Raleigh Fha Loans | NC FHA Expert

FHA Short Seller + FHA Buyer = Restrictions

January 28, 2011 By Eleanor Leave a Comment

FHA has specific rules when it comes to purchasing a home that is in Pre-Foreclosure with a FHA mortgage on it. FHA doesn’t make mortgage loans, they Insure them – and so as the Insuring Agency (kinda’ like a PMI company) they get to set the rules! In those Pre-Foreclosure, Short Sale transactions, they set out what fees CAN be included from the Seller, and which fees can not.

Pre Foreclosure Seller Fees per FHA

The process for purchasing a FHA Short Sale is similar to other short sale situations in that the HUD-1 must have prior approval.

The item people need to realize, though, is that if the buyer is obtaining a FHA mortgage, the Seller can only pay up to 1% of the Buyer’s First Mortgage Amount.

We don’t have that many of these cases in the Raleigh, Holly Springs, Cary, Apex area – but when we do, the buyer needs to remember that they will probably need a little more cash upfront for the purchase.

If you are considering a mortgage loan in North Carolina, and you want more details on FHA Mortgage Loan Guidelines – please call Steve and Eleanor Thorne, FHA Mortgage Loan Specialists! We have over 20 years of experience providing homebuyers with the BEST mortgage rates available!

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No Credit? Think FHA!

March 19, 2008 By Eleanor 9 Comments

fha loans cary nc Students are studying their way through college – not building credit…

Once you have a job, and you want to purchase a house, how do you create credit?

FHA allows mortgage lenders to accept loans from those who do not have a credit score. We are required to “build credit.” This means that we need to verify alternative credit that you’ve paid. We will need at least 4 alternative sources – and they can include:

Rent (keep your cancelled checks!)
Insurance
Cable
Telephone / mobile bill
Electric Bills

For this reason – you want to have the leases in your name – or make the payments for your portion of the bills directly to the utility company. Start now keeping records – you’ll need at least 12 full months of credit history – even from an alternative source!

Contact the FHA Experts to get pre-qualified for a mortgage in Cary, Steve and Eleanor Thorne, 919-649-5058

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Wannabe A Homeowner

March 18, 2008 By Eleanor 3 Comments

A friend recently wrote: “And then there are the rest….those wannabe first time home buyers, those renters who are yearning for homeownership but are uncertain that they can attain a dream they consider to be impossible. Then take into account all the news surrounding subprime mortgages and mortgage programs going by the wayside. And if you are a renter, or a young Gen Y’er looking to break into the homeownership market, do you really understand what an increase in FHA limits means? Will that truly help your personal experience?” renter

Well, the increase in FHA limits truly means that more people than ever can obtain a home with little money down (and they allow gifts). Income must be verified, your credit needs to be in pretty good shape for the last 12 months, but other than that – you’re golden.

Now more than ever the programs are available for people who WANT to purchase – despite what the TV might be telling you!

Call Steve and Eleanor Thorne, RCBNA for information on Government Loans! 919-649-5058 – connect with us on Facebook at NC Mortgage Experts

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Filed Under: First Time Home Buyer Tagged With: fha home loans cary, fha loans cary, fha mortgage loans, first time home buyer, first time home buyers cary, first time homebuyers, mortgage, mortgage rates cary, mortgages, mortgages apex, raleigh fha loans

FHA Raises Loan Limits

March 7, 2008 By Eleanor Leave a Comment

fha loans cary FHA just made buying a home in Cary (and the rest of the RTP) easier!

Let’s face it – not that many people have 10 to 30% to put down on a new home… FHA only requires 3.5% and they allow THAT to be a GIFT!

BEST OF ALL… FHA announced this week that they are increasing their allowable loan limits across the country! FHA limit for Wake County is $295,000. To find out about loan limits for surrounding areas check out: FHA loan limits for Wake County, Durham County, Johnston County, Franklin County, Harnett County and Orange County.

FHA loans allow for gifts for downpayments, easier credit scoring requirements – and they will work with people who have part time jobs.

If you are in the market for a FHA mortgage in the Research Triangle, trust Steve and Eleanor Thorne at Connect With Us on Facebook. We have over 20 years of experience helping first time homebuyers make the best move! Call us to get prequalified! 919-649-5058