Looking for a FHA Mortgage? FHA Mortgage Loans require a downpayment – but FHA offers TONS of options! For instance, you might qualify for a First Time Homebuyer $8,000 Grant with FHA that money can be used to buy your house! Credit score requirements are much lower than on a Conventional Loan – and it’s PERFECT for First Time Homebuyers because it allows you to buy the home with a Non-Occupying Co-borrower (like your parents!)! It also allows for alimony and child support to count towards income, making it perfect for Single Parents.
$8000 Grant with FHA | First Time Home Buyer Qualifying Requirements| 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!
Many of the folks we are talking with right now want to purchase a home using the FHA Mortgage Loan program – and then taking the $8000 Grant from the State for your downpayment!
If you are considering a PURCHASE of a home in Cary, NC – or refinancing a FHA Mortgage in Raleigh, NC Steve and Eleanor Thorne – Connect With Us on Facebook, Inc. Cary NC, 919-649-5058 for the BEST (read cheapest!) FHA Mortgage Rates!
After receiving the grant of $8,000. in 2010, how long does one need to live in the home without paying the $8,000. back? Can I get married and rent the house? Or, when can it be sold?
Sherri – this is a question that you need to talk to NC Housing about. Your specific situation is something you need to talk to one of the Housing Counselors about.