Dubbya’s Rebate and FHA

With a little luck (and the right circumstances) you might get a check from Washington for $600 soon!  In the Raleigh market – you could take that money and BUY A HOUSE!  That’s RIGHT!  $600 could be all you need!

This would apply strictly to purchasing a HUD Foreclosed home, however…

FHA no longer allows you to use a Downpayment Assistance Program for your manditory Acquisition Cost.  If you are looking for ways to come up with the 3.5% Downpayment, click here.

The Seller and the Loan Officer can help contribute to your closing cost.  The most common way a loan officer contributes is by offering you a slightly higher interest rate.  By accepting a $35 or $50 addition to your monthly payment, the loan officer can apply earnings on the loan towards your upfront closing costs.

On average – closing costs will equal approximately 3% of your loan amount.  For more information on different types of closing costs check here.

To get prequalified for a mortgage loan in Raleigh, Contact Steve Thorne, First Financial Services, 919-851-3031

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