First Time Home Buyers in NC Have Questions

First Time Home Buyers in NC Have Questions… We try to take time and answer the individual questions you have about your unique situation, but here are some questions we hear over and over about buying your first home in NC.

• What if I don’t have a ton of credit, I only have student loans:
  Credit Models currently give the best score to those who use revolving credit MODESTLY. We recommend that you get added to someone’s credit card as an authorized user, or you establish 2 or 3 secured credit cards.  If you are added to an account, remember that the card needs to have been opened AFTER you turned 18, and the balance on the card needs to be 1/3 of the available balance.  It takes 3 months (typically) for these types of cards to impact your score.
• I pay rent, but I don’t know if I’m ready to buy a house:
  If you currently pay rent, you can find a home to own that will have similar payments.  But, if that house does not meet your requirements (e.g., location, features you want, etc.) that’s another question. First create your wish list, what are you really looking for in a house.  Then see how much you can afford by giving us a call.  We will calculate a payment that includes your taxes, insurance, etc. so that you can compare apples to apples.
• Should I wait until the real estate market gets better?
  In most parts of NC, it’s already better.  Remember, real estate is a long-term investment and it’s the long-term factors that make it a solid investment. With the help of your real estate agent, you can find a home that meets your criteria and is a smart purchase in any market area and at any time.
• How much money must I have for down payment?
  There are many loan programs available requiring no down payment, like the USDA Home Loan Program.  Additionally, VA home Loans for Veterans do not require money for down payment and FHA allows you to get a GIFT for your down payment.  We offer the NC First Time Home Buyer Program that allows you to get a Grant of 3% for your cash to close on a home!

First Time Homebuyers – we think there are a few other things you should know!  For instance, did you know that:

When you buy a House – you get a Raise!  Uncle Sam definitely sees benefits in having homeowners, so you get to “write off” the interest you pay each month on your taxes!  We advise First Time Home Buyers to see a tax professional, and consider changing your W-4 when you purchase!  This way, instead of the government giving you a $2400 refund… you get a $200 RAISE! (seriously, you can bring home more each month and not owe on April 15!)!

For more information about First Time Home Buyer Programs in NC, please contact Steve and Eleanor Thorne, USDA Home Loan Experts 919-649-5058, Connect with us on Facebook to keep up to date on any changes to the USDA Home Loan program in NC! (The maps for USDA Home Loan Eligibility are due to change September 30, 2013)