First Time Home Buyer Purchasing Plan

Are you trying to purchase a home and take advantage of the new Tax Credit??  Well, you’re not alone, and as a First Time Home Buyer… the task is now even more overwhelming because of the number of foreclosures, short sales, and standard sales available. Each of these types of sale [...]

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!

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 [...]

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 [...]

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 [...]

Government Loan Update to Guidelines

And in the blink of an eye – while I was checking my Blackberry – there it was. More guideline changes!  Holy Cow Batman!
Many of that Nation’s Banks changed guidelines to show that FHA, VA and USDA minimum credit scores (some people call them FICO scores) are going to 620. What does this mean – since [...]

Stop Renting – Buy Now

Are you tired of having to clean up after roommates?
Then take the $8000 credit the government is giving first time home buyers – and BUY a house!
You have some great financing options (and YES we are STILL making loans to folks, and first time home buyers have the EASIEST qualifying of any group!):

FHA will allow [...]

FHA PMI update

This is an update to an earlier post reagarding FHA’s version of Mortgage Insurance (which is sometimes referred to as PMI).
As we mentioned, FHA mortgages have a one-time mortgage insurance premium, known as upfront mortgage insurance. The cost of this insurance has bounced around alot this year – and is NOW 1.75% of the loan.
This [...]

Fannie Freddie Change and FHA/VA Loans

The Paulson announced takeover of Government Sponsored Mortgage Giants Fannie Mae (FNMA) and Freddie Mac (FHLMC) created a welcome stability and confidence in both the mortgage market and the money markets as a whole.   The key need was for foreign governments and hedge funds to begin purchasing mortgages again – something that had all but stopped in recent [...]

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