Lots of people love living in Greensboro, NC. Greensboro is centrally located in the Central / Piedmont area of North Carolina. This region of North Carolina is known as the Triad, which includes the cities of Greensboro, High Point and Winston-Salem. It’s centrally located in the middle of the state midway between Charlotte and Raleigh and is ideally situated just a few short hours from the beach or the mountains.
Many years ago FHA was the “go to loan” for First Time Homebuyers. Now, we really see a wider group of homebuyers using the program. These loans are only reserved for Owner Occupied Properties. You can use a FHA loan to purchase a Duplex, for instance, but you will need to live in the other side. FHA does allow you to use a co-borrower to purchase a home (as long as it’s a relative) and they won’t have to live in the home with you (non-owner occupied borrower program). This works out great in situations where one person / spouse has great credit, but the other person has all of the income.
Additionally, the Seller is allowed to pay most closing costs for FHA loans in Greensboro.
Unlike the USDA home Loan program in Greensboro and High Point, the FHA loan does not have a maximum income limit. Because the USDA Eligibility Maps for Greensboro are scheduled to change on – many more people are interested in the FHA loan Program. FHA loans do come with some restrictions, including maximum Loan limits per county in NC. The maximum loan amount limits change each year, and are based upon the median sales price for the Guilford County area.
2016 FHA Loan Amount Limits for Greensboro, High Point / Guilford County, NC
- One Family Dwelling: $280,600
- Two Family Dwelling: $359,200
- Three Family Dwelling: $434,200
FHA Loan Limits are scheduled to change each year, and in 2015 we did not see the FHA loan limits for Greensboro change over the 2014 limits.
FHA PMI rates have changed multiple times in the past couple of years, and recently dipped lower! When you consider where Mortgage Interest Rates are this year – it’s you can buy a house keeping you ! (our first home had a mortgage interest rate of 13.25%!)
When we pre-qualify someone for a FHA loan, we will also check to see if you qualify for the new NC First Time Home Buyer Program. This loan through the NC Affordable Housing Program offers a 3% Grant that can be used for the Down payment, or closing costs. With changes to the program in May of 2013, it’s now available to anyone who has been renting for the last 3 years. In addition to the Grant, the NCHFA First Time Home Buyer Program benefits include additional Mortgage Tax Credits (MCC), below market mortgage interest rates and the opportunity to purchase a slightly larger home. There are no maximum loan amounts or Sales Price restrictions with this program, however minimum credit scores are 640.
2016 Maximum Income Limits for Households in Greensboro for NC First Time Home Buyer Programs
- Greensboro and High Point Household limits are $87,500 for the Advantage Grant program. The maximum income for a family of 3 or more with the MCC Mortgage Tax Credit 2013 is $67,000
VIEW ALL Underwriting Guidelines for FHA Loans in Greensboro NC
Q: Can I use a FHA loan to purchase a Condominium in Greensboro?
A: Yes. However, FHA has recently changed their Condominium approval process, making it more difficult for Associations to Qualify – especially if there are number of rental properties in the building.
Many Condo Projects in Greensboro NC that were approved prior to 2011 have not had their approvals renewed. There are specific guidelines issued and documentation that needs to be updated for the Condominium project to get approval. Until that process is complete, projects that “lost” their approval are not eligible for FHA Mortgage Loans in NC.
With the renewed interest by First Time Homebuyers to live in more “walkable” urban areas – condos in NC are very appealing. Because most condos in NC are located in more densely populated areas, they are generally not eligible for USDA Home loans, which require no money down. The NC First Time Homebuyer Program (which we offer) does allow for a 3% downpayment grant, and the 3.5% down payment required could also be a gift from a family member.
Looking for a home in the Greensboro / High Point 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 Greensboro and High Point NC!
can you get a loan with no credit?
Rey – if you have no credit card, but you have other credit then you can probably get a loan. The higher scores, right now, are ones with a credit card. You might want to look at Secured Credit Cards if you need a higher score to qualify.
I am rebuilding my credit and right now its around 550-560, I want to know where my score needs to be to get a loan
Jamie you need a score above or close to 600 to qualify for a FHA loan. If you can’t raise the money for a down payment, you will need a higher score. FHA Down Payment assistance from the State of NC requires 640. Here are some tips for raising your score, call us if you have any questions, there’s no charge, and we will be glad to run a “Scenario” on your credit profile. It will tell us specifically what will raise your scores the fastest 🙂 919 649 5058
I am looking into applying for an FHA 203k loan. I having been trying to educate myself on the ups and downs to this type of loan. From what I have learned thus far is it is most important to find the right consultant and the right bank. I am looking for someone in Alamance county to help with this process. If you could recommend someone, a good bank, and contractor along with any other pertinent information I would be most grateful.
Cheryl – in our opinion, the best resource for the contractors, etc. is going to be a seasoned Realtor who is familiar with the program. We lend in that area, and have multiple contacts in Alamance County. Just give us a call 919 649 5058
Im wanting the buy in randleman nc but the problem is i have the better credit of me and my wife but im on ssdi and she makes decent money at her job. i want to know of any info that could help us get a home.
Mr. Hemphill, we use SSDI income to qualify folks all the time – additionally, we can help your wife build her credit so you can buy a house. There’s no charge or obligation if you decide to call and talk to us about how you can go about buying a house in Randleman. We like that area, Steve’s mom lives in Asheboro. 919-649-5058
Me and my husband are paying 700 for a 3 bedroom 3 bath home 1100 square feet. We are so ready to buy a home. I’m not working and my credit is low 500’s, him on the other hand has been working for 10 years score low 600’s. How do we see if we qualify for a loan with the first time home buyers program?
You would not be included on the loan, because you re not contributing income. If he has at least a 620 credit score, he can probably qualify for a FHA Loan. If you need help with the down payment, you will need at least a 640 credit score. Typically that means that you will need either an additional credit card (we suggest going to the Bank inside the WalMart and getting a secured credit card) or paying a credit card down. You can always apply for a loan on our site, and with no obligation, or cost we will be glad to look at your credit for you.