First Time Home Buyer Tips!

First Home! If you are a First Time Homebuyer, the government recently initiated a program that could help you!

They are G-I-V-I-N-G you a $8000 credit that you can use on your 2009 and 2010 taxes! For details on this credit, click here!

First Time Homebuyers have many loan program options. If you, or your spouse, are a Veteran then you qualify for a 100% VA Home Loan!

VA Mortgage Loan Basic Guidelines:

No restriction about where the property is located
No income restriction
Maximum loan with no downpayment is $417,000
Seller can pay closing costs
Total Debt should not exceed 43% of Gross monthly income

USDA Rural Development also offers Mortgage Home Loan Programs with no money down!

Restricted to more rural areas – but all counties in NC have qualifying properties! Click here to see if your property is eligible!
Income Restrictions based upon how many people live in your home, click here to see if you meet those requirements! These income restrictions vary by COUNTY.
You can not currently own a property in the Geographic Area you are purchasing (unless it is in adequate), and if you have a previous home rented, you must show evidence that you are reasonably receiving income from that property (it’s a little complicated)
The Seller can help with closing costs, and you can receive a gift – but you can not have liquid assets equal to more than 20% of the sales price.
No swimming pools. (LOL!)

FHA Mortgage Home Loans are another great alternative for first time home buyers!

Maximum Loan Amount restrictions based upon the county the property is located. To find out the limit for homes in the NC County you are interested in, please click here!
No Maximum Income Requirements!
Swimming Pools are Okay! 8-P
Down Payment of 3.5% can be a gift!
Allow non-occupying co-borrower!
If you have a bankruptcy or foreclosure in your past you might still qualify! (you MUST have re-established your credit, and have at least 3 current tradelines with AT LEAST 12 months of clean credit)

Our advice is that if you are First Time Home Buyer thinking you would like to purchase this year to take advantage of the $8000 Tax Credit you need to check on your credit scores in the near future. Meet with a loan officer, find out if you need to work on your credit NOW, because in general, credit score guidelines are getting tighter!

If you are considering a home purchase, please call Steve and Eleanor Thorne, Corporate Investors Mortgage Group, Inc 919.649.5058 for specific details regarding your situation!