What Improvements Can You Make with a FHA 203K Loan For?

FHA has a great program to help with renovating a new home!  It’s called the 203K program – and if you’ve been on Craigslist, you’ve definately seen, “this property is eligable for FHA 203k loan!”
It’s a great program for making up to $35,000 of improvements to the home.  Many time, foreclosed property has what Realtors [...]

FHA 203K Loans in NC

FHA 203K loans are perfect for those of us who fall in love with a great house that has this Gosh Awful Shag Carpet!  This carpet would give you a headache!  How can you buy the house if you don’t have an extra $5000 to update that 1970’s carpet, green countertops, and linoleum?  If the property is [...]

FHA Started Because of The Great Depression…

Housing is the most important part of getting the Economy back in shape – (according to many of the guys that met for The Global Economic Summit in Davos).   Keeping that in mind, it’s important to remember how FHA and the Government Backed “Mortgage” Programs might be able to help with our housing issues, and [...]

Maximum Income Requirements USDA in Wake County NC

The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government.  So, in Wake County that’s how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in [...]

Cash Out of Home with FHA Refinance

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 [...]

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 [...]

Documents You Need 4 A Loan

A customer who is quickly becoming a friend of mine asked me recently what she needed to gather for a loan application – she’s moving to a new area (the company is relocating them) and before she packed everything up and moved into corporate housing (“Hey,” she said, “Maid Service and it’s free! Are you kidding? I’m taking every day we get in Corporate Housing!”)! Here’s my advice to her:

FHA Compensating Factors

FHA (and all government underwriting for that matter) is somewhat different from other, more automated systems of loan approval. On an FHA loan you can actually have a real person look at the loan and apply the golden rule – not just a bunch of meaningless stipulations. This is often the difference in making the dream of homeownership a reality… because not everybody has a perfect credit history, with a 20 year job, and 2.3 kids!

Step 2 Homebuying in Cary

In a previous post we explored the whole “First the Loan, then the Home.” Mentality of Home Shopping. The idea is that if you begin shopping for a $175k home because you used an online calculator and figured that’s what you could afford… but some reason you DON’T qualify for that much… you’re never going to find a [...]

The FHA Bailout Plan

Congress, and specifically the NC delegation and Rep. Barney Frank have a new plan to stop the “bleeding” for many American Families who are upside down in their homes.  This is really not so much a problem for those of us with property in the Triangle – but for folks moving here (and by my [...]

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