Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

When you look at mortgage interest rates, as compared to where we were last year – you could be pleasantly surprised.  Year over year we are quoting mortgage interest that are slightly lower than 2012.  When you compare mortgage interest rates with what we were quoting two weeks ago – you will not be as [...]

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Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

FHA Mortgage Loans are generally only available to folks who are going to live in the property – the EXCEPTION is if you already own the home, and you want to refinance it.  If you purchased a home with a FHA mortgage, then moved out, and are renting it (so now it’s Investment property) you [...]

The post FHA Streamline Refinance of Investment Property appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

When one borrower has most of the income… the other borrower has good credit scores… there ARE options for purchasing a home. Look at the question we had yesterday: “We want to purchase a home, and I want to know if we can get it.  My husband currently has a mid credit score of 538, [...]

The post One Borrower Has Income One Borrower Has Credit Score appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

Many people we talk to who had credit problems – have gone to an all “Cash” economy – meaning they don’t use credit at all any longer.  We totally understand that theory, but we feel that the better program involves having SOME credit active.  And today, that generally means that you need some revolving credit. [...]

The post Debt To Income Ratios And Credit appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

We get tons of questions from folks who have moved to North Carolina from another area, becoming landlords in the process.  Maybe you bought a home in Jacksonville, NC and now that you are out of the service, you are living in Charlotte. If you still have that home in Jacksonville, and you are renting [...]

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Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

There’s an interesting article out today by Christina Mlynski, discussing the new nominee for the Head of the FHFA.  The Obama administration recently nominated NC Congressman Mel Watt for this job.  It’s the MASSIVE Agency that resides over HUD, Fannie Mae, Freddie Mac – all things mortgage. Apparently, these are the guys who initially came [...]

The post Could The New FHFA Head Change FHA PMI Endorsement Date? appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

For the past couple of years, when we talked to a borrower with a credit score of 580 to 600 – we told them they had a 3 to 4 month waiting period before they could buy a house.  In MOST cases, that was all the time we needed to help someone who was motivated, [...]

The post Minimum Credit Scores for Mortgages Spring 2013 Update appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

The North Carolina VA Loan Approved Condominium List And Homeowner Association Approval Process: Thank you for your Service!  In North Carolina we are fortunate to have so many bases, and with them – thousands of Service Members. VA Home Loans are one of our favorite Mortgage Programs, not because they are easy to do, they [...]

The post VA Condo Approvals in North Carolina appeared first on NC FHA Expert.

Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

USDA Home Loans in High Point, NC 27265 do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.  Most of the city is located in Guilford County, with portions spilling into neighboring Randolph, Davidson, and Forsyth counties. High Point is North Carolina’s only city that extends [...]

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Eleanor Thorne just updated NC First Time Homebuyer Programs on NC FHA Expert

If you are purchasing a Condominium in NC, and you are interested in getting a FHA Mortgage to help with that purchase, you need to check and see that the Homeowner Association (HOA) is already on the approved list by FHA.  Townhomes also share similar risks as Condominiums, however FHA no longer requires documentation on [...]

The post FHA Mortgage To Purchase a NC Townhouse or Condo appeared first on NC FHA Expert.