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 Appraisal NC Changes Effective1/1/2010

FHA Announced this week that it will make some “proceedural” changes to the appraisal process at the beginning of the year.

FHA Streamline FHA Maximum Loan Amount details…

The DEVIL is in the details! 
On an FHA Streamline Refinance (we’re doing a ton of these right now!) we found some new (to us) information:
Note: Headquarter Decision allows Streamline Transactions at the 2008 Economic Stimulus Loan Limits for streamline refinances without an appraisal. FHA will permit loans originated under the 2008 loan limits to be [...]

FHA Started Because of The Great Depression…

Housing is the most important part of getting the Economy back in shape – (according to many of the guys that met for The Global Economic Summit in Davos).   Keeping that in mind, it’s important to remember how FHA and the Government Backed “Mortgage” Programs might be able to help with our housing issues, and [...]

Cash Out of Home with FHA Refinance

Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?
Well, it’s pretty funny… because everyone has a difference perspective!
If you believe you have some equity in your home, and you would like to take cash out, FHA might [...]

Fix Up A Foreclosed Property – $100 Downpayment?

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, [...]

FHA Loan Limits Change 1/1/09

According to the Mortgagee Letter Published this week, HUD is changing the Maximum Loan Limit for Wake, Johnston, Franklin and Harnett Counties.  The change is based upon our average sales price, which has dropped a bit per National Association of Realtors, on Page 48 of their 88 page report – the Triangle will be in [...]

What is a 2-1 Buydown?

Many lenders are shouting about “Fixed Rate Mortgages starting at 4.5%”
I’ve even gotten calls from Real Estate Agents asking how they are doing this! Some of these offers are NOT good deals.  For more information about MISLEADING Ads involving this program click here.
However, in the right situation, it’s a good loan.  So let’s do some [...]

One Works at Bragg – One in Wake County!

We are working with a couple looking for property that will allow the Veteran to commute to Fort Bragg (in Fayetteville, NC) and the spouse to work in Apex, NC (Wake County).
Since we’ve been making mortgage loans for many years in the Triangle, this is not the first couple we’ve met who decide to purchase [...]

Who Qualifies for VA Mortgage Loans

The VA,  has offered 100% mortgage loan financing to Veterans for many years.  It is one of the best benefits a Soldier has. If you are serving in time of War, the length of time in the service, before you are you are eligible for VA home loan is much shorter.
Because there are varying rules [...]

Next Page »