Divorce And Credit | NC FHA Expert

Chapel Hill Named One of the Best Places to Live for Singles

Rounding out the Top 10 Best Places to Live if you are Rich and Single is Chapel Hill North Carolina! The list, put together by CNN Money this summer, focuses most of it’s attention on California – naming Newport Beach, Irvine, Milpitas (must admit I’m not familiar with that one), Sunyvale, Mountain View and Santa Clara tops for that STATE… six of the ten best places to live if you are Rich and Single are in California? Seriously?

And then there’s a couple in MA and one in Georgia… and then Chapel Hill. With a population of over 53,000 – a little over 50% of the residents are single! (who saw that one coming?)

Who doesn’t love a little southern charm? This college town has a lively nightlife, rowdy Tar Heel games and home-style cooking for singles of all ages to enjoy. Mingle with eligible bachelors and bachelorettes on bar-lined Franklin Street, or take a date to Crook’s Corner for some nationally-acclaimed grits and banana pudding. Cheering on your favorite U.N.C. team is also a surefire way to take the edge off a first date. And if you’re into music, find someone who will rock your world at nearby Cat’s Cradle, a small venue where local bands perform alongside big acts like The Counting Crows, John Mayer and Iggy Pop. –B.E.

The Triangle has also been listed as one of the Most Likely to see Real Estate Appreciation in the near future! Why is that? Because we have jobs, and all of the colleges and Universities around here help insulate us from recessions.

And… if you’re a single parent (and maybe not rich) we have tons of programs that will help you too! Click here for more details!

If you are considering a move to North Carolina, call Steve and Eleanor Thorne, 919-649-5058. We have the best mortgage rates available, and the lowest fees!

Stated Income FHA Loans

Can you just “state” your income at whatever you think would make it easier to qualify and get an FHA loan… no.

FHA requires documentation – and that might be why there’s no need for an FHA BAILOUT. In all seriousness, FHA is not a “publically” traded company like Bear Stearns or Fannie Mae or IndyMac – but still the point is that they have pretty strict guidelines.

Those guidelines state that if you want to borrow money that is insured by FHA – you need to document your income… and you will need enough income to qualify to make the payments on all of your obligations.

We’ve had at LEAST one borrower a week apply for a loan that was not legally seperated. This means they were still OBLIGATED on the note for the home they owned with their spouse – even though they are still living with that person. (These guys might need to see a good divorce attorney !)

They wanted to just “state” their income. That won’t work for an FHA loan. For a conventional loan with a SISA - you would need at least 25% down and a 720 credit score.

If you have questions about purchasing a new home in Cary, NC- call Steve and Eleanor Thorne 919.649.5058