Buying A New Home?

Buying a new homeThere’s nothing better than being able to “design” your own space!  If you are buying a NEW home, you need to consider all of your options.  In North Carolina, as you shop for homes that are “new,” or under construction, you usually have a chance to determine your price based upon the upgrades you choose.

As you are customizing your new home, with your lighting choices, and flooring – most buyers are offered an additional “package” that includes “special financing” if (and only if) you are willing to use the “Home Builder’s” lender.

We don’t think the “lending package” is always the BEST deal.  Just like the other custom options for your new home, you can choose something other than the “package” that your home builder is offering.

Sometimes – it IS the best deal… but at least 70% of the time, we are able to offer a BETTER (fill in the blank) solution.  Maybe the Builder’s loan officer isn’t familiar with the new NC Housing First Time Home buyer Program – maybe they just don’t have Today’s Best Interest Rate.  It’s worth a PHONE CALL (919 649 5058) to find out if there’s a better “deal” – especially given the fact that MOST folks are not getting a mortgage that they are going to pay off in 12 months.

The way we see it – $2000 could be your new living room furniture – or drapes, or lawn equipment!  Not all lenders in North Carolina offer the Mortgage Tax Credit (MCC) program through NCHFA.  As an approved lender, we can help those who qualify obtain a tax credit that adjusts how much income you bring home, helping you qualify for more upgrades!  The program has new features specifically designed to help folks wanting to purchase new homes in North Carolina!

We specialize in helping home buyers purchase using Government Backed Loans with Today’s Best Interest Rates!

Many of the NC Home Buyers we help previously went through a Short Sale and are now past the waiting period to buy a new home.  If you previous had a bankruptcy, foreclosure, deed in lieu or Short Sale, there was a “slump” in your credit score. We can usually help folks add positive information to their report, so that they can buy a new home faster!  The minimum credit scores to buy a home have gone up in 2013, but it’s still possible for most folks to get the scores they need to buy a new home in North Carolina!

Home Buyers we talk to, who are in the situation of having some negative credit history – tell us that most loan officers won’t even take their call!  That’s unfortunate.  We will do everything we can to give you honest feedback, and help along the way so that you can get qualified to buy your new home! Having a pre-qualification letter will definitely help you get the best price from the home builder!

Think you might need to add a Non-Occupying Co-Borrower to your loan?  There are several options available to folks who need to add someone else to the loan in order to buy the new home, with all of the upgrades you are dreaming of!  We’ve had several situations this year where one spouse had great credit scores, but not enough income to buy the new home themselves – and the other person had great income, but some significant credit issue in the not so distant past.  This kind of situation can be resolved with the addition of a co-borrower – in one case, we were able to add a brother who works in Canada!

Depending on where you are looking for a home, you might be surprised to learn that the USDA Home Loan Eligibility Maps are subject to change soon.  If you are not completely through the USDA Underwriting System prior to the change date, and the new home you are considering is within that area that will no longer be eligible – you might need to look at FHA financing, and see if the NCHFA program can help you with a down payment assistance Grant of 3%. Again, not all lenders in North Carolina are certified to offer this program, however we do.

Veteran’s looking for a new home in North Carolina often forget that they can re-use their VA Home Loan Eligibility to buy a home for the second time.  In some cases, the VA will allow you to purchase a second home, while you are renting out your previous residence that has a VA Loan on it.

We love working with Veterans, and find that many military families buying a home above the $400,000 mark benefit from using their VA home Loan benefits and making a down payment!  Often times, this is a much cheaper alternative to PMI, or a “second” mortgage – and because many loan officers don’t work with many Veterans in this price range, it’s a HUGE benefit when you are buying a new home that’s often “skipped over!”

If you are looking for today’s best mortgage rate on a New Home in North Carolina – Call Steve and Eleanor Thorne 919-649-5058 or fill out the form below for more confidential information