Folks who love golf, certainly love Pinehurst North Carolina. The famous Pinehurst resort, and golf course draw millions to the State for this sport. Many home buyers consider the FHA Home Loan in Pinehurst as the best option for financing their new home.
Horse lovers, also love the beautiful NC “Sandhills” community – and because it’s also ideally situated near Raleigh and Fayetteville, we find that first time home buyers and retirees are both drawn to the community.
FHA Loans are not just for First Time Home Buyers. While you do need to owner occupy the property, they offer both fixed and adjustable rate mortgages, with loan limits that vary based upon the county you want to buy a house in. Because FHA home loans in Pinehurst North Carolina are insured against default by the Federal Government – they offer some of the best mortgage interest rates available.
Additionally, the FHA Home Loan in Pinehurst only requires that you wait two full years after a short sale to purchase a home again! The USDA Home Loan program, as a means of comparison – requires a 3 year waiting period after a short sale, and Conventional loans even longer!
FHA Home Loan in Pinehurst, NC
2016 FHA Home Loan Limit for Pinehurst /28374 Zip Code Loan Limits for Moore County, NC
- One Family Dwelling: $271,050
- Two Family Dwelling: $347,000
- Three Family Dwelling: $419,415
FHA Loan Limits change each year. The maximum FHA Loan Limit for many North Carolina Counties will be lower in 2014 – however, Moore County and Pinehurst should not be affected by this FHA Loan Limit change.
FHA Home Loans are for owner occupied properties, so if you purchase a triplex, or quadraplex (for instance) you will be required to live in one of the units. In general, you can count on qualifying with approximately 75% of the rental income used by the Underwriter. The same down payment requirements as a single family home in Pinehurst. The FHA home loan in Pinehurst requires only a 3.5% down payment.
First Time Home Buyer Programs for Pinehurst NC
There are no maximum household Income limits for a FHA home loan in Pinehurst NC, unless you are applying for the NCHFA First Time Home Buyer Program. The NC MCC First Time Home Buyer Program is for folks who are residents of NC and have not owned a home as a primary residence during the past 3 years. It give you a tax credit equal to 30% of the annual interest you pay on your mortgage each year, with a cap of $2000. For new homes, there’s an additional benefit. Not all lenders in North Carolina offer the Mortgage Tax Credit program, we do.
- Income Limits for Moore County (how to calculate income)
- 1 to 2 people in Household $57,500
- 3+ people in Household $66,000
- Maximum Sales Price for First Time Home Buyer Program in Pinehurst (new or existing homes) $225,000
- Minimum Credit Score Requirements 640
- Down payment Assistance is available with a 3% grant that is forgivable over time and has no interest charged.
- Mortgage Credit Certificate is available for Pinehurst, NC with 3+ persons with an income limit of $69,000.
Q: Can I get a parent, or other family member to co-sign on a FHA Home Loan if they are not going to live in my home?
A: Yes, FHA home loans in Pinehurst allow for non-occupying co-borrowers. The program works well for children who want to help a retiring parent live in a little nicer home, and it can also work for parents who want to help a child buy a house in Pinehurst. The Co-Borrower does not offset someone’s bad credit history – but we’ve had several situations where one person had great income but rough credit scores, and the spouse has great credit history but little income. The FHA Home Loan program is a perfect solution in Pinehurst for any of these unique situations.
Q: Do I have to use one of FHA’s Preferred Real Estate Specialists in Pinehurst?
A: You are not required to work with a Preferred Real Estate Specialists to buy a home with FHA financing in Pinehurst. You may work with any Real Estate agent you choose. We do work with TOP real estate agents in the Pinehurst / Moore County area, and offering you the option of working with someone we already know is just another way that we help you become a homeowner.
Q: Can the 3.5% downpayment be a Gift or can I get a Grant?
A: Yes! You can get a gift for the FHA Down payment in Pinehurst, you can also get a Grant as a First Time Home buyer or a Move Up Home buyer (who has owned a home in the past 3 years) from the State. Additionally, the Seller is allowed to pay most closing costs for FHA home loans in Pinehurst.
Looking for a FHA home loan in Pinehurst / Moore County 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 Pinehurst NC!