mortgage: FHA Loans in Garner and Fuquay Varina NC
- 08/25/18 09:18 AM
Western Wake County, especially the areas closest to Fayetteville, are growing like wildfire. Not surprising, you can benefit from a home that’s located in “small town USA” with award winning schools! Fuquay Varina and Garner are two cities that have benefited from this unique location. Unfortunately, the program that has been used the most by first time home buyers wanting to buy a home in that area is going to see some pretty major changes later this fall. So what are the alternatives to USDA Home Loan Program? If you are not a Veteran, qualifying for a VA Loan – then … (1 comments)
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mortgage: HomeReady and Home Possible Advantage Mortgage in NC
- 06/07/18 09:51 AM
Down Payment for a home is generally believed to be the biggest obstacle facing first time home buyers in NC. About 11% of conventional mortgages written in the 2nd quarter of 2017 had an LTV above 95%, which is double the same period just 1 year earlier. Couple that with the fact that the HomeReady and Home Possible Advantage loan programs allow for a 3% down payment, and I think you will see one reason why they have become so popular.
We use the Fannie Mae HomeReady program with NC Housing Finance Agency’s down payment assistance program. This program will provide the … (2 comments)
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mortgage: First Time Home Buyer Loans in NC
- 04/16/18 08:48 AM
The First Time Home Buyer Loans NC are specifically designed for first time home buyers who want to buy a house with little to no money out of your bank account!
Because one of the biggest things holding Millennials back, is CASH, having first time home buyer loans NC offer down payment mortgage grants. Most folks simply don’t realize that there are programs out there to help you buy a house with a Mortgage Grant and a First Time Homebuyer Tax Credit.
There are currently four different Down Payment Assistance Mortgage Grants available for First Time Home Buyer Loans NC. These programs are referred to as DAPs, but … (1 comments)
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mortgage: FHA Loans Greenville NC
- 02/06/18 08:51 AM
Many people who are just plain tired of renting a home near ECU are looking for a way to take advantage of the historic low mortgage and they are trying to get the lowest price on a home. If you don’t have a job yet, that might seem impossible – but the FHA Loan program offers the option of having someone buy a home with you that doesn’t have to live in the house. It’s not considered Investment property, which requires a much larger down payment – you will need to be on the mortgage and you will need to live … (0 comments)
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mortgage: Buying A Home For The First time
- 10/18/17 09:01 AM
We get MANY questions on this site, many of them start like this – “We want to buy a house, but honestly don’t know where to start.” We focus much of our time, and our business, on First Time Home Buyers. We believe that when you are buying a home for the first time, you really need someone who can answer your questions… as opposed to just answering questions from the Rocket Mortgage Computer. The Rocket Mortgage Computer model doesn’t allow you to talk to someone who can also ASK YOU the right questions!
For instance, if you are a school teacher, do … (2 comments)
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mortgage: New Down Payment Grant Program For Mortgages in NC
- 02/17/14 05:54 AM
Many of the New Home Communities popping up around North Carolina do not fall within the USDA RD Home Loan program footprint. This means that potential Home Buyers can not take advantage of the USDA Home Loan NC program that requires no down payment.
The NC Affordable Housing Agency in Raleigh just rolled out a program to help these home buyers, who might not have 5% for a down payment, but still want to buy a house!
The Conventional NCHFA Down Payment Grant Program offers a mortgage loan that only requires a 1% Down Payment from the Borrower!
This … (0 comments)
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mortgage: Refinance with No Appraisal in North Carolina
- 02/25/13 03:05 AM
There are tons of folks who want to refinance their house in NC – but don’t think it will appraise for what they owe. Did you know that there are SEVERAL programs available that do NOT require an Appraisal?
If Fannie Mae or Freddie Mac have your mortgage – you can get a loan for more than 125% of what your home is currently worth!
Does this mean you can get Cash Out of your home up to that amount? No.
But, if you have a mortgage loan that has a balance that is higher than what you owe on your … (1 comments)
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mortgage: Refinance Investment Property with FHA Streamline Program
- 01/16/13 09:03 PM
FHA Mortgage Loans are generally only available to folks who are going to live in the property – the EXCEPTION is if you already own the home, and you want to refinance it. If you purchased a home with a FHA mortgage, then moved out, and are renting it (so now it’s Investment property) you might be eligible for a Streamline Refinance.
We can close a FHA Streamline Refinance of Investment Property.
Obviously, the benefit of the FHA Streamline is greater for folks who purchased the home, and have a loan that was endorsed by FHA prior to June 1, … (3 comments)
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mortgage: Credit Repair Companies That Hurt, Not Help
- 05/21/12 12:38 AM
We talked to a Veteran today who wants to buy a house, First Time Home Buyer, who was referred to a “Credit Repair Company” a couple of years ago (a well known, National Law firm)… they, of course, disputed EVERYTHING on his credit report. They also suggested that he obtain a Secured Credit Card (which he did) and maintain a balance roughly equal to half of the credit line (which he did). His scores went up – and he called us about getting pre-qualified to buy a house.
We ran him through Freddie Mac’s Automated Underwriting System (LP) and it was … (7 comments)
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mortgage: FTC Cracks Down on "Free Credit Reports" That Just Aren't
- 03/10/10 03:47 AM
I'm tired of that "F-R- Double E Spells FREE" credit report commercial! Because what they are "hawkin' is NOT free! Thankfully, on March 3, 2010 the Federal Trade Commission file a revision to the Free Annual File Disclosure Rule to address the abuses and deceptive advertising for Free Credit Reports. This was part of the new Credit Card Accountability and Responsibility Act 2009.
The new disclosure is available now, but must be used after April 2, 2010, per the FTC ruling... however the Radio and Television Ads don't have to go off air until September 1, 2010 (although the advertisements must … (62 comments)
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mortgage: Yep - We'll Take a Thumbprint of Your Second Child, Too
- 02/02/10 07:26 AM
If you purchased a home in 2005 and find yourself in the enviable position of purchasing again now... you might be surprised by some of the ways the mortgage process has changed.
Oh Sure... you've heard that it's hard to get a mortgage, but you've got 800 credit scores, a ten year job, cash in the bank (2.5 kids AND a dog!)! You might think the stories about a tough time getting a mortgage is all about those "other" poor souls.
These days... it doesn't matter how much money you make, what a great deal you got on the house - … (47 comments)
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mortgage: 12 Days Of Christmas - Mortgage Edition SOOOO Cute!
- 12/21/09 06:22 AM
Okay - So, here's a Vocab cheat sheet:
HVCC is the appraisal Rule. MDIA is the Disclosure Rule. GSE is Fannie, Freddie, GinnieMae and GFE is Good Faith Estimate that is getting TOTALLY changed 1/1/09... and NINE Denied Loans... well, you know what that is!
… (4 comments)
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mortgage: First Time Homebuyers - Don't Just Check On The Rate!
- 09/14/09 09:30 AM
There are tons of first time homebuyers out there negotiating the best deal on their new home, and now it's time to get a mortgage.
Most of them only know how to ask one question: What's the Rate?
We've been in the mortgage business for over 20 years - and the only thing most people know to ask is - "What's the Rate?"
While that's a great question, it's kinda' like going into a shoe store and asking if they have any shoes in a size 9. Just shopping the rate is not necessarily going to get you the best … (27 comments)
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mortgage: Why Recommending A DIRECT LENDER Could Make You Choke on Your Coffee
- 08/21/09 11:17 AM
This is an excellent point of view regarding the differences in the types of mortgage shops you have available to them. I work for a mortgage banker that also brokers loans. You will get the BEST rates by working with someone who can shop for you!
Why do Realtors like to recommend DIRECT LENDERS?
Could it be that somehow the lenders who are dumping foreclosures have brainwashed Realtors by insisting that anyone making an offer must be approved with a DIRECT LENDER?
Or is it because you believe that an approval from one of those BIG BOX banks is somehow safer, … (2 comments)
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mortgage: Why Won't Rates Get BELOW 5% and STAY there?
- 08/04/09 04:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
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mortgage: FHA Downpayment Guidelines for NC - You might be Surprised!
- 07/20/09 10:13 AM
Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?
HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!
These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!
The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers for their 3.5% downpayment. (of course there are some income qualifications, etc)
Here are some other ways you CAN obtain the 3.5% … (2 comments)
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mortgage: USDA Home Loan Underwriting Updates
- 07/15/09 02:54 AM
USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!
USDA Home Loans are 100% (plus) mortgages - for more information about the program click here.
Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines.
Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however … (3 comments)
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mortgage: USDA Mortgages and Risk Based Pricing
- 07/08/09 08:37 AM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix. Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)
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mortgage: Hey Joe! Lower Rates Might Help!
- 07/06/09 12:58 AM
"We misread how bad the economy was"This is the comment made by VP Biden this weekend as he tried to explain why the administration first declared that unemployment would go to around 8% this year and last week we saw much higher numbers... and many folks are saying that the unemployment numbers are actually worse than reported, because so many more American's are parttime employees!I'm not being a "Debbie Downer" here, I'm merely pointing out that Paul Krughman and Gordon Brown (who meets with Obama this week at the G8) both said that we need MORE / ADDITIONAL Stimulus based upon the … (7 comments)
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mortgage: Important Changes for Purchase Contracts
- 06/26/09 06:18 AM
At the end of July, 2009 the Government will be IMPROVING the way consumer's receive documentation and disclosures for their mortgage loan... and in the short run, while everyone is getting use to it...it's not going to be pretty!MDIA is the new Mortgage Disclosure Improvement Act, and here's what it will probably mean to you...Delayed Closings.The lender is required to disclose a new Truth In Lending to the Borrower if the TIL has changed by as much as .125%. That's not the difficult part - it must be done 3 days before you can close.No More Last Minute Closings.We will no … (12 comments)
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Western Wake County, especially the areas closest to Fayetteville, are growing like wildfire. Not surprising, you can benefit from a home that’s located in “small town USA” with award winning schools! Fuquay Varina and Garner are two cities that have benefited from this unique location. Unfortunately, the program that has been used the most by first time home buyers wanting to buy a home in that area is going to see some pretty major changes later this fall. So what are the alternatives to USDA Home Loan Program? If you are not a Veteran, qualifying for a VA Loan – then … (1 comments)
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