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fha home loans: 4 Things To Do Before Buying Your First Home in NC - 09/21/10 09:57 AM
Buying a home, especially if it's your first one, is often quite scary. There are so many things you don't know and terms you've never heard before. People often fear what they don't understand... So it's not surprising that studies have shown that this fear literally prevents some people from taking the first steps to buying a home! 
As a First Time Home Buyer, you are probably "doing your homework," looking for information online, and asking questions of the people you trust.   If you are like most of us, your home will be the biggest purchase you ever make. And … (0 comments)

fha home loans: FHA Making More Changes 1/2010 - 01/20/10 08:08 AM
The Federal Housing Administration is currently insuring more than 3 of every 10 loans originated... and they see that as a risky proposition!
Because of that, FHA is expected to announce changes today, in an effort to protect the American Taxpayer (who backs the default insurance on this program!)!
Expected changes include:
Raising the Upfront Mortgage Insurance Premium (UMIP) from the current 1.75% to 2.25%.  This means that when you borrow $100,000 on a FHA mortgage loan, and additional $2250 will be added to the mortgage that you pay back... so your $100,000 mortgage just turned into $102,250.  If you move, … (5 comments)

fha home loans: Compensating Factors and FHA - 06/10/08 07:25 PM
I was at a seminar today that reminded me of one of my favorite things about FHA...
the 5th C of Credit!  We've all heard about the other 4 C's.
Cash:  How much can you put into the property, how much have you saved? Credit:  Do you have a credit history?  If not, FHA will accept some non-traditional credit.  Do you have a spotless credit history?  If not, FHA might still be willing to insure your loan! Collateral:  Do you have a property FHA wants to insure? Character:  Have you moved 8 times in the last 3 years?  Do you have … (3 comments)

fha home loans: Getting the Lowest Payment - 04/14/08 12:46 PM

When clients contact us  they are usually looking for the lowest monthly payment - or the easiest way to get into the property with the least amount of money tied up in the transaction.
Most prospects only ask one question... "What's your rate???"  In truth, there are MANY other questions to ask!
One of the variables consumers should ask more about it Mortgage Insurance.  There are multiple forms of Conventional Mortgage Insurance - running from Lender Paid, to Financed to Monthly.  If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in … (4 comments)

 
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Cary, NC

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Steve Thorne NC Mortgage Experts

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

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