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no downpayment: Calculating FHA Downpayment - 09/24/08 02:26 PM
I've been in this business for a while... my daughter would tell you I'm old as dirt... and for as long as I've been in this, we've had a complicated way of calculating FHA Downpayment.
FHA always used acquisition cost.  How much were you putting into the total aquisition of the property... closing costs and downpayment combined.
With the new rule changes of January 1... we use a STRAIGHT UP number.  The base loan will be a 96.5% of the sales price or appraised value - whichever is LESS.  If you are working with a loan officer is is unfamiliar with FHA … (6 comments)

no downpayment: 100% Loans Western Wake County, NC - 09/23/08 10:04 AM
Here's some GOOD NEWS!  There are TONS of places that allow USDA 100% loans in Western and Southern Wake County.
From the picture to the left, the areas marked in "peach" are not eligible... However, large parts of Apex clearly do! (see Kelly Road?)
The line that runs from the bottom left corner up towards the right is the County Line for Wake and Chatham County.  All of Chatham County qualifies for USDA 100% loans!
If you are interested in purchasing property - NOW IS THE TIME.  A friend of mine recently said, "I'm not sure we will see prices this … (0 comments)

no downpayment: Manufactured Homes Are Very Affordable! - 09/18/08 02:58 PM
Joe Adams sold manufactured homes for a while, and he has put together a great piece of information on financing mobile homes.  Remember, new construction, mobile homes on permanent foundations (and land that you own - not rented) qualify for USDA, 102% financing!

Via Joe Adams:
 In a past life when I sold manufactured homes the more difficult the economy and the higher the interest rates the better we did.  WHY, becuase of AFFORDABILITY!  Just think, as the price of homes is up (yes even today after all that has happened) and financing rates go up that brings monthly payment more … (4 comments)

no downpayment: Qualifying for USDA Home Loans in North Carolina - 09/09/08 03:01 PM
I wish I had a nickle for everytime I'd heard somebody tell me, "I'm just lookin' for some land."  They don't really mean they want a horse farm (necessarily) but they do want some room to stretch out!
Well - good news! USDA has a 100% program for those looking for a home in a rural setting. It does NOT need to be a farm - in fact if it's an income producing farm, I'll probably have to refer you to someone who knows a lot more about Commercial loans than I do... no a USDA loan is for folks who … (24 comments)

no downpayment: 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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Steve Thorne NC Mortgage Experts

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

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