Cash Out of Home with FHA Refinance

January 5, 2009 by Leave a Comment

Do You Have Cash in Your Home?Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?

Well, it’s pretty funny… because everyone has a difference perspective!

If you believe you have some equity in your home, and you would like to take cash out, FHA might be your best bet! Not on a home like the one above (of course), the maximum FHA loan in Wake County is now $271,050… but FHA now allows you to cash out up to 95% of the value of the home!

FHA allows you to use this money for investments, to take a vacation, pay off bills, home improvements… almost anything you need!  Some folks think rates will be at 4.5%!  To find out how to get your 4.5% mortgage - click here!

Call us for details, and the current interest rates! Steve and Eleanor Thorne, Corporate Investors Mortgage Group, 919-649-5058.

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Are You A Waitress? Wanna Buy a House!?

January 5, 2009 by Leave a Comment

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 used a FHA 203K loan for her – which can be complicated – but it’s a GREAT program!

WOW! If you want to purchase, don’t let anything stand in your way!  Give me a call!

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USDA No Money Down Mortgage

December 16, 2008 by 4 Comments

Not For FarmsWe’ve helped many customers buy homes with an old program offered through the USDA… not farms… HOMES.

The Rurual Economic Development Fund is what it use to be called, now it’s just a part of the USDA, and the goal is to provide mortgages, and incentives for folks to purchase homes in less “densly” populated areas!

So, in Wake County, NC that would be the areas in Apex, Holly Springs and Wake Forest (click the links for maps).  All of Fuquay and Garner qualify for a NO MONEY DOWN, USDA mortgage… parts of Durham qualify (look at the areas around Briar Creek!) and all of Johnston County qualifies.

Again, it’s a NO MONEY DOWN loan, with NO PMI!  One of our customers was just quoted in the WSJ about this program!  He said, “I couldn’t believe it until I got to closing!”  He only paid $1200 out of pocket to get into a very nice $228,000 home!

If you want more information about qualifying for a USDA home loan, please click here!  Remember!  If you are a first time homebuyer, or you have not owned a home in the last three years, you might qualify for a $7500 Tax Credit!

PS!  The program is running out of money.  Please click here for details!

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Qualify for VA Mortgage Loan

October 13, 2008 by 12 Comments

There’s the WHITE HOUSE, and then there’s that white house, with the picket fence and the dog out back, and a couple of shade trees where you can string up a hammock.

If you’ve been in the Armed Services, and you’re looking for that special house – you have a TON of things working to your advantage!

  • You are eligable for a 100% loan with NO monthly PMI! The mortgage insurance companies have taken a beating with all of the foreclosures – and monthly PMI is running ridiculously high right now! (over $200 a month!)
  • Did I mention it’s a 100% loan??? We are in a RARE appreciating market here in the Triangle – and if you are planning on staying in your home for 3 or 4 years, you could be in a GREAT position to build some equity!
  • Interest Rates are STILL at their LOWEST point! Which makes homeownership more affordable than ever!
  • There are a TON of homes for sale- meaning you will probably get a very good “deal” on a home!!

Okay – to qualify for this mortgage loan here’s what you need!

You need decent credit. VA minimum credit score is unpublished. This means that you are either “accepted” through the computerized underwriting system – or you’re not.  Most of the approvals we are getting make us believe that you need a score of AT LEAST 580 on each of the three bureaus. At the very lesat, the VA wants you to have 12 months of “clean credit.” If you don’t have that, or you have questions about how to increase your credit scores yourself – click here. (you do not need to pay someone!)

You need a job (or a source of income lasting at least 4 more years).  Not just a job – but one we can verify the income on.  If you are a fireman, and a painter – and you make decent income working as a painter, but don’t report all of that income to Uncle Sam – I can’t use all of that income to qualify you.  It’s as simple as that.

If you are going to purchase a home with another person who is NOT a Veteran, you must be MARRIED. For more information on Co-Signors for VA mortgage loans, click here.

Your total debt is calculated a little differently for a VA mortgage loan.  To calculate the MOST you can qualify for… add up the Principal, Interest Taxes and Insurance.  ADD to that the “average” monthly Utility cost, any revolving debt you have with more than 3 months left to pay, any installment debt with more than 3 or 4 months left, and any child care expenses.  That TOTAL NUMBER should not be more than 41% of you GROSS (before taxes) income on a monthly basis.

Example: PITI is $1020.  Heating Bill will average $120.  Credit Cards are paid in full each month, so zero.  Car payment is $375, no children.  Total monthly bills $1515.00.  Your monthly BEFORE TAX income is $4000.  You take $1515, divide that by $4000 and it’s 37.9.  This number is well below the target number of 41, so you’re GOLDEN!

If you are a Veteran considering a home purchase in North Carolina – please call us!  Steve and Eleanor Thorne, 919-649-5058

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