FHA Has Problems According to CBS Report

This news report last night on CBS about FHA was interesting!
FHA / HUD does not make loans, they only insure them. It’s one of the BEST programs available to first time home buyers!  Yes, there are people who are defaulting on loans… at a rate of around 9%… But that’s roughly what Un-employment is right [...]

5 Things First Time Home Buyers Should Know!

So 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:

When you buy a House – you get a Raise!  Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the [...]

What Exactly Are Closing Cost?

The Federal Reserve Board refers to them as “Settlement Fees.” They are, in fact the fees you pay to the various agencies and service providers who work to get the title of the home transferred into your name.

Veterans get a Tax Credit Extension, what about the rest of us??

On October 11, 2009 the Congress agreed to extend the $8000 Tax Credit for First Time Homebuyers for any Veteran who served at least 3 months of “Qualified Overseas Duty” in 2009 for another 12 months!

FHA Qualifying with Rental Income

If you relocate to a new area, and rent your existing home, you can use FHA (which requires a 3.5% downpayment) to purchase your new home… however, there were some changes made last year to the guidelines, and you will likely be required to qualify for your new home with your ENTIRE mortgage payment from your “old home” too!

FHA Qualifying Requirements

Many of the folks we are talking with right now want to purchase a home using the FHA Mortgage Loan program – and then taking the $8000 Tax Credit (you can get that back NOW, like in 12 weeks, by amending THIS YEAR’s TAX RETURN!) to “pay yourself back” for the downpayment!
Here are qualifying requirements for [...]

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker’s Association in Washington, DC, the applications for “Government” backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house – you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower [...]

USDA Appraisal Requirement Change July 1, 2009

Beginning July 1, 2009 USDA is requiring the updated Freddie Mac/ Fannie Mae appraisal in their packages.  As with any change, there are some potential drawbacks.
USDA home loans are made in genearlly rural areas.  The new Freddie/Fannie appraisal is designed specifically to identify for the underwriter any recent changes (read DECLINING changes) identified in a particular [...]

First Time Home Buyers Get $8000 in NC

With the new programs adopted by the Government, there’s a great “gift” for First Time Homebuyers!
It’s a G-I-F-T from the Government, and unlike the $7500 credit given out in 2008, you do NOT have to pay it back, as long as you are actually going to live there for 3 years!
This makes getting a [...]

FAQ RE: Obama Loan Modification Program

The Obama Administration announced plans to allow for special considerations in cases for folks who are currently behind on their mortgages, and headed into foreclosure.  Those guidelines apply only to mortgages that are currently held by Fannie Mae or Freddie Mac – but could impact a significant number of people in NC.
Here’s a list of [...]

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