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nonoccupying coborrower: Single Parents CAN Buy A Home in North Carolina! - 08/22/11 04:10 PM
With the Economy in a “slump” statistics show more and more families have a single parent.  If you are in this situation, and want to purchase a home, there are some very specific details you should know:
FHA requires a 3.5% Investment into the Property, which is lower than the 5% charged on most Conventional Loans. The down payment for a FHA loan can be a gift (here’s more information on Down Payment Options with FHA)  When we talk, we can also check and see if you qualify for up to $8000 from NC Housing Finance Agency for your downpayment! FHA … (3 comments)

nonoccupying coborrower: Kiddie Condos are Not Just for Kiddies! - 07/20/08 03:47 PM

Kiddie Condo Loans refer to a FHA provision that allows for non-occupying co-borrowers.  Parents like us, with kids in college, come out a LOT better owning a unit with the student, and renting it back out.  We've done many of these for our friends - and most of them were NOT condo units.  It's just an industry slang term for the loan that only requires a minimal invstment (less than 5% normally covers all costs), and does not require the student to be employed full time - or have a credit score established.
We used this program for a family … (3 comments)

 
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Steve Thorne NC Mortgage Experts

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

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