding fee may be waived. 
• What about the USDA Guaranteed Rural Housing Program, do they charge mortgage insurance?  No, USDA operates much like VA.  USDA charges a 3.500% guarantee fee, which can be added into your loan.  There is no monthly mortgage insurance. 
• What is one thing that is new or enhanced about mortgage insurance?  Well, you can now obtain mortgage insurance on second home purchases up to $417,000.  We used to suggest people broke down their purchases into 80% first mortgages with the balance (5-10-15%) on a home equity line of credit, called a “piggyback”.  This was all done to avoid mortgage insurance.  Today, it is difficult to find a bank that will loan in excess of 85% total loan-to-value, but mortgage insurance companies will now go to 90% on the purchase of a 2nd home!  So, the next time someone asks you how much they would have to put down on a property, you can once again say with confidence, 10% on a second home. 

Whether you are looking for a vacation or investment home in Corolla, this home has potential for all.  For additional information on this excellent opportunity, call us at 866 999 3565 or 751 Plover Court.

The Red Sky Realty Group, Outer Banks Foreclosure team, is currently following 12 available bank owned homes in Corolla.  Our team is finding an attractive price range from $245,000 to $799,000. 

None of the homes have been on the market for more than 157 days.  One home was added as recently as 2 days ago.  One you are in the market for a Corolla foreclosure give our team a call at 866 777 3948. 

For more information on either opportunity contact our OBX foreclosure specialist Dee Taylor at 866 777 3948.

We are continuing to find Outer Banks foreclosures to be excellent deals.  The town of Kill Devil Hills currently has 13, REO or bank owned properties, for sale.  Prices currently range from $99,900 to $367,500.  The average Kill Devil Hills foreclosure has been on the market for 57 days with the longest being on the market for 167. 

If you are in the market for a foreclosed home in Kill Devil Hills, you can speak with our Outer Banks foreclosure specialist Dee Taylor at 866 777 3948.

The Wall Street Journal has a interesting article on real estate nationwide, Cash Buyers Lift Housing.  The author of the article goes on to show, “Nationally, 28% of sales were all-cash transactions last year, according to the National Association of Realtors. The rate was 14% in October 2008 when the trade group began tracking the measure.”

The national trend is also being felt in our local North Carolina real estate markets.  From Greenville to Elizabeth City and the Outer Banks, cash buyers continue to snap up excellent opportunities in the real estate market. 

We continue to find an increased number of cash deals along the Northern Outer Banks, Corolla and Duck.  This would fit the trend the Wall Street Journal has reported about. 

The amenities at The Currituck Club include a fitness center, trolley service, beach valet, 7 tennis courts, a number of outdoor pools and more. 

If you are looking for a home or real estate in Greenville or Pitt County, the team at Red Sky Realty Group has you covered.  You can start your search for a home on the Greenville – Pitt County MLS. 

Greenville, North Carolina is one of the fastest growing locales in North Carolina.  We at Red Sky Realty Group are pleased to be able to service the Greenville, NC real estate market.