FHA loan limits in 2017 are now $300,150 in Wake County!!
Does that mean every loan officer in North Carolina can help you with a FHA loan? No.
FHA loans are only offered through a Mortgage Banker or broker approved to do business through the FHA. Because of the audits, and additional costly quality controls required to have your FHA designation, many brokers have not gone through the process to be approved for FHA Mortgage Raleigh NC. Those who primarily did sub-prime loans in the last 10 years – certainly have not done an FHA loan, and it’s important to understand what experience level your loan officer and their staff have with this program.
It’s not that FHA loans are so complicated – but they are wildly different from the way you process, and calculate credit and debt from other mortgage loan programs. Things that just will not work with a traditional Conventional Loan with more than 5% down, might work very easily with FHA Home Loans that only require 3.5% down Payment!
Those same Banks and Mortgage Companies that don’t offer FHA loans, also do not offer ALL of the NC First Time Home Buyer Loans that our bank offers in NC. The First Time Home Buyer Loans NC include Mortgage Tax Credits (MCC) and Grants for Down Payment.**
**A Quick Note
We refer to these programs as “mortgage grants” because there are no payments to be made, there is no interest charge, and there’s no expectation that you will have to repay ANY of the money you receive for down payment, unless you move out of the property or refinance prior to the dates assigned by your specific down payment assistance program.
The literal term for this down payment assistance program is a “forgivable loan.” Under the terms of the program that best suits you, a portion of this down payment assistance will be forgiven on a schedule that we will share with you when you make loan application. These funds are available to us through NC Housing (NCHFA) and are available through other lenders in the state as well. The interest rates for these programs, however, will not vary from lender to lender as that is set by NC Housing.
I am a Delegated Underwriter for FHA, and have had that designation since the late 1980’s. I work with my husband, Steve and he also has 25 years of experience with FHA Mortgage Raleigh NC. An inexperienced loan officer might not know, for instance, that there are fees associated with a mortgage that FHA does not allow borrowers to pay for.
Many Counties in NC have seen an increase in the maximum FHA Home Loan in 2017, here are the Maximum loans currently published by FHA for each county in North Carolina for 2017.
If you have questions about a FHA Mortgage Raleigh NC, or you want to get pre-qualified for a FHA Home Loan in Cary, or Apex contact Steve and Eleanor Thorne 919-649-5058. We specialize in First Time Home Buyer Loans, and we want to help you get into your Dream Home with the BEST mortgage programs available!