Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / May 26, 1994, edition 2 / Page 19
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Lenders Taking Applications Now for FirsF Time Buyers A Housing Agency to offer low interest rates and $2.5 Million in down payment ? v Governor Jim Hunt announced recently that first-time homebuyers will soon have access to three low-cost mortgage pack ages. The North Carolina Housing Finance Agency is now offering ? 30= year,- fixed -rate mortgagesat 7.35 percent and "step" mortgages with an initial rate of 6.85 percent. . as a result of a mortgage revenue _ bond sale. The step mortgages will carry the reduced rate for the first three years, and a fixed rate of 7.35^ percent for the remainder of the 30 year term. In addition, the agency will offer up to $6, (XX) in downpayment assistance to buyers who meet spe cial qualifications. Twenty-five private lending ? institutions and their branches are now. Area mortgage lenders include: Branch Banking & Trust Co., Central Carolina Bank, Centu ra Bank, First Union National Bank, GLL & Associates, Inc., NationsBanc Mortgage Corp., Southern National Bank, The Pfef ferkorn Company and Wachovia Mortgage Co. A total of $43.7 million in mortgages and $2.5 million in down payment assistance will be available. Gov. Hunt said the funds would provide mortgages for approximately 700 home buyers "Owning a home is the dream of thousands of hard-work ing families in ourlstate," Hunt said. "We must do all we can to 1 make sure that quality, affordable housing is made available to every North Carolinian, and these low cost mortgages will help many more families make that dream come true." The downpayment assis tance is reserved for home buyers whose incomes are lower than > required to qualify for the first -mortgages alone. Td provide itrthe agency is using funds through the federal HOME Program, which it administers for the state. Qualified home buyers can borrow up to $6,000 ($3,000 in certain metropolitan areas) as an interest-free, deferred second mort gage to help pay their downpay ment and closing costs. No pay ments are due until 30 years from the date of the mortgage, or until the home is sold or transferred. However, buyers must supply $500 of their own funds as part of the purchase of their home. Attltfe mortgages are FHA "Owning a home is the dream of thousands . . . "We must do all we can to make sure that quality, affordable housing is made available . . . make that dream come true." ? Jim Hunt insured. The seller or a third party paysone and o n e - h at f drseou n t points. . The mortgages can he used tofinance new or previously owned detached homes, townhous es, condominiums or new dou blewide manufactured homes on permanent foundations which meet FHA requirements. To qualify, home buyers must not exceed certain limits for . household income and home prices, which are tied to local medians. The limits for the mort gages with down payment assis tance are lower than for the first "fnortgages~alone. ' ~ In the Forsyth County area, Jor first mortgages only: maxi mum income $36, (XX) for -one per -son and $38, 50() for two persons. The maximum sales price for a new home is $105,000 and for an existing home, $71,500. For mortgages with down payment assistance: maximum down payment assistance, $3,000; maximum income, $22,000 for one person, $25,150 for two persons; maximum sales price $97, OCX) for new homes and $71,500 for exist- ? 4ng homes. = The N.C. Housing Finance Agency is a self-supporting agency created by the General Assembly in 1973. By operating federal and state housing programs, it has helped finance more than 60,000 a fordable homes and apartments for North Carolinians. . Mundy Announces New Staff Member and Top Producer Mundy Realty Company recently announced that Ruthie Crowell Davis has joined their sales staff as a full-time agent. Davis is a native of Win ston-Salem and has been a member of the local business community for -18 years. Her tenacity has enabled her to pursue her love of learning, earning an Associate's Degree in Business Administration - from Forsyth Technical College. Additionally, Ms. Davis was awarded a BA in Accounting from Winston-Salem State University in 1988. Her knowledge and exper tise in business and accounting are especially useful in helping home buyers obtain a mortgage loan. Davis is the proud mother of five children and the proud grand mother of Since 1974, Davis has served in various capacities in the small business sector as a book Ruthie Mundy keeper, supervisor, administrative assistant, manager and vice-presi dent: She feels she has achieved her successes because of her deter mination to not only get the job done, but to get it done in a courte ous and professional manner. Davis is an active member of Macedonia TVPH Church. Richard Clayton Mundy Realty has also announced that Richard R. Claytor is their top producer. Claytor, a native of Floyd, Virginia, and a graduate of Virginia State University, has resided in Winston-Salem since 1985. He is married to the former Patricia Pow ell, a USAir employee. He and his wife have four grown children, Donna, Karen, Tammy and Stephanie, and two grandchildren. They are active members of Red Bank Baptist Church, where Clay tor is a deacon. Active in real estate sales since 1990, Clavtor has been a sales associate with Mundy Realty Company for three years. During that period, Claytor has developed into a top producer, giving full sei vice to all his customers and t clients. He has a superior under standing of all the various special financing programs available to homebuyers, as well as VA, FHA, Farmers Home and conventional loans. During 1994, Claytor has averaged seven closing permonth. For friendly, professional re^l e?*tate advice and service, give Ruthie or Richard a call at Mundy Realty Company, 724-2404.
Winston-Salem Chronicle (Winston-Salem, N.C.)
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May 26, 1994, edition 2
19
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