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 [...]

HUD Makes It Easier To Purchase Foreclosed Property

HUD announced a change in the way it handles property that has changed ownership in the last 90 days.  In an attempt to prevent people from “flipping” property (which is FRAUDULENT), HUD required a 90 day “cooling off” period before property could change hands.
This meant that if an Investor purchased property on January 1 at [...]

FHA and Short Sales – The New Ruling

Okay – so maybe it’s not a “Ruling” but FHA announced on December 16, 2009 what they think about homeowner’s filing Short Sales .  Basically, FHA sees short sale homeowners falling into one of two camps:

Those who are current on their mortgage leading up to the short sale.
Those who have delinquencies leading up to the short sale.

If [...]

Mortgage Brokers and FHA

One of the questions to the panel was, “Do we need to change the way we regulate agencies, including FHA?” Well – this is really not much of a debate, because new regulations from FHA’s new “Risk Manager” are already headed into action later this month. I’ve included some of the text below, and I toally disagree with the “assumption” I’ve bolded below:

5 Things First Time Home Buyers Should Know!

So you’re ready to move out on your own, and Kiss Your Landlord Good-bye?  CONGRATULATIONS!
Here are FIVE THINGS we think every First Time Home Buyer should consider before making that move:

When you buy a House – you get a Raise!  Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the [...]

Benefits of FHA Mortgage Loans

FHA Mortgage Loans are one of the best mortgage loan programs available for folks purchsing a home in the Wake County Area because it serves so many needs!
You can use the program, as a parent, to help your student or child get into their First Home!  The downpayment is 3.5%, and it can be a [...]

FHA Qualifying with Rental Income

If you relocate to a new area, and rent your existing home, you can use FHA (which requires a 3.5% downpayment) to purchase your new home… however, there were some changes made last year to the guidelines, and you will likely be required to qualify for your new home with your ENTIRE mortgage payment from your “old home” too!

Best info On No Money Down Mortgages in NC

There are two programs available for no money down, 100% mortgages in NC.
VA Home Loans:
Basic VA Benefits
VA Loans and Co-Borrowers
What if you make a Downpayment
VA Guarantee Fee
VA Home Loans and Credit Scores
USDA Financing
Basic Guidelines for USDA Home Loans in NC
USDA Home Loans in the Triangle
USDA Home Loans Holly Springs NC
12 Months of Clean Credit
USDA [...]

USDA Home Loans, When Do You Need An Inspection

USDA, Rurual Development recently issued an announcement clarifying when they need all of the new construction documents for homes… and when they don’t.
If the home is less than 1 year old and has never been occupied, the home is considered a new home purchase.  New home purchases are subject to plan certification, specifications, inspections and [...]

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker’s Association in Washington, DC, the applications for “Government” backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house – you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower [...]

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