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 Downpayment Going to 5% ??

US Congressman Scott Garrett (R-NJ) introduced the “FHA Taxpayer Protection Act of 2009. In his bill, borrowers would be required to make a 5% downpayment on FHA loans, as opposed to the 3.5% downpayment in the current guidelines.

Basics to Qualifying for a FHA Mortgage Loan

FHA mortgage loans offers some of the most flexible financing available for today’s home buyers!  With FHA, you can purchase a property that’s located almost anywhere, (unlike USDA that has a “footprint” of where you can purchase) and you don’t have to be a Veteran (a requirement for VA home loans ).  AND you can use [...]

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 [...]

Maximum Income Requirements USDA in Wake County NC

The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government.  So, in Wake County that’s how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in [...]

USDA No Money Down Mortgage

We’ve helped many customers buy homes with an old program offered through the USDA… not farms… HOMES.
The Rurual Economic Development Fund is what it use to be called, now it’s just a part of the USDA, and the goal is to provide mortgages, and incentives for folks to purchase homes in less “densly” populated areas!
So, [...]

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 [...]

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 [...]

Looking for a Home – When Do I Apply?

This is a question that was posted recently on Trulia Voices…
“Looking for a Home in the Triangle.  I think I’ll be ready to purchase in March of 2009.  When should I apply for a mortgage???”
People who are considering a move to the Triangle need to plan for their home purchase.  If you will be in [...]

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