FHA Loan Limits Change in NC 2/24/2009 - 02/26/09 08:36 AM
FHA increased the loan limits in 2008, and then lowered them January 1, 2009 and THEN raised them back UP on February 24, 2009!  WOW!
So, if you are considering a purchase in NC, you might want to check out the NEW FHA Loan Limit for the County you are interested in!
Wake County/ Johnston County Limit $295,000
Durham County/Orange County Limit $334,650
New Hanover County/ Brunswick County / Pender County  $303,750
Onslow County $306,250
Guilford County /Forsyth County $271,050
Mecklenburg County/Union County/ Cabarrus County $303,750
Iredell County $271,050
Buncombe County $303,750
FHA loans do not have a limit on the amount of income your … (6 comments)

The Humor in Lending! - 02/23/09 11:05 AM
This is really funny!  The bank's have simply been too compassionate!  Ha!
Via Ruthmarie Hicks (Keller Williams Realty):
My last entry was about a great Frontline feature about the banking meltdown. It was a serious program, but worth the time and effort. This is just for fun. There is a great deal of truth in the commentary. Like much British humor, its hilariously understated and in many ways quite thoughtful. Yes, its fairly long for YouTube clip, but I think its worth the time. Isn't a smile and a laugh worth 8 minutes of your time?
… (0 comments)

Why Credit Scores are Getting Tighter in NC - 02/23/09 10:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing!  As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen some underwriting guidelines "tailored" to a geographic area.
Credit Score requirements are getting tighter, and this could be triggered by appraisal problems.  There are "guidelines" and then there are the "Golden Rule" guidelines. FHA, VA and USDA do not make mortgage loans, they INSURE them (just like a PMI company) … (2 comments)

Credit Boo-Boo's - 02/16/09 09:30 AM

This is a repost from last year....
Does your credit look like a train wreck?  I've talked to several clients recently who hit a rough spot - and are working their way out.  They had some questions I thought other people might need answered too!
How long does negative information stay on a credit report?
The Fair Credit Reporting Act says that negative information can stay on your report for a minimum of seven years (I always thought that said MAXIMUM - but I was wrong).  There are some exceptions to this:
* Delinquency information like late payments remain for seven years … (3 comments)

FICO No Longer Available to Consumers - 02/05/09 02:37 PM
Yesterday, Experian and Fair Isaac decided to end their relationship... and the result will be that in a few weeks, Consumers will no longer have access to their FICO scores.
"Currently, myFICO.com is the only place you can purchase your FICO scores based on your three credit reports
from Equifax, Experian, and TransUnion. After February 13, 2009,
you won't be able to purchase your Experian credit report or FICO score
 through myFICO.com. Moreover, you won't have access to your FICO score based on Experian data at all."
As a lender, we will still have access to the scores, and … (9 comments)

 
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

Office Phone: (919) 649-5058

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