FHA and NCFHA Loans
Cash Deposit For A Mortgage Loan in NC
We’ve recently been working with some folks who just “happen” to have a ton of cash. And obviously there’s no law that says you MUST KEEP YOUR MONEY IN A BANK… But when you are applying for a mortgage, large amounts of “cash on hand” tends to be a problem. Why? Because an Underwriter generally [...]
Having More Than One FHA Loan
FHA is a great program for home buyers looking for underwriting flexibility in NC. Underwriting for the program actually encourages “Common Sense,” and previous credit issues, low down payments, low fha pmi rates, the ability to add a co-borrower and the ability to combine the program with the NC Affordable Housing Program make it very [...]
When Does FHA PMI Get Cancelled?
FHA has two forms of PMI on each loan. One part if charged upfront, at closing, and it is generally added to the loan amount. There’s no way for that FHA PMI to refunded or “cancelled.” It’s just there. The second part of FHA PMI is what is paid on a monthly basis. There are [...]
First Time Home Buyer Programs
Belmont NC First Time Home Buyer Program
Steve lived in Belmont as a kid. He says it’s one of the best small towns in North Carolina. The kind of place that you want to come home to, and raise your family – where you know the people you see when you shop downtown. Belmont offers historical homes, cottages, ranches, and newer homes [...]
No Closing Costs Mortgage Program
Now that mortgage rates have moved up, we are not hearing as many ads on the radio for “No Closing Cost” refinances… but I’m sure the commercials will change in the next ten days to talk about “Buying a House With No Closing costs.” (sigh…) As much as things change, the more they stay the [...]
Pulling Credit Report Multiple Times Lowers Scores?
We hear ”I Don’t Want My Credit Pulled Because It Will Lower My Credit Scores!” on a fairly regular basis. As loan officers, we can’t really get a good picture of what you qualify for without the credit report – and often time someone has called us right after they got off the phone with a different [...]
5 Things NC First Time Home Buyers Should Know!
If you are ready to move out on your own, and Kiss Your Landlord Good-bye… CONGRATULATIONS! In February of 2012 – the newest part of the Government’s program to help people buy a house went into place! As mortgage interest rates continue to climb in the summer of 2013, these Government programs are more important [...]
USDA Home Loans
Maximum Household Income Calculations for USDA Home Loans NC
We love the USDA Home Loan Program. It’s a zero money down program available in every county of North Carolina. To qualify you just need decent credit, the house must be in the “eligible footprint” from USDA, and you need to be under the Maximum Household Income for the County you are purchasing in. We [...]
USDA Map Changes in Wilmington, Ogden and Leland NC
The USDA Map Changes in Wilmington, Ogden and Leland NC are pretty significant. We knew that many neighborhoods would lose the ability to offer the USDA Home Loan program when the maps change in October of 2013 – but we just didn’t know how big the change was going to be, until we were able to [...]
Johnston County Qualifies for USDA Home Loans
In many NC Counties, you have to check the USDA website to make certain that the property you want to purchase is located within the USDA “footprint.” But if you are buying in Johnston County (prior to October 1, 2013)- you’re safe! The WHOLE COUNTY qualifies for USDA Zero No Money Down Home Loans. That’s [...]
100% Mortgage Loans in Chapel Hill?
I was very surprised by just how much of Orange County, NC qualifies for USDA Home Loans! Pleasantly Surprised! There are three basic requirements to qualify for a 100% Mortgage loans in Chapel Hill using the USDA Home Loan Program. The first is that you need to have decent credit. Second you need to buy a [...]
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