First Time Home Buyer Tips!

If you are a First Time Home Buyer, the government recently initiated a program that could help you!

First Time Home Buyers have many loan program options.  If you, or your spouse, are a Veteran then you qualify for a 100% VA Home Loan!

VA Mortgage Loan Basic Guidelines:

• No restriction about where the property is located
• No income restriction
• Maximum loan with no downpayment is $417,000
• Seller can pay closing costs
• Total Debt should not exceed 43% of Gross monthly income

USDA Rural Development also offers Mortgage Home Loan Programs with no money down!

• Restricted to more rural areas – but all counties in NC have qualifying properties! Click here to see if your property is eligible!
• Income Restrictions based upon how many people live in your home, click here to see if you meet those requirements! These income restrictions vary by COUNTY.
• You can not currently own a property in the Geographic Area you are purchasing (unless it is in adequate), and if you have a previous home rented, you must show evidence that you are reasonably receiving income from that property (it’s a little complicated)
• The Seller can help with closing costs, and you can receive a gift – but you can not have liquid assets equal to more than 20% of the sales price.
• No swimming pools. (LOL!)

FHA Mortgage Home Loans are another great alternative for first time home buyers!

• Maximum Loan Amount restrictions based upon the county the property is located.  To find out the limit for homes in the NC County you are interested in, please click here!
• No Maximum Income Requirements!
• Swimming Pools are Okay!
  
• Down Payment of 3.5% can be a gift!
• Allow non-occupying co-borrower!
• If you have a bankruptcy or foreclosure in your past you might still qualify! (you MUST have re-established your credit, and have at least 3 current tradelines with AT LEAST 12 months of clean credit)

Meet with a loan officer, find out if you need to work on your credit NOW, because in general, credit score guidelines are getting tighter!

If you are considering a home purchase, please call Steve and Eleanor Thorne, Connect With Us on Facebook, Inc 919.649.5058 for specific details regarding your situation!