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fha loans: 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)
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fha loans: READ THIS Credit Score Requirements C-H-A-N-G-I-N-G! - 01/23/09 02:43 PM
Everybody needs to Move it, Move it, Move it!!!
'Cause minimum credit scores are going UP!
I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS. He has 20 years of credit history...
He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2). NO LATES. But his middle score is 618.
Well, according to our friends at Wells Fargo - pretty soon this borrower (who makes … (31 comments)
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fha loans: $7500 To Pay Mom Back - 08/25/08 04:13 PM
Many first time homebuyers are looking at past generations for help coming up with a downpayment. FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear. Fortunately, FHA allows for gift money! The gift needs to come with a letter from the person "gifting" and we will need to verify that they actually have the ability to give the money.
At the same time, Uncle Sam is paying First Time Homebuyers with a $7500 Tax Credit (for more info click here). Of course, the gift has to be just that - a gift … (10 comments)
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fha loans: SAVE UP for your First Home! - 07/31/08 11:35 AM
If you're reading the headlines, and looking at the real estate section of the paper - you know that NOW IS A GREAT TIME TO BUY YOUR FIRST HOME!
The equity you grow, here in the Triangle, over the next 4 to 5 years should be significant... but the question is, can you still purchase a home with NO MONEY DOWN?
Well - yes, and no. If you or your spouse is a Veteran, yes. There are programs specifically designed for Veterans.
If you are considering a purchase in a more rural area, (like Fuquay, or Wendell or most of Johnston … (24 comments)
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fha loans: When The Option Is: Refinance or Sell - 05/28/08 05:19 PM
Gas is now over $4.00 a gallon, and the Raleigh SPCA just announced it's at capacity because people can no longer afford to pay for their pets. It's a sad time.
And it's no longer something that's just happening in California... or Ohio... or Florida. It's hitting home here in the Triangle where families were already walking a fine line living on credit cards to go on vacation. The little bit of money Dubbya sent - barely made a dent for some folks.
If you are one of those people who had an adjustable rate mortgage, you're also trying to balance … (6 comments)
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fha loans: Keep a Copy of Dubya's Check, Ya'll - 05/05/08 06:34 PM
If you are applying for a USDA, VA or FHA loan, you might be asked to write a "Letter of Explanation." You might be asked to explain, for instance, why you had a 3 month gap between graduating from college two years ago and getting a job that August.
You might be asked to explain why you missed those payments on all of your credit cards for two months straight 4 years ago - and saying, "It wasn't me" won't work.
We had a client who wrote us a long letter explaining that he'd missed multiple payments over a 5 year period because he had … (12 comments)
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fha loans: Commodities Market and Rates - 04/18/08 03:36 PM
I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room. Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, "Billionaire George Soros said the boom in commodities is still in a "growth phase'' after prices for oil, wheat and gold rose to records.
"You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent,'' Soros said today at an … (5 comments)
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fha loans: FHA: We Fix $6 Haircuts - 02/14/08 09:52 AM
There's an old story about a a barber shop in a small town that pretty much was the only place to get your haircut. They'd been there for 20 years and did a great job for a good price.
The town grew - and pretty soon one of those discount shops moved in right across the street. They put up a BIG Banner that announced they had $6 DOLLAR HAIRCUTS! Well, the folks that owned the original barber shop started losing business... they couldn't meet their bills and obligations if they cut hair for $6 !!
They were honestly worried. And … (8 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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