No Down Payment | NC FHA Expert

One Borrower Has Income One Borrower Has Credit Score

August 18, 2010 by Eleanor 1 Comment

When one borrower has most of the income… the other borrower has good credit scores… there ARE options for purchasing a home. Look at the question we had yesterday:

“We want to purchase a home, and I want to know if we can get it. My husband currently has a mid credit score of 538, and mine is 678. He makes about 52,000 and I make 25,000. I’m still in graduate school full time. We saved $4,000 for closing cost so far. We want the house by the end of October 2010 Can we get a loan?”

Option 1:

Purchase a home using FHA, and have a non-owner occupied co-borrower on the loan with the borrower who has good credit scores. If you know that you can make the payments on your own, then having a parent, or other family member, on the loan will not be a burden to them. After you’ve made 12 months of payments (and by all account mortgage interest rates will still be low a year from now) you can refinance the loan and take the family member(s) off. [Read more...]

100% Mortgage Loans in Chapel Hill?

January 26, 2009 by Eleanor Leave a Comment

I was very surprised by just how much of Orange County, NC qualifies for USDA Mortage Loans! Pleasantly Surprised!

Granted, downtown Carrboro and Chapel Hill do not qualify – but MOST of the county does! To find out if your specific property qualifies, click here!

USDA Home Loans in OC, North Carolina

The parts in the “shaded” areas do not qualify for USDA loans, however, all of the rest does! The maximum income amounts for Orange County are lower than Wake County!

1- 4 people in household maximum income is $82,000
5 or more people in the household maximum income is $88,550

If you have questions about qualifying for a USDA Home Loan in Orange County, NC - please call Steve and Eleanor Thorne, Corporate Investors Mortgage Group, 919-649-5058!

Filed Under: USDA Home Loans Tagged With: chapel hill, downpayment, first time home buyers, mortgages, nc, no down payment, usda, usda home loan, usda home loans, USDA Mortgage Loans

Fix Up A Foreclosed Property – $100 Downpayment?

December 11, 2008 by Eleanor 1 Comment

I wrote recently (click here) that we could not do $100 downpayment with the 203k loan program… well, now I have a lender who claims he can do it.

HUD has long had a program that encourages folks who want to purchase a HUD Foreclosure, allowing them to purchase the property with $100 downpayment. Problem is, non of the lenders wanted to offer the program.

In addition, if you COULD find a lender who would take the $100 downpayment program, you couldn’t find anyone who would ALSO lend you the money on a 203k program so that you could fix the house up!

I’ve heard of houses where the homeowner was so sad, or mad, or crazy that they tore out the heating and air conditioner units, took out all of the appliances (which I can understand that) AND THEN poured motor oil all over the carpets?? No why would you do that???

Anyway, if you are considering a purchase of one of these homes, you would need at least 3.5% out of your pocket… up until this “new guy” says (swears!) his company will do them! I hate being the first guy in my office to try a new program – but we need to get these houses off the market…

Sooooo, if you’re considering a purchase, and you want to buy a foreclosed property – give me a call. I might have just the program for you!