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.

Basics to Qualifying for a FHA Mortgage Loan

FHA mortgage loans offers some of the most flexible financing available for today’s home buyers!  With FHA, you can purchase a property that’s located almost anywhere, (unlike USDA that has a “footprint” of where you can purchase) and you don’t have to be a Veteran (a requirement for VA home loans ).  AND you can use [...]

Are You A Waitress? Wanna Buy a House!?

I just wrote about a waitress in Garner, NC who was able to purchase a home, with a new roof, new windows, carpet, and HVAC system!  It cost her less than $3000 – and her total monthly payments are LESS than $500!
Best of all… she also qualifies for a $7500 Tax Credit from Uncle Sam!
We [...]

Fix Up A Foreclosed Property – $100 Downpayment?

I wrote recently (click here) that we could not do $100 downpayment with the 203k loan program… well, now I have a lender who claims he can do it.
HUD has long had a program that encourages folks who want to purchase a HUD Foreclosure, allowing them to purchase the property with $100 downpayment.  Problem is, [...]

FHA Loan Limits Change 1/1/09

According to the Mortgagee Letter Published this week, HUD is changing the Maximum Loan Limit for Wake, Johnston, Franklin and Harnett Counties.  The change is based upon our average sales price, which has dropped a bit per National Association of Realtors, on Page 48 of their 88 page report – the Triangle will be in [...]

What is a 2-1 Buydown?

Many lenders are shouting about “Fixed Rate Mortgages starting at 4.5%”
I’ve even gotten calls from Real Estate Agents asking how they are doing this! Some of these offers are NOT good deals.  For more information about MISLEADING Ads involving this program click here.
However, in the right situation, it’s a good loan.  So let’s do some [...]

USDA Western Wake County

I We found this VERY cool map that shows exactly where you can purchase a home in Western Wake County using the 100% USDA program!  As you can see, if you are on the “left side” of Ten Ten, in Holly Springs, or Fuquay – or parts of Apex, you qualify for this 100% program! 
The [...]