First Time Homebuyers – Don’t Just Check On The Rate!

January 23, 2012 By Leave a Comment

 

Buying A House?There are tons of first time homebuyers out there negotiating the best deal on their new home, and now it’s time to get a mortgage.

Most of them only know how to ask one question:  What’s the Rate?

We’ve been in the mortgage business for over 20 years – and the only thing most people know to ask is - “What’s the Rate?” 

While that’s a great question, it’s kinda’ like going into a shoe store and asking if they have any shoes in a size 9.  Just shopping the rate is not necessarily going to get you the best price.

And what is the best price anyway!?!  Most of the clients that call us speak to my husband, Steve.  The first thing he ALWAYS says is, “hey, thanks for calling!  So you were referred to us by (insert name of friend, co-worker, agent, builder)?  That’s great!  [Read more...]

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5 Things a NC First Time Home Buyer Should Know

September 28, 2011 By Leave a Comment

1st time homebuyers in ncSo 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:

  1. When you buy a House – you get a Raise!  Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the interest you pay each month on your taxes!  We advise First Time Home Buyers to see a tax professional, and consider changing your W-4 when you purchase!  This way, instead of the govenment giving you a $2400 refund… you get a $200 RAISE! (seriously, you can bring home more each month and not owe on April 15!)! [Read more...]

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SAVE UP for your First Home!

September 5, 2009 By Leave a Comment

savings moneyIf you’re reading the headlines, and looking at the real estate section of the paper – you know that NOW IS A GREAT TIME TO BUY YOUR FIRST HOME!

The equity you grow, here in the Triangle, over the next 4 to 5 years should be significant… but the question is, can you still purchase a home with NO MONEY DOWN?

Well – yes, and no.  If you or your spouse is a Veteran, yes.  There are programs specifically designed for Veterans.

If you are considering a purchase in a more rural area, (like Fuquay, or Wendell or most of Johnston County) there are USDA 100% loans available.  These loans are property specific, but the rates are good and the qualifying is save for downpaymentgenerally reasonable (To see if you meet the income qualifications for this program click here.  To see if the property you are interested in qualifies for this program, click here.)

If you have heard about FHA loans, you might also know that Congress recently passed some changes to this program. With the new housing bill, Congress changed the minimum downpayment for FHA financing to 3.5%.

The details of this are not yet available – but it does not appear that this mean you will need to save 3.5% for downpayment, AND the money for your closing costs and prepaid items!  WHEW!  On average – you might need an extra $500 to $750 dollars in order to qualify for this loan (and remember, FHA allows for gifts!)  Also, if you are looking at FHA foreclosed property - the downpayment requirements are LESS!

Now is a GREAT time to purchase Real Estate!  Congress is also giving First Time Homebuyers a $7500 Tax Credit if the property closes prior to July 1, 2009!  So start taking your lunch to work – and SAVE UP!  Now is the time to buy!

If you are considering a purchase in Cary, or buying a home in the Raleigh Area, please call Steve and Eleanor Thorne,919-649-5058

 

 

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Looking for a Home – When Do I Apply?

October 13, 2008 By 2 Comments

This is a question that was posted recently on Trulia Voices…

“Looking for a Home in the Triangle.  I think I’ll be ready to purchase in March of 2009.  When should I apply for a mortgage???”

People who are considering a move to the Triangle need to plan for their home purchase.  If you will be in the market to purchase in 2009 – you should speak with a NC lender as soon as possible.  Why?

We have our own set of unique qualifying guidelines in NC – mandated by the State Legislature.  While we are a “brick and morter” state (meaning if you are a mortgage company doing business in NC you should have an office here and not just be “virtual”), there are always those with fancy footwork trying to figure out a way around the system.  Better to be safe than sorry – and find a “local” to work with.

In some cases, our State Legislature defines how much a lender can contribute toward closing costs, they also dictate WHICH KIND of loan programs are available to consumers.  So again, think local.

But the MAIN REASON you should speak with a lender even six or eight months before you purchase is this:

With the “mortgage MESS” of the last year, credit scores have become one of the MOST IMPORTANT parts to a loan approval… ESPECIALLY in North Carolina.  Because our programs are limited, we rely even more heavily on high credit scores to qualify buyers, and get the best interest rate.  If you have a “good” score of 640 – we could get your FICO score up to 720 if we had 6 to 8 months! This change in your score could mean the difference of over $75 a month in your payment!

Let’s see… $75 a month savings, live in a house for 4 years, that’s a MINIMUM SAVINGS of $3600!  Just for speaking with a loan officer EARLIER in the process!  So if you are considering a purchase, call now!

Steve and Eleanor Thorne, Connect With Us on Facebook, 919-649-5058

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USDA More Than a Brand on Meat

March 18, 2008 By 7 Comments

mobile homesAre you looking for a mobile home? It can be difficult to get a mortgage loan for a mobile home – but there are still some programs out there.  FHA and USDA loans are excellent choices – and they are 100% loan programs!

USDA Home Loans were once called Rural Economic Development – and prior to THAT it was called Farmer’s Home – but it’s all the same thing.  The loan is designed for folks living in a more rural setting.  There are TONS of places in North Carolina, and near metropolitan areas like Raleigh and Charlotte that qualify for this program.

Here are the basic guidelines:

It is their Guaranteed Rural Housing program.

1.  Must have a minimum 620 mid FICO

2.  Must be within income guidelines for the county in which the subject property is located (These tend to be significantly higher that the HUD median income limits).

3.  Subject property must be within an eligible area.

4.  Ratios cannot exceed 29/41 ( although with clean credit they will issue a ratio waiver ).

5.  If there is a Bankruptcy, it can be discharged as recently as yesterday.

If these 5 guidelines are met then the loan is guaranteed approval.  Any collections that may appear on the credit report do not have to be paid off.  The bank does have to go through regular underwriting to verify funds, value, etc. but what I like the most is it is GUARANTEED to be approved if the above 5 guidelines are met.

Click here to see if your property would qualify for one of these loans!

If you are interested in a USDA Home LOAN, Contact the NC USDA EXPERTS,  Steve and Eleanor Thorne 649-5058 Connect With Us on Facebook.

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