The Raleigh Area Development Authority is handling sales of the properties through an agreement with the city’s Community Development department.

For Sale Flyers for Houses Available for Purchase:

• 610 St. George Road
• 922 Ujamaa Drive
• 909 Friar Tuck
• 3005 Haven Road

Please check our web site often for information about upcoming workshops and events.

You may also want to visit RADA’s Facebook page for last-minute additions to the schedule.

For those of you who attended our 2010 workshops, we thank you for the opportunity to serve you and we wish you well in the coming year.

If you need to speak to a counselor immediately, please call our office at (919) 807-8400 or complete our online Request for Assistance form and a counselor will get back with you.

Workshop Description

This FREE event is for the Education of Home Buyers & Sellers. The process of purchasing is very different than it has been in the past 5 years. We believe the Dream of Home Ownership is still alive and well in the United States of America and very real right here the Triangle Area of North Carolina!!!

Learn About:

* Special Programs
* Options to Sell your current home and step-up into your Dream Home
* 1ST Time Home Buyer Discounts
* From Contract, To Move-In
* Grants, Incentives & Gifts

Did you know?: The definition of a First Time Home Buyer is also anyone who has not owned a Primary Residence in THREE YEARS!!

Expert Panelist & Guest Speakers Include:

• Cathy Edward – Senior Mortgage Banker
• Stephan Jackson – Realtor, Broker, Top Producer
• Carey L. Ewing – Ewing Law Center

Interest rates are at an all time low. This workshop will give you the perfect opportunity to find out about how easy home ownership can be. If you or someone you know would like to attend, please reserve your seat today.

YOU MUST REGISTER. LIMITED SEATING – RSVP NOW!!

Call (919) 228-9812 or Register Online: http://tryhomebuying.eventbrite.com/

Free Refreshments!

This is the building next door to the RADA office building.

Mr. Wallace O. Green, President of RADA, presented the awards October 19, 2010 during RADA’s quarterly board meeting.

Dr. West’s award was “For consistent and persistent support for the founding purpose of the Raleigh Area Development Authority — the economic uplift of the citizens of the City of Raleigh, particularly residents of Southeast Raleigh.”

Mr. Wray was presented the award “In appreciation for your vision as a founder of the Raleigh Area Development Authority, and for your consistent support of its mission.”

A special thanks to both of these great citizens for their ongoing support of RADA and of the City of Raleigh.

A second mortgage is a loan made in addition to your first mortgage, and it’s based on the amount of equity you have built into your home. Many people use second mortgages to fund home renovations, to pay off credit cards, or to put a child through college.

The underwriting required to get a second mortgage is much simpler than it was the first time around, and the cost of the transactions involved will be much lower.

On a second mortgage, you   borrow a fixed sum of money against your home equity, and pay it back over a specified period of time. The amount you borrow will be combined with the amount you still owe on your first mortgage.

A simple fact to remember first– do not take out a second mortgage on your home unless you’ve built up a fair amount of equity in the property already.

The other collateral your lender will look at is the home itself. The lender will order an appraisal of the home, which will show how much the home is worth relative to other homes in the area. Typically, a lender will not do a mortgage for more that 95% of the appraised value of the home.

Lenders also need to know that you can make your mortgage payments in full and on time. So they’ll look at your income, savings, and your debt. Lenders will usually limit the full amount of your monthly mortgage payment, including taxes and insurance, to 25% to 28% of your monthly pre-tax income.

The lenders will also look at your debts such as car loans, student loans, other mortgage debt and any other financial obligation that you have. Typically, lenders prefer that all of your debt, including your mortgage payment, not consume more than 33% to 36% of your monthly gross income. FHA loans have a higher debt percentage of 41% of your monthly gross income.

The other factor in the mortgage approval process is your credit history. The lender will look at your credit score, any history of defaults or foreclosures, and any history of late payments on all types of credit accounts.

It is to your advantage to look at your credit history before beginning the mortgage approval process. If your lender turns you down for a mortgage, the lender must explain why. If this occurs, you have the right to request in writing the reason for the denial