First Time Home Buyer Purchasing Plan

Are you trying to purchase a home and take advantage of the new Tax Credit??  Well, you’re not alone, and as a First Time Home Buyer… the task is now even more overwhelming because of the number of foreclosures, short sales, and standard sales available. Each of these types of sale [...]

USDA Rural Development Home Loans

Thinking about buying a home so you can get that Tax Credit? Don’t have a ton of CASH laying around??  Well, the first thing you should do is call Steve Thorne to see where properties are in your area that qualify for USDA Rural Development Home Loans!  Steve is a USDA Rural Housing [...]

Mortgages at Tax Time

If you are getting ready to do your taxes, and you are renting…
P-I-T-Y!  I mean really, Bro… too bad.
You are missing out on THOUSANDS of dollars! People who OWN a home, get tons of deductions you don’t… just for living in a HOME!  Haven’t you ever heard the saying, “Buy a House Get a Raise!”

Mortgage [...]

The First Time Home Buyer Tax Credit of 2010

Okay—so here’s why you REALLY want to buy a house in the first half of 2010…

Houses are C-H-E-A-P!  I mean CHEAP!! I’ve been in this business, in North Carolina decades, and I’ve never seen home prices so AFFORDABLE (read CHEAP!)!
Mortgage Rates are L-O-W! It does not look like this is going to continue to [...]

With All of the Risk Do We Still Need FHA?

I think this is good news, because others are calling for massive tightening… and I think we need every eligible buyer to buy! Forcing credit score requirements up to 680, or 700 is NOT going to help the housing market (because it turns so many folks away who can’t make that score) and it’s not going to keep the defaults from happening when people lose their jobs!

FHA Downpayment Going to 5% ??

US Congressman Scott Garrett (R-NJ) introduced the “FHA Taxpayer Protection Act of 2009. In his bill, borrowers would be required to make a 5% downpayment on FHA loans, as opposed to the 3.5% downpayment in the current guidelines.

Using 401K Funds for Downpayment on FHA

With FHA financing, you can use 401K funds in the form of a loan or a withdrawal for required funds to close. We also use them quite often to simply document reserves with no intent to withdraw the funds. It can sometimes make a difference if your debt-to-income ratio is a little higher than the guidelines

Tiered Pricing and FHA Loans

There are many many rules that define who many discount points we can charge, or how much money we can earn in commissions in North Carolina.  But FHA has ADDITIONAL rules regarding pricing.
FHA’s Tiered Pricing Rules  FHA’s Tiered Pricing Rules prohibit a lender from charging higher prices (discount points) for low balance loans than the [...]

First Time Homebuyers – Rates Going Up

We talk to First Time HomeBuyer’s everyday that tell us, “We’re Looking!”  Well – here’s my advice… HURRY UP!!
The Tax Credit is going to “go away” at the end of November… and everybody is telling you NOW is the right time to buy – and that’s a FINE reason… But I think there’s ANOTHER incentive.
I [...]

FHA Qualifying Requirements

Many of the folks we are talking with right now want to purchase a home using the FHA Mortgage Loan program – and then taking the $8000 Tax Credit (you can get that back NOW, like in 12 weeks, by amending THIS YEAR’s TAX RETURN!) to “pay yourself back” for the downpayment!
Here are qualifying requirements for [...]

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