Are you tired of having to clean up after roommates? Tired of trying to find a parking space, or all of the music at all hours of the night coming from the unit above you?? Tired of Renting? Buy a House!
Then take the Percent that the North Carolina Housing Finance Agency and the State of North Carolina are giving first time home buyers – and BUY a house!
Worried about coming up with the down payment funds required for buying a house? I wouldn’t worry about that nearly as much as I would my credit picture.
You have some great first time home buyer loan options (and YES we are STILL making loans to folks, and first time home buyers have the EASIEST qualifying of any group!):
- FHA will allow gift funds for down payment and closing costs. Sellers can pay for closing costs! You might qualify for the NCHFA Grant program – there are MANY ways to come up with the money you need to buy a home!
- Veterans have access to 100% loans! No PMI, can borrow over $400,000, and there’s no restriction about where the property needs to be located!
- USDA also has 100% loans, – no down payment required! These loans are found in every county in North Carolina, and the Seller is able to pay for closing costs! You can buy a house with much less than $1000 out of pocket!
In addition to down payment and closing costs, you need to review your credit scores. You will need a middle credit score of at least 580 to be able to buy a house using the FHA Home Loan NC Program. If you want a grant, or you are wanting to buy a house using the USDA Home Loan NC program – the minimum credit score requirement for USDA Loans is 620. And for the NCHFA Grants, you will need 2 scores over 640.
Rent Versus Owning a Home in North Carolina
Rental costs are continuing to go up. Everyone we’ve talked to in the past 6 months have reported at least a 15% increase in their rental payments. While the number of homes available for folks in the First Time Home Buyer Range in parts of NC is limited… it’s AFFORDABLE. Tired of Renting? Buy a House!
You can’t really compare rental payments with a home loan payment. With the Home Loan (mortgage payment) you are also covering your taxes and Insurance on the house. You also pay Interest – most of that payment might be tax-deductible!
So what are you waiting on? Tired of Renting? Buy a House!