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fha loans cary: 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)
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fha loans cary: Should You Take The $12,000 Financing Package Builder Pushes??? - 09/09/08 09:24 AM
It's easy to be mesmerized by the ads.
Your mortgage rate will be 3.5% the first year, 4.5% the second year and then FIXED at 5.5% for the rest of the time you own your home! You get a HUGE Tax advantage because you can write all of that upfront interest off! Beautiful New Home!
Just $12,000 more...
Let me ask you somethin', that community is not finished. In fact, the builder's rep told you that since this is the first phase, they've decided that once they sell the next 18 homes and move into the NEXT phase... they are going … (4 comments)
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fha loans cary: Should You Refinance or Sell? BE REALISTIC! - 08/20/08 10:59 AM
Maybe it's the economy, or maybe it's just a cycle... but we've talked to a TON of people lately who are contemplating divorce.
If you're going through this, you have major decisions infront of you - and one of the most important could involve your "assets." One of my favorite Realtors says, "once that sign goes up in the yard, it's no longer a home... it's an ASSET."
We are not attorneys, but one of the best suggestions we have is to avoid a "Quick Deed" transfer of title if at all possible. (for more information on that click here). There are … (5 comments)
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fha loans cary: Mobile Home Financing - 06/30/08 08:54 AM
For folks in the Industry who have worked for years to get rid of the term "mobile home" - I apologize... but here in North Carolina... that's what we call 'em.
At one point in the last 10 years - 40% of all housing in NC was considered to be manufactured housing. This is a big market!
Many folks refer to "manufactured housing" as anything sitting on one of those lots on US 70 or US 64 near Sanford (or the ones in Wake Forest, or Wilmington, or Henderson, or Dunn - all over the place really). The truth is, not … (6 comments)
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fha loans cary: NAHB Looking For Grassroots Effort - 06/17/08 08:36 AM
The National Association of Homebuilders believes we need an Emergency Stimulus Bill... afterall, housing starts are at the lowest since 1991 (and as Tanta notes "completions followed starts off the cliff...).
The package, according to NAHB needs to include a "temporary tax credit for HomeBuyers," and, in thier Online Newsletter, they urge all members to contact their Representatives as part of a ground swell grassroots efforts. Apparently CTX has already sent 6000 letters!
"At the top of the list of provisions that are needed, he said, is a temporary home buyer tax credit to stimulate home buying and reduce excess inventory. To maximize … (3 comments)
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fha loans cary: 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)
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fha loans cary: 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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fha loans cary: FHA Increases Loan Limit in the Triangle - 03/06/08 05:21 PM
FHA increased it's minimum loan amount for Wake County to $295000 according to the HUD webiste! But the BIG surprise for me was the DURHAM increase to $331,250!
The other counties in this area break down per the HUD website like this:
Wake $295000
Durham $331,250
Franklin $295000
Orange $331250
Harnett $271050
Johnston $295000
For more information check this out: FHA loans in Cary, NC
… (4 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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