FHA Mortgage Loan guidelines have not changed substantially during 2011. The FHA Loan only requires a 3.5% down payment, which is much less money than you will need for the traditional Conventional Loan. Unlike a Conventional Loan, the 3.5% DOWN PAYMENT on a FHA Loan can be a gift.
Credit Score requirements for a FHA loan are also much lower than those you need for a Conventional Loan. For most Conventional Loan programs, you will need at least 5%.
FHA Loans do have restrictions on loan amounts, and the maximum they will lend is based upon the County you want to buy a house in. The County loan limits generally change on October 1st of each year – when the Federal Budget is approved.
FHA Loan will allow for FHA Non Owner Occupied Co-Borrowers, making it easier for those just graduating from college to qualify under the FHA Underwriting Guidelines for NC 2011. You can also use the MCC program from NCHFA to qualify for a FHA loan, the Mortgage Tax Credit is something not offered by most Banks in NC. It can give you up to a $162 a month in extra qualifying power.
The FHA Loan might help you buy a house in Raleigh – call Steve and Eleanor Thorne 
919 649 5058 – we have the best rates and we’d love to help you buy your First Home in NC!
I try and answer all questions :)