North Asheville Homes For Sale
These are homes that are ACTIVE on the MLS right now for sale within North Asheville and the city proper. Zoom in to see the streets. There are 153 properties for sale as of 08-13-17.
These are homes that are ACTIVE on the MLS right now for sale within North Asheville and the city proper. Zoom in to see the streets. There are 153 properties for sale as of 08-13-17.
5/6/2015 – Percentages below are subject to change.
USDA and FHA: 6% all LTVs (there is talk of lowering this
to 3%, however now it remains 6%)
VA: 4% All LTVs
Conventional primary residence and 2nd Home:
75%<LTV<90% : 6%
All LTVs: 2%
Seller paid closing costs are a great way to negotiate a deal and save money in your real estate purchase. There is a catch though, lenders will only allow a certain percentage of the purchase price to be paid at closing through seller-paid closing costs. This works great for first-time home buyers to be able to afford their purchase – a conventional loan would allow 3% of the purchase price to be paid with seller paid closing costs if they could not afford a down-payment of 10% or more.
Closing costs can turn out to be less than what is stated in your contract. If that is the case, your lender and Realtor can be creative to figure out how to use the extra money. You can NOT get back the extra money in cash at the closing table. Things like a purchasing a home warranty or buying down the loan interest rate can offset the extra money slated for closing costs.
Get a 203k loan and update the home with your style!
This home has a great location with easy access to 19-23/I-26 and an 11 minute commute to downtown Asheville. 19 Audubon Dr, Asheville NC 28804 will be on the market mid-March 2015! Don’t miss your opportunity to have a great family home or vacation rental! Surrounding homes sell for upwards of $300,000! Mature oak trees provide summer shade. This timeless brick rancher invites you to sip mint juleps on the front porch. Grow your own organic garden in the front yard! Tons of southern exposure creates the perfect garden placement. Or, use it as a great place for kids to play ball!
Un-represented buyers can have 1% of my commission at closing! Call Jennifer Goodier (828) 712-2127 to see this home today!
Financing your home should be your very first step. If you need a loan to purchase a home, you will need to contact a lender to get pre-approved. Buying a home is one of the largest purchases you will ever make. So, knowing the maximum amount you can spend including closing costs will help you be prepared to put an offer on a home.
Having a pre-approval letter (versus getting pre-qualification) from a lender can give you the upper hand against competing buyers. Some sellers even require a letter from a lender showing pre-approval also referred to as proof of funds.
Lock or Float Your Interest Rates?:
Locking your interest rate ensures that your rate will not change, even if mortgage rates spike higher over the days and weeks before you close on your purchase. At the same time, this means you won’t be able to take advantage of a lower mortgage rate, assuming they drop even lower as your loan closing date approaches. Conversely, if you choose to float your rate, you’re essentially telling the lender that you don’t like where rates are at that time, and you want to wait for a better rate. Or it could just be that your loan approval is still a month away, and you don’t want to lock prematurely and have to pay to extend your lock if it takes longer than anticipated to close. Your lender can give you an idea of the expected fluctuations in the market.
***Important: If you need to obtain a loan to buy a house, your credit must stay the same during the whole loan process. Do not make any changes to your job or buy anything that might affect your credit. Buying furniture, or any purchases made on credit before you close on the home or changing jobs (even to a different department within your company) may invalidate your loan.
Most conventional loans take around 30 days to close but some loans can take up to 60 days. It is important to know the expected time it will take to underwrite and close on your loan.
You will be set up with an MLS cart which will list available (active) homes matching your search criteria. You can sort homes by price or recent activity, delete homes, save favorites and look at available photos. Your cart is available any time and you can receive these automated emails as soon as a new listing or price reduction is added or once per week (even on a particular day). Your cart will be automatically updated. Please look for Innovia emails containing your link.
I will also take a look at your cart and make notes that you can see by clicking View/Edit Commments.
You can take a look at the overhead (satellite view) of homes by using the map and zooming in or using the drop-down menu that says “automatic” at the top and selecting “bird’s eye view”. This will let you see if there are any undesirable features surrounding the property.
The Realtor commissions are usually paid by the seller and the commission split is indicated on the MLS. If you have entered into an agreement with a Realtor as a buyer, you may be responsible for their commission if a buyer’s agent commission is not offered on a particular home.
Our communications will be documented through email and text. If we speak over the phone, I will reiterate our conversation in an email for your response. You will have Shared Access to your property files using Google Drive. Included in the files are: the MLS (Multiple Listing Service) Information Sheet, Overhead views of the property, Street View (if available), Property Lines, EPS (Environmental Protection Sites) and Flood Planes.
Interested in finding out more about a particular home? You will get information quickly by copying and emailing me the associated MLS (Multiple Listing Service) number. While looking at a desirable home on the internet, an MLS number (ex. 557864 or A557864A) can be found by using the keys Ctrl (PC) or (Mac) and the F key simultaneously, then typing “MLS” and hitting enter. The letters MLS will now be highlighted on the page for you to find it.
Other forms of communication including texting is fine and important communications will also be confirmed in an email.
Most forms that need to be signed can be done online and emails with the links to sign documents will come from Zipforms (email@example.com).
I will also give you access to your Google Drive folder containing signed documents. You will receive a link once the first document is in place.
Most homes use a showing service to schedule available showing times. Some homes have restrictions on showing times because the home is inhabited. Setting up a tour of multiple homes with a reasonable route can take time. A day’s notice is usually needed for those homes that are currently occupied.
Listed at $29,500
Sold for $25,000
You don’t want to settle for even a short period of time with the wrong mortgage.
Investigate all of your options, and then you need to lay your choices side-by-side and do the math—making sure you have emergency savings for worst-case scenarios (three months mortgage and expense savings should be minimum).
Loan shop with several different lenders and use a mortgage calculator to fine-tune your estimates. You can submit your loan application to as many as 3 lenders of the same type (ex. mortgage lenders instead of credit card) within 45 days without hurting your credit score.
(Qualifying for a mortgage at the time of purchase sometimes means you have to settle for higher interest rates because your financial position doesn’t allow you to qualify for lower rates. (I know, it doesn’t make sense because a person with lower income shouldn’t have to pay more per month))
Choosing A Lender:
Small Versus Large Lenders
Choosing between a small local lender or a larger national lender is mostly a matter of preference, but knowing which you’d prefer can help you find the right mortgage for your situation.
If you enjoy the face-to-face contact with personal service, it may make sense to choose a small mortgage lender in your local area. These companies may be able to own your loan and not have to sell it to the secondary mortgage market. They may also be able to choose an appraiser that they know is more suited to your mortgage type.
If you don’t have much time to waste and seek a well-organized lender (not all big lenders deliver mortgages quicker), using a national lender may be the choice for you. Also, the large lenders may have more payment options such as online payments or automatic banking deductions.
Mortgage Company Reputation
Generally, a good lender will have a solid reputation with accreditation and reviews to back it up. To figure out where your lender stands, start by doing this research yourself:
- Check with the Better Business Bureau for ratings, reviews and complaints against the mortgage company.
- Look for a posted mission statement or customer service rewards on the lender’s website.
- Verify the lender’s standing with the local Chamber of Commerce.
- Check review sites for both negative and positive reviews of the mortgage company.
Mortgage Company Customer Service
Finding a lender with great customer service can make things easier, especially if you have questions about the application or terms—or find yourself needing help with your mortgage down the line.
Test the mortgage lender’s customer service skills by calling with a few simple questions about the lending process. After you talk with a representative, ask yourself these questions:
- Did the lender seem knowledgeable?
- Was your phone wait-time too long?
- Did the lender offer suggestions?
- Did you feel rushed?
Remember, first impression can be very telling in the business world, and buying a home is a big financial commitment—so you should expect to be treated well by your mortgage company.
Good Faith Estimate
Once you’ve narrowed down your choice to three lenders, ask for a good faith estimate: a detailed list of costs that will appear on your HUD statement (closing statement), required by law. The costs will include the following:
- Settlement or closing costs (can be paid at closing or POC – paid outside of closing)
- Title insurance (a one-time payment to protect you from any past debtors staking claim on your property)
- Taxes (yearly property taxes)
- Attorney fees (in NC, the buyer pays attorney fees)
- Interest rates (the interest rate you “locked-in” when applying for the loan)
- Partial month interest (prorated interest for the month when a whole payment can not be collected)
- Credit check costs (may be none or may have to be paid up front)
- Hazard and property insurance rates (homeowner’s insurance)
While this is only an estimate and may vary slightly from your actual costs at closing, you can use your good faith estimate as a tool to help you chose the most reasonable lender.
When you’re pre-qualified, the lender is simply giving you an estimate about how much you can borrow based on information you’ve provided. (Sometimes this is done solely by checking your credit score – not much to determine!)
When you’re pre-approved, the lender has verified everything you’ve provided and is offering to lend you a determined amount at current interest rates under certain conditions (like down-payment involved).
It’s much better to be pre-approved when shopping for a home, but it’s still not a guarantee: the lender’s final clearance and a loan commitment are subject to an appraisal satisfactory to the lender and the mortgage in question, a clear title, a last-minute credit check and other verifications.
Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you — that is, your debt-to-income ratio, as they do with paying your loans on time. Did you know that you can raise your credit score simply by calling your creditors and raising your credit limits?
Having tons of debt is a sure way to be turned down for a mortgage. Postpone any big-ticket purchases until after you buy your house! – That new car can wait!
Before you apply for a loan, you should know your credit score and credit report inside and out. You can get a free credit score at http://www.freecreditscore.com/ – MAKE SURE YOU CANCEL YOUR CREDIT CARD AFTER PURCHASE so you won’t be charged monthly. Call to cancel – (877) 300-2506
Thoroughly check your credit report for any possible mistakes. You can order a free credit report from each of the big three credit report agencies—Equifax, TransUnion and Experian—once a year, but you can only get your “credit score” by paying for it.
If you see a mistake, dispute it. If your credit is bad, that’s okay: just work on repairing itbefore you apply for a mortgage.
The length of your credit history accounts for 15% of your credit score. By closing your oldest accounts, you are shortening your overall account length, which will only hurt your credit score. Instead, once you pay off a credit card, take it out of your wallet and keep the account open to keep boosting your credit history’s length.
Exaggerating your income on a mortgage application can be a federal offense.
If a lender finds out, they can make your loan due and payable. And while some loan officers may stretch the truth to get a client approved, it’s the borrower who ends up paying the price.
The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments.
Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure, but they can’t do anything for you unless they can talk to you about your difficulties.
Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake.
A good home inspector examines the home from stem to stern. They’ll be able to tell you whether the roof or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They may also recommend further investigation by an engineer or other professional.
Don’t get caught off guard by needed repairs, or it will mean more money for your mortgage payments.
If you’re unsure of where to find a good home inspector, ask a REALTOR® for a referral.
Lenders like stability. It’s a good idea to have kept your job for at least a year or two (most lenders prefer 2) before applying for a mortgage, and it’s even more important to keep your job from the beginning of the mortgage process through the closing.
If you’re looking to change careers or just the company you work for, wait until after you have closed the deal.
CREDIT: Veterans must verify two years of satisfactory credit history. However, the VA is very liberal on this point and will usually allow a veteran who has not established credit to indicate by letter that he prefers the use of cash.
EMPLOYMENT: A veteran must be able to verify two years of satisfactory employment. If he was in the service or in school, that time will normally count toward the requirement.
BANKRUPTCY: The VA will generally disregard bankruptcy after 5 years if credit has been re-established. If the bankruptcy occurred less than 5 years ago and the veteran had a reason which was beyond his control, then they will consider each case individually. If the bankruptcy was discharged less than two years ago the time frame is not considered to be long enough to re-establish a credit standing.
MONTHLY DEBT PAYMENT: The VA may count all monthly obligations against the buyer, but If they are less than 6 months in duration they might not count against the applicant. Also, the VA uses only the minimum monthly payment required on revolving accounts.
CASH REQUIRED: A veteran must be able to verify that he has enough cash to pay any downpayment and closing costs before being submitted for VA approval. The seller may pay all of the veteran’s closing costs and prepaids. (Limited to 4% of appraisal in some areas.) Therefore, it is possible for a veteran to buy a home with almost no cash required.
GIFT LETTERS: Gift letters from relatives are acceptable, but they must state what the gift is intended for, the amount, the donor’s relationship to the veteran and that the money is a gift and need not be repaid.
CHILD SUPPORT: Child support received by the veteran or veteran’s spouse will usually count toward income, but it is necessary to prove receipt of this income (payment through the court or cancelled checks).
RENTAL INCOME: Rental income may count if the buyer has a lease agreement or a statement from a tenant verifying the payment. Caution: Figure only 80% of net rental income since VA makes allowances for vacancy, taxes and maintenance.
CO-BORROWERS: Two veterans may purchase a home together and the eligibility could be split between them or all of one veteran’s eligibility could be used if preferred. Both incomes would count toward qualification in these cases. A veteran and a non-veteran may purchase together on a VA loan but the loan guarantee to the lender will be reduced, as the VA will not guarantee the non-veteran’s share of the loan. Caution: In most cases the lender will not make this type of loan because they are unable to sell such a loan to investors due to the decreased loan guarantee. Some VA offices allow co-signers but the co-signer must be very well qualified and they would not have any ownership, only liability.
UNITS & ACREAGE: One to four family unit structures are acceptable as long as they are attached and the veteran occupies one of the units. Any amount of acreage is allowed, and farms are eligible if the veteran intends to occupy the house on the farm.
SPECIFICATIONS: Property should have modern plumbing, electrical and heating systems. Homes near commercial property, railroads, incinerators or airports may be excluded. The VA does not usually make too many requirements unless the structure is unsound or there is an obvious danger or hazard such as inadequate foundation, roof or furnace. They require health authority approval of septic systems and a termite inspection. If the vet accepts responsibility the VA will occasionally waive some repair requirements.
APPRAISALS: VA appraisals are good for 6 months, no extension is allowed. If a contract is dated prior to the
expiration date of the appraisal the VA will still honor it.
LOW CASH OUTLAY: Veteran buyers who have not previously used their home loan benefits may obtain loans
up to $417,000 with nothing down. They may purchase homes greater than $417,000 by making down
payments on top of the $417,000 VA loan. Some lenders only require 25% down on the sale price over
$417,000. The seller or builder may pay the veteran’s closing costs or prepaid Items. This feature makes it
possible to purchase homes with no out of pocket cash outlay. Lenders may also pay the veterans closing
costs and pre-paid items, in exchange for higher interest rates.
LIBERAL QUALIFYING FORMULA: The Veterans Administration does not use a gross income/formula like FHA or
Conventional lenders. They use a liberal debt ratio and a residual income formula. In addition, they do not
require minimum credit scores like most conventional lenders. As a result, most veterans qualify for higher loan
amounts than they would under FHA or Conventional guidelines. Veterans who are willing to make some down
payment are given more liberal qualifications, due to a reduced foreclosure rate.
VA LOANS ARE ASSUMABLE AT THE SAME INTEREST RATE: VA loans may be assumed at the original interest rate.
Loans dated before March 1, 1988 can be assumed without any loan qualification. Loans dated March 1, 1988
and after require qualification to assume, but may be assumed by veterans or non-veterans, occupants or non-
occupants, at the original interest rate. The fully assumable non-qualifying loans made before March 1, 1988
are extremely valuable, as the seller can use various creative financing techniques to sell these properties, does
not have to pay discount points, worry about a low appraisal, appraisal requirements or the buyer being
approved for a loan. A fully assumable non-qualifying VA loan can close in days instead of weeks or months.
VA loans made after March 1, 1988 may be sold without qualification, on installment sales without VA or the
lender’s permission, as long as the title does not change hands and the veteran remains liable. (See VA
CREATIVELY FINANCED: Since no “Due on Sale” clause was written into VA loans prior to March 1, 1988, these
existing VA loans can be sold under lease purchase agreements, contract for deed or wrap-around financing.
The seller is also free to carry second or even third mortgages on top of the original VA first mortgage. VA loans
made after March 1, 1988 may be sold quickly, without loan qualification using installment sales, (see VA
USE OF PARTIAL ELIGIBILITY: (YOU CAN USE YOUR ELIBILITY AS MANY TIMES AS YOU WANT AFTER REPAYING A PREVIOUS VA LOAN) Veterans may use remaining partial eligibility to purchase homes. That is, if the veteran has only used part of his eligibility, he is free to use the remaining amount or any increases granted retroactively to all veterans as the VA loan guaranty increases. Once the original VA loan has been satisfactorily paid off, that portion of the eligibility is restored to be used again. Veterans who have paid off
their VA loan, but have not sold the property can request a one-time reinstatement of their eligibility on that property to use again.
SOME SELLERS FEAR VA APPRAISALS: In some areas of the U.S., sellers are reluctant to sell their homes with VA
financing because they fear they will receive low appraisals or be required to make many repairs, both of
which could reduce their proceeds check. This fear stems from the days when VA appraisers were “staff”
appraisers working directly for the Veterans Administration and thought they were protecting the veterans by
requiring numerous repairs or appraising the house for less than the selling price. This problem has been virtually
eliminated as VA now uses “fee appraisers” rather than staff appraisers, and most VA appraisals have few or no
required repairs. The time frame to obtain a VA appraisal is roughly the same as conventional appraisals.
LOAN PROCESSING TIME: The time to process a VA loan traditionally has been longer than on Conventional
loans. However, VA automatic approvals have cut this processing time to an average of 4-6 weeks for loan
closing and some loans close in 2-4 weeks. Making sure the veteran has his Certificate of Eligibility before going
to loan application can save several weeks. Many veterans are now getting formal loan approval, before
making an offer. This eliminates loan rejection, speeds the time frame to close and is similar to making a “cash”
offer. Sellers are more likely to accept offers when the vet buyer is pre-approved for the loan.
PROBLEM 1: A veteran has never used his VA loan benefits and has $27,500 of eligibility available. He wants to
purchase a $125,000 home using his VA entitlement. How much of a VA loan can he obtain and how much
downpayment will be required?
SOLUTION: Most lenders will lend up to 4 times the veteran’s eligibility with no downpayment requirement. 4 x
27,500 = $110,000, so $110,000 is the maximum this veteran could borrow with no downpayment. When the loan amount requested exceeds 4 times the veteran’s entitlement, most lenders require a downpayment of 25% of the balance of the price. So, in this case $125,000-$110,000 = $15,000, and then 25% x $15,000 = $3,750 downpayment required, and the veteran could receive a VA loan in the amount of $121,250. Note: Most lenders would only loan up to $135,000 maximum VA loan in conjunction with a downpayment, until after
PROBLEM 2: A veteran used his VA home loan benefit in May 1976 and received a VA loan of $25,000 at that
time. In June 1978, he allowed a non-veteran to assume his VA loan. Now he wishes to buy a $70,000 home
using his VA benefits again. Can he do so? If yes, will he be required to make a downpayment?
SOLUTION: By checking the date his previous loan was made against the dates the Veterans Administration
increased all veterans’ eligibility, we see that he has had two increases in eligibility; October 1, 1978 and
October 1, 1980. Those increases were for $7,500 and $2,500, respectively. Therefore, we know that this veteran
has at least $10,000 of partial eligibility available. (95% of all veterans have at least $10,000 entitlement
available.) In addition, we should check the guaranty rule to see if this vet had used up all his eligibility on the
$25,000 purchase back in 1976. If we multiply the $25,000 times 60%, which is the maximum amount the
Veteran’s Administration guarantees on any VA loan, we will find that only $15,000 of the veteran’s entitlement
was utilized on that 1976 loan. By referring again to the dates of eligibility increases, we can see that this
veteran had $17,500 entitlement in May 1976. He used $15,000 on the loan, leaving $2,500 remaining partial
eligibility. When we add $2.500 to the $10,000 the veteran has received in increases since that time, we see
that he now has a total of $12,500 of usable eligibility.
Most lenders would lend 4 times the $12,500 with no downpayment requirement, or $50,000 in this case. He will
be required to put down 25% of the portion of the sale price, which exceeds $50,000. $70,000-$50,000 = $20,000
= $5,000 downpayment required on the purchase of the $70,000 home. The veteran can obtain a $65,000 VA
loan in this case.
PROBLEM 3: A veteran has a home for sale in May 1987, listed at $75,000 with a $50,000 VA loan on it that he
obtained in April 1977. If he allowed a non-veteran to assume this loan at the listed price of $75,000 would he
be able to purchase a new $120,000 home using VA loan benefits? If so, will a downpayment be required?
SOLUTION: If the veteran receives $25,000 cash, less closing costs on an assumption sale to a non-veteran, he
could utilize his partial eligibility of $10,000 (as we demonstrated in Problem 2 above, he would have additional
eligibility due to increases in 1978 & 1980) and purchase the $120,000 home with a new VA loan. Once again
we see that while 4 times the remaining eligibility is all he may borrow with no downpayment required, in this
case it would be $40,000. But in conjunction with a downpayment the veteran could use his entitlement in this
way: $120,000 less $40,000 = $80,000. his downpayment requirement is 25% of $80.000, or $20,000. So this
veteran could obtain another VA loan for $100,000, putting $20,000 of his proceeds towards the downpayment.
PROBLEM 4: A veteran purchased a home appraised at $100,000 in January 1982 and obtained a VA loan for
$100,000. If he allows a non-veteran to assume his loan in 1987 and obtained a release of liability from the
Veterans Administration, could he obtain another VA loan in 1987 for $100,000?
SOLUTION: This veteran will not be eligible for any further VA loans until this loan is paid in full, the VA increases
the entitlement, or another veteran substitutes his eligibility for the original vet’s eligibility. The release of liability
obtained only protects the veteran from financial obligation or responsibility in the event the person who
assumed the loan does not make the payments. It does not return his eligibility and it will remain used until the
loan is paid in full.
Straight from Zillow:
” the seller is going to pay the commission whether or not there’s a buyer’s agent. For the buyer, then, there’s rarely any savings by going without an agent. Instead, the listing agent simply makes double the commission. There’s no savings to the seller, either, when the buyer doesn’t have an agent.” – Zillow.