Here are qualifying requirements for an FHA Mortgage Loan:

• You can have a Co-Signor on a FHA loan.
• You need to wait at least 2 consecutive years following a bankruptcy.
• Any history of foreclosure must be at least 3 years old
• You must have had a stable income for at least 12 months and proof that you have paid all your bills.
• You must be able to make a 3.5% down payment, which is considerably lower than conventional loans.
• The Downpayment can be a GIFT!
• There are also eligibility requirements for the home. Properties that are eligible for a FHA loan include: single-family homes, 2-4 unit properties, condominiums, double-wide manufactured homes and modular homes. Ineligible homes include (but are not limited to) co-ops, boarding houses, commercial properties, hotels, and private clubs. A home is also ineligible if the seller acquired the house within the past 90 days. For any property over 10 acres, the loan will be based on the price of the house and the first 10 acres only. Additionally, the property must be used as a primary place of residence.
• You can count Part Time Income for a FHA Loan
• You need a credit score of at least 620 to get our best priced FHA Loans… lower scores might qualify- call us for details!

If you are considering a PURCHASE of a home in Cary, NC – or refinancing a FHA Mortgage in Raleigh, NC Steve and Eleanor Thorne – First Financial Services, Inc. Cary NC, 919-649-5058 for the BEST (read cheapest!) FHA Mortgage Rates!

1 to 4 person family $86,100
5 person or higher, the limit is $93,000

If you like the idea of using a USDA Home Loan to purchase a home in Wake County, and you meet the income requirements… then you also need to consider the property location.  If you are considering a property in Apex, look at this map.  If you are looking in Holly Springs, look at this line along Ten Ten – and if you are thinking about Wake Forest, check out the map here.  If you have a specific address you want to check and see if it qualifies, you can always click here!

Remember, USDA Home Loans are 100% loans with no PMI! The Wall Street Journal says, “Created in 1991 as a way to boost homeownership in rural areas, the program is being tapped by home buyers in overbuilt exurbs who are attracted to the no-money-down terms.”  (Click Here to see their interview with our client!)

For questions about purchasing a home using USDA – please call Steve and Eleanor Thorne at First Financial Services, 919-649-5058. We’re EXCITED!  It’s truly a great time to purchase a home in the Triangle!