Kiddie Condos | NC FHA Expert

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 gift from a family member. They also allow the parent, or family member, to go on the loan to help with qualifying!

The program can also be used to help an elderly parent who might have a limited income live an independant life style!

FHA Mortgage Loans also offer flexability when it comes to new credit - meaning if you have not been in the work force for YEARS, you might not have a very high score – not because you’ve missed a payment, simply because you don’t have a really long credit history!

Borrowers who work second jobs, also find FHA is quicker to accept income from that second job – meaning sometimes only 18 or 20 months of second job income history is required!

We’ve closed over a THOUSAND FHA mortgage loans in our history as Loan Officers! It’s a GREAT program, with HUGE benefits! Call Steve and Eleanor Thorne 919-649-5058 to get pre-qualified today!

Let FHA Help You Relocate!

FHA allows folks to only have one FHA mortgage at a time, unless… you meet one of these 4 exceptions.

1. Relocations: FHA says that “if the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence.”
The employment can be voluntary, meaning that your employer does not need to mandate the relocation for you to qualify for this exception.

2. If your Family Size Increases!: FHA says you can get another FHA loan (without paying the first one off) “if the number of legal dependents increases to the point that the present house no longer meets the family’s needs.” A new appraisal will need to be ordered and the existing FHA mortgage must be below 70% of the appraised value.

3. Vacating a Jointly-Owned Property: If you are getting a divorce (for instance) and your spouse will continue to occupy the existing property that has an FHA mortgage on it – FHA says you can get another FHA loan. Because of their common sense underwriting guidelines, this could be a big boost in a difficult situation! K

4. “Kiddie Condos”: Kiddie Condos are not just for children, and they are not limited to Condominiums – it’s just a term commonly used in the mortgage industry to describe a Non-Occupying Co-Borrower. FHA says, “a non-occupying co-borrower on proeprty being purchased with an FHA-insured mortgage as a prncipal residence by other family members, may have a joint interest in that property as well as in a principal residence of their own with a FHA-insured mortgage).

FHA prohibits investor loans of any kind – and these exceptions should not be used to aquire rental property.

If you have questions about FHA loans contact Steve and Eleanor Thorne with Corporate Investors Mortgage Group! Call us at 919-649-5058