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 […]
In a nutshell, the main reason people move to Raleigh are; the wonderful economy and employment opportunities, great place to start a business and raise a family, the beautiful landscape, world-class education options and overall quality of life. What was once a mild Capitol city mostly made up of government buildings, and College Campuses, is […]
Thinking about buying a home in NC? The first thing you have to do is get your Credit Score in order. Often times, especially with First Time Home Buyers, we suggest that they get a Secured Credit Card. First off… let’s discuss what Secured Credit is. A Secured Card requires you to make a deposit […]
FHA Mortgage Loans are one of the best mortgage loan programs available for folks purchasing a home in the Raleigh/ Cary Area because it serves so many needs! They have low down payment features, common sense underwriting approvals and low mortgage rates! Benefits of FHA Mortgage Loan Program Minimum credit score requirements for FHA Loans for […]
Rent-to-own agreements and or sales that take place between a tenant and landlord have special FHA Home Loan Guidelines. Often times, when someone moves to our area with a short sale in their background, or previous forced foreclosure, had to move for a job and have credit issues in their past – they will rent […]
Mortgage rates have dipped again, and Government loan mortgage rates are now nearing the lowest levels we’ve seen – again! Lower interest rates mean folks are thinking about refinancing their homes. Especially folks who didn’t have the ability to refinance it within the last couple of years! FHA allows you to Streamline Refinance when you […]
Given these restrictions, many homebuyers prefer using a “plain-vanilla” FHA mortgage. If you qualify for this program, you probably won’t see an advantage to the subsidized first time home buyer loan because of the re-capature costs and penalties they impose when you sell your home.
FHA does NOT charge a re-capture penalty like some “true” First Time Home Buyer Programs do!
FHA has specific rules when it comes to purchasing a home that is in Pre-Foreclosure with a FHA mortgage on it. FHA doesn’t make mortgage loans, they Insure them – and so as the Insuring Agency (kinda’ like a PMI company) they get to set the rules! In those Pre-Foreclosure, Short Sale transactions, they set […]
We’ve talked to several people in the last couple of days who want to purchase homes using FHA’s 3.5% down payment program… and they are trying to purchase some “unusual” properties. (Click here for more on 2010 Appraisal Requirements) Here are some GENERAL notes: FHA 203K loans: These loans are “construction loans” that FHA makes. […]
THE FHA PMI Mortgage Rates referred to in this post is OUTDATED. We have the most Updated FHA PMI information, but keep this post here for the people who got a FHA loan around April of 2010. For some folks, FHA Mortgage Insurance was refundable – and for others it was not. FHA has made […]