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!