Home Loans Cary | NC FHA Expert

Saving for a Home

September 29, 2008 By Eleanor 1 Comment

If you do not qualify for a USDA Home Loan in NC, there are other options! Are you a Veteran? Those loans are 100% loans too!

NO? Well, don’t worry! FHA allows you to purchase and get a GIFT from your family and friends! That’s right! You could get a gift for the downpayment, and have the lender and the seller pay the other costs.

If you are getting married, they will accept a registry that shows the person’s name, and the amount of the gift! So Uncle Barry could give you $25, Aunt Mary could give you $100, and so on – as long as you have the Bridal Registry! If you need a registry for your guests, call us at 919-649-5058.

Don’t have a wedding coming up? Well, you can still get a gift, or a series of gifts. You could also do what a friends did (I’m not recommending this)… they borrowed the money on their credit card, put it in the bank… and left it there for 90 days prior to writing a contract! That’s right, the money needs to be in your bank for 90 days before we verify your funds.

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Filed Under: First Time Home Buyer, USDA Home Loans, VA Mortgage Loans Tagged With: FHA LOANS, home loans cary, no downpayment, usda, VA Mortgage Loans

150 Moving Parts to Credit Score

May 6, 2008 By Eleanor 2 Comments

Your credit score has upwards of 150 different components. It is a mathematical model and though it is considered a “black box,” with few of the actual details made public, we do know the most common elements:

Length of time at your current residence and whether you rent or own. Because of this, often times we list the “permanent” residence for students as their parents’ home for the entire term of their “school” experience.
The length of time at your current job and the type of job you hold. This is why deleting old, outdated or inaccurate information about this might be to your advantage.
How much debt you currently have and what KINDS of debt you have. For this reason we spend an enormous amount of time with folks reflecting on WHICH credit cards should be paid down, or paid off. We’ve seen $300 paid to a Best Buy Credit Card improve someone’s score by 50 points. That $300 paid on a Bank of America account would not make near that difference. In addition, if your only open credit is your mortgage – you will not have as good a score.

If you have questions about increasing your credit score so that you can qualify for a mortgage loan, call Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058.

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Filed Under: credit Tagged With: fha loans raleigh, home loans cary

Slow Credit and FHA

March 7, 2008 By Eleanor Leave a Comment

first time homebuyer cary It takes a certain amount of courage to purchase your new home… I take that back. The actual BUYING and picking out a home is a BLAST – it’s that first time sitting in the lobby waiting for the loan officer – or that first phone call with the guy that holds your future in his calculator… especially if you’ve had some credit Boo-Boos! that can be kinda’ shaky!

If you call us, we are probably going to talk to you about an FHA loan. The FHA Loan program was designed for first time home buyers, and since very few of us had a manual on how to handle credit when we were growing up - FHA Guidelines regarding credit are fairly… “understanding.”

Even if you’ve had a bankruptcy, it’s fairly easy to qualify for a FHA loan once you’ve been dismissed. Part of the reason for this is that the government is backing these loans – so they are not risky sub-prime loans, and they require little downpayment (3.5%!)!

If you’ve had some credit issues, but your credit scores are over 580 – you will likely qualify! Call Steve and Eleanor Thorne at Connect With Us on Facebook today to get more information! 919-649-5058