FHA Loans Greenville NC

Many people who are just plain tired of renting a home near ECU are looking for a way to take advantage of the historic low mortgage and they are trying to get the lowest price on a home.  If you don’t have a job yet, that might seem impossible – but the FHA Loan program offers the option of having someone buy a home with you that doesn’t have to live in the house.  It’s not considered Investment property, which requires a much larger down payment – you will need to be on the mortgage and you will need to live in the home. 

Instead of renting a dorm, many Greenville NC parents put the student on the mortgage loan and purchase a house, splitting the rent with others!  We also use this program for 55+ adults who having aging parents who can not, for whatever reason, qualify to purchase a home – and the child helps the parent qualify for a mortgage loan.

FHA Loans are not just for First Time Home Buyers – but they are only reserved for Owner Occupied Properties, and they come with some restrictions, including maximum income limits per county in NC. Below find specific information regarding FHA loans and First Time Home Buyer Programs available in Greenville, NC

2018 FHA Loan Limit for Greenville  NC | Pitt County, NC

• One Family Dwelling:  $294,515
• Two Family Dwelling:  $377,075
• Three Family Dwelling:  $455,800

If you are interested in purchasing a Quadraplex in the Greenville metro area, please call us for more details.  While this is a great investment strategy for some, there are many details that we will need to go over with you.

FHA Loan Limits for most of North Carolina were increased in 2018.  The list of communities that saw the lower FHA loan limits for 20185 did NOT include Pitt County and Greenville NC.

Keep in mind that mortgage interest rates are expected to continue to go up in 2018, and with that, housing prices in Greenville NC are expected to go up too – so don’t wait!

Remember that FHA Loans for Condos and some Townhouse complexes will require FHA Condo Approvals.  This process looks at the relationship between homes with high Investment Property – and predominately Student “lived in” Greenville NC Communities might not be approved by FHA (the term is non-warrantable)

FHA takes a pretty harsh view of Student loans, and if the loans are still in deferment, they count 1% of the balance as a payment. They don’t count cell phone bills, insurance or child care.  Minimum credit scores for the program are from 600 to 660.  It really depends on many factors, including payment shock, reserves on hand after closing.  The higher the score, the better the interest we can offer you.

The down payment required for a FHA Loan is 3.5%.  This money can come from a gift or a “grant” from the NC Affordable Housing Program.  The NC First Time Home Buyer Program is available for folks who live in NC and have been renting for the past 3 years.  The NCHFA programs work as an “add on” to the FHA loan, and can benefit you with, mortgage tax credits and a 3% forgivable loan (with no payments required!) that you can use for the down payment or closing costs.  There’s no maximum Sales Price for those applying for the “NC First Time Home Buyer’s Program” in Greenville NC.

A Quick Note

We refer to these programs as “mortgage grants” because there are no payments to be made, there is no interest charge, and there’s no expectation that you will have to repay ANY of the money you receive for down payment, unless you move out of the property or refinance prior to the dates assigned by your specific down payment assistance program.

The literal term for this down payment assistance program is a “forgivable loan.” Under the terms of the program that best suits you, a portion of this down payment assistance will be forgiven on a schedule that we will share with you when you make loan application. These funds are available to us through NC Housing (NCHFA) and are available through other lenders in the state as well. The interest rates for these programs, however, will not vary from lender to lender as that is set by NC Housing.

• 2018 NCHFA Income Limits for Pitt County and Greenville NC
  • $87,500 is the maximum income for the Applicant – and is NOT a household income threshold.
  • MCC Income Limit For A Family of less than 3 is $64,000, and  for households with 3 or more people the limit is $73,000

Q: Do I have to use one of FHA’s Preferred Real Estate Specialists in Greenville?

A:  You are not required to work with a Preferred Real Estate Specialists to buy a home with FHA financing in Greenville, NC. You may work with any Real Estate agent you choose.  We do work with TOP real estate agents in the Greenville area, and offering you the option of working with someone we already know is just another way that we help you become a homeowner.

The one “downer” about the FHA loan is that the FHA PMI rates have gotten pretty pricy – but it might be the only way you can buy a home – so let us help you calculate your total payment before you get too hung on that 🙂

Looking for a home in the Greenville, NC area?  Call Steve and Eleanor Thorne 919 649 5058.  We do TONS of FHA loans in NC and we’d love to help you!  We also have Today’s Best Mortgage Rates in Greenville, NC!