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nc: Basic Mortgage Loan Underwriting Concerns in 2010 - 10/25/10 11:29 AM
It's true that Underwriting Guidelines for Mortgage Loans are tougher right now than they have been in decades. But people are STILL able to purchase homes and get a mortgage loan! 8o) The most important thing for folks to remember is that they need to talk to a mortgage loan officer EARLY in the process... and speak with one that is familiar with YOUR STATE.
North Carolina was the first state to adopt Predatory Lending Guidelines. This means that we have our own, NC State "Applied" Mortgage Loan Guidelines. Because of that, you need to speak with a loan officer … (2 comments)
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nc: NC State Fair - Deep Fried Tweetup TOO! - 10/12/09 05:27 PM
The FIRST EVER Deep Fried Tweetup will also happen at this year's NC State Fair on October 22nd! Join us! And... if you're coming, look for me when you go get Ham Biscuits at the Cary Methodist Booth (near Dorton Arena)! Steve and I will be working at least 6 shifts! TONS of FUN!
Follow me on Twitter - I'll be updating folks on HOT BISCUITS!
Via Linda Lohman Cary NC Real Estate Broker (Fonville Morisey Realty):
NC State Fair-with a City Girl's View
NC State Fair with a city girl's view. We became North Carolinians in … (5 comments)
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nc: First Time Homebuyers - Don't Just Check On The Rate! - 09/14/09 04:30 PM
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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nc: 109 Bridgegate Drive For Sale in Cary, NC - 09/02/09 10:54 AM
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nc: 121 Roscommon Lane in Clayton, NC Qualifies for USDA Financing! - 08/25/09 05:51 PM
This house can definately use USDA Home Loan financing! If you are looking for a home in an area that "has some land" - then this might be the one for you!
If you are a first time homebuyer, and you are wondering what the payments on this home would be... about $1200. Considering the extra tax benefits of owning a home (you know, buy a house, get a raise!) it compares to less than $1000 in rent. SWEET!
AND... remember, the tax credit for First Time Homebuyers will run out soon, and USDA offices are backed up, so make … (3 comments)
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nc: Why Homebuyers Are Asking for Built In Wet Bars - New Home Trends - 08/24/09 07:06 PM
This is a great tip from Stanton Homes! We love them, nicest features and very very well built homes!
There are tons of lots around, in more established neighborhoods, for you to build a new custom home in the Triangle!
Via Stanton Homes - Penny Hull Raleigh NC Custom Home Builders (Stanton Homes - Triangle NC New Homes):
Custom Homes Raleigh NC
Built In Bars Growing in Popularity Wet Bars Accent Home Theaters, Bonus Rooms, and Media Rooms Ever wonder if a built in bar is right for you? Here's the top three places you're likely to find built in … (5 comments)
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nc: RE Barcamp Is Coming to Raleigh! #REBCRDU - 07/24/09 04:44 PM
Barcamp is coming to Raleigh!
Not sure what that is?
go to http://www.rebarcamp.com
Wanna help?
First Planning Meeting
July 28, 2009
2:00pm to 3:00pm
Cary's Barnes and Noble (directions here)
Goals for this first planning meeting include: We expect to determine exactly when the "unconference" will be held,although we are concentrating on the First Friday in November. We also will decide who is going to "tie" down the location, work on sponsors, set up website, manage the PR and Twitter, round up "Thought Leaders," create a contact system for the planners, establish meeting times and distribute information about the event that … (9 comments)
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nc: FHA Downpayment Guidelines for NC - You might be Surprised! - 07/20/09 05:13 PM
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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nc: Will the $8,000 first time home buyer tax credit be extended or even expanded? - 07/15/09 11:04 AM
This is very detailed information for First Time Homebuyers. We are working with several people who are hoping to improve their credit, or save money for closing costs (or an FHA downpayment!)! I think this is very good news for the economy! If you want to see if you QUALIFY for the First Time Homebuyer $8000 tax credit that is CURRENTLY available - click here.
Via Team Jodi - Chapel Hill Real Estate, Durham Real Estate (Jodi Bakst, Broker @ The Home Team):
Right now, there are 5 bills being presented in Congress which either extend or expand the current $8,000 … (7 comments)
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nc: Quick Tip To Share - Ant Repellent AND IT'S GREEN! - 07/15/09 10:56 AM
We've really had those little tiny Ants in our house this summer! This really works! Thanks Leesa!
Via Leesa L. Finley, REALTOR® Wake Forest NC Residential & Commercial (CIRCA PROPERTIES - Your Wake Forest/North Raleigh Specialist):
I keep running across these tips for everyday household remedies so I thought I would share them! My first was by necessity - Quick Tip To Share - Garbage Disposal Cleaner AND IT'S GREEN! and then Nevin Williams with First Priority Financial shared one that I thought was pretty cool - Quick Tip! His was all about getting dried on foods in microwaves "un stuck". Nevin - if … (1 comments)
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nc: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
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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nc: Hey Joe! Lower Rates Might Help! - 07/06/09 07:58 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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nc: Important Changes for Purchase Contracts - 06/26/09 01:18 PM
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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nc: Do I really need a home inspection? - 03/20/09 10:54 AM
Mortgage Companies do not require a home inspection - but we definately feel they are important! This is great information for all!
Via Lee & Pamela St. Peter Your Raleigh NC Realtors ~ GRI, CRS, ABR (Prudential York Simpson Underwood Realty):
Why do I need to get an Inspection...
So often I hear this question! Sometimes it's because my client is purchasing new construction, sometimes it's because they feel they are qualified to tell what the condition of the home is on their own.. But honestly people whether you are buying or selling a home, you should have a professional home … (6 comments)
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nc: Raleigh / Cary Fastest Growing Place in the Country! - 03/20/09 10:37 AM
With all the "Hoop Madness" going on - you might think of BASKETBALL!! And we love our basketball here in NC!!
But recently we were named the FASTEST growing area in the COUNTRY! "Raleigh, and its Cary suburb (where I live) make up the fastest growing metropolitan area in the country, according to federal statistics released last Thursday!"
The FASTEST GROWING! WOW!
My mom was an agent - and as kids, we routinely listened to her "speech." Today, we might call it the "elevator" speech, but my mom is also from the south - and there's NO WAY you could've heard the whole thing … (3 comments)
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nc: HELLO! Appraisers use foreclosures to value your home! - 03/04/09 02:06 PM
I wrote earlier that I believe one of the reasons that CREDIT SCORES are getting tighter in NC is because of a squeeze in values... This is a GREAT piece of information!
Via Mary Thompson Lake Lanier Appraiser in Georgia (LakeFrontPros.com):
Okay first let me BUST a MYTH out there. The administration is telling people that even though YOU are not going to get bailed out while your neighbor who is going through foreclosure is, you should be happy because YOUR home will not suffer further loss in value if we can get these foreclosures sold and no longer sitting vacant, etc.
… (6 comments)
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nc: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 10:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you … (22 comments)
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nc: Contractors and FHA 203K Loans in NC - 03/02/09 01:14 PM
FHA offers a great mortgage program for folks who want to make improvements to their home (through a refinance) or those who are purchasing a home that needs some "TLC!" The program's official name is 203k.
If you are not familiar with the loan, you can find basic program details, like how the FHA 203K loan works, by clicking here. If you want to know what Improvements are Eligablie (and not Eligable) with the FHA 203K mortgage program, please click here! This program works GREAT for folks purchasing foreclosed property!
BASIC INFO ABOUT FINDING AND HIRING
A CONTRACTOR TO DO WORK … (16 comments)
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nc: 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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nc: 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
More about me…
Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
Cell Phone: (919) 649-5057
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