Eleanor and Steve Thorne's Blog

USDA Home Loans in Wilson NC

Wed, 19 Jun 2013 12:15:01 -0700

Folks who are interested in living in a small town in NC, close to Raleigh are considering Wilson as a place to get a great deal.According to the Wilson Chamber, that’s no so surprising, because “Wilson is a community that offers diversity in everything from eating establishments to neighborhoods in which to live. Whether you’re yearning for something as simple as a hot dog or four course meal, want to live in a historic home or feel more at home in a new condominium, you’ll find it all in Wilson. Wilson is a place where people embrace community spirit.” That’s pretty impressive! We have friends who just moved to Wilson, and they say it feels like “home.” Kinda like Mayberry is what one person told me

Many of the people buying a home in Wilson, NC are considering the USDA Home Loan Program. Why? Because USDA Home loans in Wilson are available in most parts of the county with ZERO money needed for a downpayment. While there’s no maximum loan amount (like you have with FHA loans) the property must be located within the USDA “Eligibility” area.

USDA Loan Highlights:

No Money Down Loans, Seller can pay closing costs
In Ground Swimming pools are difficult to finance
Credit Scores without NC Housing Aid must meet a minimum of 640 (See Bottom of this Page for more details on this First Time Home Buyer program available in Wilson)
Very low USDA PMI rates

The maps below show the CURRENT USDA Eligibility Maps for Wilson NC – until October 1, 2013 – when the maps are currently scheduled to change. Notice that with the USDA Map changes this fall, many places around Wilson will no longer be eligible for the program.

The map below shows the Change to the USDA Home Loan maps for Wilson NC scheduled to go into effect at the end of September, 2013. Note that several areas lost USDA Home loan status with the change, specifically the area near Lamm, Cloverleaf and Rosebud.

VIEW ALL USDA Underwriting Guidelines for NC

The 2013 USDA Home Loans Maximum Income Limits for Wilson County

1 to 4 people in the Household $74,750
5 or More in the Household $98,650

When you get pre-qualified for a mortgage loan, we are going to automatically see if you also qualify for one of the NC Affordable Housing Programs that we can use with the USDA Home Loans. These additional programs, offered by NCHFA use to be only available for First Time Homebuyers. If you are applying for the NC First Time Home Buyer Program, be aware that it changed in May. There are now different qualifying Income Limits for Wilson County and they eliminated the maximum Sales Price Limits for the County. This program is for folks who are residents of NC and have not owned a primary residence in the past 3 years (so NOT just for First Time Homebuyers).

The NC Affordable Housing program is a great benefit for those who qualify because if offers below market rates, a mortgage Tax Credit (MCC) and genearally helps homebuyers get approved for a little larger house than we could normally get them approved for. The programs does require a minimum Credit Score of 640 to qualify for the program.

2013 NC Housing Income Limits for Wilson County and the Wilson, NC area (how to calculate income)
- NC Home Advantage Mortgage / Maximum Household income of $85,000
- Mortgage Credit Certificate (MCC)/ Maximum Household income of $85,000

Connect with us on Google Plus or Facebook! If you have questions about qualifying for a USDA Home Loan in NC, call Steve and Eleanor 919 649 5058 Remember, the USDA Home Loan Maps could be changing September 30, 2013… in fact, almost 1/3 of North Carolina could LOSE the ability to do USDA Home Loans! Yikes!

Originally posted on NC FHA Expert

USDA Home Loans Orange County NC

Wed, 19 Jun 2013 11:39:26 -0700

Shouldn’t the Azaleas around the Well at UNC be another Color? Just me??

Fortunately, earlier this year, USDA decided to migrate over to Bing Maps. This makes mapping the areas that qualify for USDA Home Loans in Orange County NC so much easier! I’m not sure why that is, but some of the roads (as I read them) on the USDA Home Loan Mapping System are indicated as “Not Found” on the Orange County GIS system. For that reason, I decided to work with the USDA Home Loan Map to show you which areas of Orange County qualify for the program, and which areas near Chapel Hill will be impacted by the new USDA Eligibility Maps on October 1, 2013. Unfortuntately, USDA Home Loans Orange County NC will see a pretty big impact from the map changes.

USDA Home Loans have 3 major qualification guidelines:

The property must be located within a more “rural” section of the County as identified on the USDA eligibility Maps
The Household gross income must be below the maximum income limit set for the County. Chapel Hill household of four limit is $82,000
The minimum MIDDLE credit scores must be over 620, or 640 for the best pricing. Honestly because the loans are underwritten 3 times, it’s hard to get a loan with a middle credit score under 640 approved.

In general homes located within the city limits of most of Carboro and Chapel Hill do not qualify for this 100%, no money down mortgage loan. MOST of the rest of the county, however DOES currently qualify. The eligibility maps for USDA are scheduled to change on October 1, 2013.
With the maps we printed out, we show you how those USDA Map Changes will impact Orange County, the areas near Cary, Durham and Hillsborough NC. The sections marked in “darker orangy” do not qualify for USDA Home Loans. The lighter areas on these maps DO qualify.

Chapel Hill towards Carrboro Currently Qualified Areas for USDA Home Loans

2013 USDA Eligibility Map Change – Highland Meadows Neighborhood no longer qualifies

Current USDA Eligibility for Eubanks Road area in Orange County NC

2013 USDA Eligibility Map Changes for area near Eubanks Road in Orange County NC

Current USDA Eligibility for Orange County Towards Hillsborough NC

2013 USDA Eligibility Map Changes that will take place in Orange County NC after 9/30/2013 for the area near Hillsborough, NC

Current USDA Eligibility Map of parts of Cary near Chapel Hill NC

2013 USDA Eligibility Map Changes scheduled for October 1, 2013 for areas near Chapel Hill towards Cary, NC

Can you save money by using the USDA Home Loan Grant Program? Yes. Take, for example, a loan for $100,000.00. By taking out a USDA Home Loan loan, the borrower saves $4,290.00 in the first 10 years over what they’d pay out on an FHA loan. Why? For one reason – USDA home loans have super low monthly PMI Rates!

When we first suggest the program, there’s generally a stunned silence at the other end of the line… “ugh, we weren’t really looking for a FARM?” No worries. The program is NOT specifically designed for farms. We have done them for Non- Profit / non Commercial Horse Farms. The good news is that every county in NC has some portion of it that qualifies for the program, and the USDA Rural Development Home Loan Program has some of the cheapest costs associated with it! Compared to the better known FHA Loan, it can be $200 a month cheaper!

If you want to know more about qualifying for USDA Home Loans in NC please read the guidelines here. There are income requirements that vary per county, and the credit requirements are pretty liberal – you need to have (in general) 12 months of clean credit and a credit score above 640. If you want information on other counties that qualify for USDA Mortgage loans in North Carolina, you will find a map here.

If you are considering a mortgage loan and want to know more about the USDA Home Loan program, please call Steve and Eleanor Thorne, 919-649-5058 Find us on Facebook

High Point North Carolina USDA Home Loans

Wed, 19 Jun 2013 11:30:38 -0700

There are no specific maximum loan amount caps for USDA Home Loans in High Point, NC 27265. If you want to purchase a home in High Point using the USDA Home Loan program, however, USDA Home LoanProgram requires that the home be located within the USDA “Eligibility” area. Unfortunately, High Point North Carolina USDA Loans are going to change significantly this fall when the USDA Eligibility Maps Change

High Point North Carolina USDA Loans are available in all of the counties that High Point is located in. Most of the city is located in Guilford County, with portions spilling into neighboring Randolph, Davidson, and Forsyth counties. High Point is North Carolina’s only city that extends into four counties!

The USDA Maps printed out below are broken down to show you what is currently eligible for USDA Home Loans in High Point and then we show you the changes scheduled for the USDA Home Loan NC Program at the end of September. The “faint pink” parts on the map do NOT qualify for USDA Home Loans in NC. All of the OTHER areas, however, DO qualify for the USDA RD Loan program in High Point NC.

USDA Loan Highlights:

No Money Down Loans: The USDA Home Loans in High Point have low closing costs, and at this time, we can help you structure a contract for the Seller to pay for most if your closing costs (This does not mean that you will have to come to closing with NO money).
The Property does not have to be a Farm, in fact it can be difficult to finance a working farm using the USDA Home Loan Guarantee Program, but we have been abel to use it for some horse farms.
Credit Scores without NC Housing Aid must meet a minimum of 640 (See Bottom of this Page for more details on this First Time Home Buyer program available in High Point)
Very low PMI rates, especially when you compare the USDA Home Loan PMI rates to the current FHA PMI Rates.

The maps below show the relative change to the USDA Maps for High Point, NC effective October 1, 2013. As you can see many neighborhoods around High Point will no longer be eligible after the USDA Map Changes this fall. The areas near Greensboro have really grown too, here’s more information on USDA Map Changes scheduled for Greensboro NC

In addition to being located within the USDA Home Loan “footprint” of eligible areas, to qualify for a USDA Home Loan in High Point NC you will also have to be under the Income Limit set for each county. Since High Point actually sits in the middle of four counties, this could be tricky. Good News! The USDA Home Loans Maximum Income Limits for Guilford, Randolph, Davidson, and Forsyth County are all the same . The USDA income limits for all of the counties surrounding High Point, NC are:

1 to 4 people in the Household $74,750
15 or More in the Household $98,650

There’s also a NCHFA First Time Home buyer Program that we can use with High Point North Carolina USDA Loans. The program has it’s own Income Limits, and it also has a maximum Sales Price Restriction. The NC First Time Home Buyer Program does offer us some advantages when we use it with the USDA Loan Program. If you qualify, we can help you gain a Tax Credit, and we can help you obtain additional money for closing costs, which can be forgiven over time. More Info

Connect with us on Google Plus or Facebook! If you have questions about qualifying for a USDA Home Loan in NC, call Steve and Eleanor 919 649 5058 Remember, the USDA Home Loan Maps could be changing October 1, 2013… in fact, almost 1/3 of North Carolina could LOSE the ability to do USDA Home Loans! Yikes!

Originally posted to NC FHA Expert

USDA Home Loans in Belmont, NC

Wed, 19 Jun 2013 11:25:26 -0700

Looking for a home near Charlotee NC that is in a more “small town” setting and doesn’t require much money out of pocket? You might be interested in USDA Loans in Belmont, NC. Unlike FHA Loans, that have a maximum sales price requirement that changes per county, the USDA Home Loan available in the 28012 zip code (and surrounding ares of Belmont) do not have to be under a maximum loan amount limit. Those looking for a USDA Loans in Belmont, NC are going to be surprised this fall, when the USDA Eligibility Maps change and whole neighborhoods near Belmost will no longer be eligible for the program.

To qualify for the no money downpayment, low closing cost USDA Loan in Belmont however, the property must be located within the USDA “Eligibility” area. Below we show you the maps of the Gaston County area that are currently eligible and within the USDA “footprint.”

After you see the maps that currently qualify for USDA Loans, you will see the “future changes” recently released by USDA. These changes are scheduled to take place on October 1 ,2013. As you look at these maps, remember that the “faint pink” parts on the map do NOT qualify for USDA Loans. All of the OTHER areas, however, DO qualify for the USDA RD Loan program.

The USDA Loan Program in North Carolina is one of the most requested loans for Belmont. It’s easy to understand why, there are no down payment requirements, and the Seller can pay closing costs. There’s some special considerations when it comes to Seller Concessions, and we often work with Real Estate Agents to help structure your contract to make this work.

Although the USDA Home Loan program is designed for small towns and more rural areas in NC, it’s difficult to finance a home that is actually a working farm with the Guarantee program we offer. If this is the type property you are interested in, we suggest that you contact the USDA Office in Gaston County. We have financed several horse farms, but “outbuildings” and in ground Swimming pools are difficult to finance with the USDA Guarantee program we offer.

Minimum Credit Scores for USDA Loans in Belmont, NC are generally 620. It depends on so many factors, honestly, we normally try to help folks get 2 scores over 640 to qualify for a home. It’s saves so much money on Home Owners Insurance, and it gets you the very best interest rates. It’s usually pretty easy (and quick) to get scores up 20 or 30 points (if that’s all you need). Payments for the USDA Loans in Belmont, NC are also quite low, especially when you compare them with FHA loans. FHA PMI rates have gone up like 6 times in the last couple of years, however the USDA PMI rates have remained especially low.

This map is the CURRENT USDA Home Loan Footprint. You can clearly see that all of Belmont is currently within the USDA Home Loan Eligibility area. Under it are the maps that are scheduled to go into effect October 1, 2013

The maps below reflect what the USDA Home Loan Map will look like for Gaston County, Belmont and Gastonia effective October 1, 2013. Many neighborhoods in Belmont and parts of Gaston County will no longer be within an eligible area with the USDA Map changes.

To qualify for a USDA Home Loan in Belmont and Gaston County – not only do you have to buy a house that sits within these eligibility maps – you also must meet the maximum income for households in your county. These maximum income limits change every October, and can also vary based upon how many people live in the home. We can also make adjustments to these figures based on child care, and other expenses – so if you are over the limit by a smidgen, call us to see if we can still qualify you.

These are not the only parts of North Carolina that are seeing changes to the USDA Eligibility Maps. Over 22 communities are slated to completely lose the program. We put together an entire series of USDA Eligibility map changes to highlight areas with the largest changes near Charlotte NC.

The USDA Home Loans Maximum Income Limits for Gaston County

1 to 4 people in the Household $78,800
5 or More in the Household $104,000

VIEW Frequently Asked Questions about USDA Underwriting Guidelines for NC

Originally posted at NC FHA Expert

View USDA Map Changes For NC Due 10-1-13

Wed, 19 Jun 2013 11:20:12 -0700

The USDA Home Loan Program is one of the best programs at the moment for home buyers in NC. It has extremely low costs (especially when you compare it to the FHA PMI rates), and the USDA Home Loan has very low closing costs. The program requires that you purchase a home located within the USDA Home Loan “footprint.” In NC that “footprint” is changing pretty significantly this fall. Because of that below you can view USDA Map Changes for NC due 10-1-13.

In the Coastal parts of NC, there are areas around Wilmington that are losing the program, including Leland. The areas near New Bern are pretty well staying the same. There area ares near Greenville NC that will be ineligible because of the Map Changes. Kinston is also going see neighborhoods and sections of town that will no longer be eligible for USDA Home Loans as part of the program.

In the areas near Raleigh NC there are more significant changes. These changes include:

Elimination of the program in most of Holly Springs
Elimination of significant parts of Knightdale and Wake Forest
Elimination of the program for most of Clayton and Smithfield
Elimination of the program in parts of Cary and Apex
Maps will be changing in Durham and the area near Briar Creek
Areas near Fayetteville and Sanford will lose USDA Eligibility
Mebane and Burlington will also have major areas that no longer qualify for the program

In the section of the State that runs from Greensboro and Winston Salem down to Charlotte there will also be major areas that no longer qualify for USDA. The USDA Map Changes for the areas around High Point, North of Greensboro in Summerfield, and Belmont / Gastonia near Charlotte will lose the program.

Hickory, Morganton and Asheville also will lose neighborhoods that currently qualify for the no money downpayment USDA Home Loan Program.

As you can see, these changes are more pervasive than just the 22 Communities in NC USDA previously announced as being affected by the map changes. If you have questions about a specific area, pleaew leave us a comment and we will give you the Income and Map Changes for that specific area. The good news is that every county in NC will continue to have a SMALL area that qualifies for the USDA Home Loan Program.

There area three basic UDSA Home Loan requirements for getting a Home Loan in NC.

The home must be located within the USDA Home Loan footprint (obviously, these boundaries could be changing in NC based on a new definition of “rural” mandated by Congress).
Each borrower needs at least 2 credit scores of at least 640. There are exceptions, and if you qualify for a NC Housing Finance Agency loan, you might qualify with scores as low as 620. In general, the underwriters for USDA Home Loans in NC are looking for 12 months of Clean Credit.
You must be under the Maximum Income Requirements for the County you are purchasing a home in to qualify for this No Money Down Home Loan Program.

If you have questions about OTHER no money down programs available in NC, please call Steve and Eleanor Thorne 919 649 5058 – we do many no money down loans, and offer today’s best rate! Connect with us on Facebook or G+ for updates!

Originally posted at NCFHAExpert

Refinancing Non Owner Occupied VA Loans

Thu, 16 May 2013 13:53:09 -0700

A ton of Service Members received PCS Move Orders and found that the best thing they could do was rent out their home and move to the next base. Now that they are landlords, they want to take advantage of the low interest rates on Mortgages via the VA Streamline Refinance. Good News, while not all Investors will do those loans, our bank will make VA Loan Refinances on Investment Property.

In order to qualify for a VA Interest Rate Reduction Refinance, you must certify that you previously occupied the home that you are refinancing with a VA streamline. Some investors will not do these loans if the Veteran is not currently living in the home – so the trick is to find one that will.

Our company WILL allow you to qualify for a VA Streamline Refinance if you don’t live in the home. For example, if you lived in the home, then relocated and rented it out, you still may be able to apply for a VA streamline.

“The Catch” for qualifying for this type of VA Streamline Refinance is going to be value. If the “Automated” Valuation model thinks you are underwater on the home, the Underwriter will likely require an appraisal. To qualify for this non-owner occupied VA Streamline Refinance in North Carolina, the property must be valued at least as much as you owe on it.

The new loan will be based upon the “old loan” amount plus a Funding fee, which is basically VA’s form of PMI. There’s no monthly PMI fee with a VA loan, it’s just that upfront fee.

The VA funding fee is required on most purchase and refinance VA loans to defray the costs of the VA home loan program. In most cases, the VA Streamline funding fee is 0.50% of the new loan amount. This fee is almost always financed into the new loan so that the Service member does not have to pay it at closing.

The Funding fee is waived for veterans who are disabled due to service-related injuries. The VA makes this determination and provides the amount of the disability waiver to us via the Certificate of Eligibility (which we get updated).

Generally speaking, in North Carolina we must prove that you have a benefit from going through a refinance. Generally, that’s pretty easy to do – because your mortgage payments are getting cheaper. Sometimes, however, a Veteran will want to do a VA Streamline refinance so that they can go from a 30 year mortgage to a 15 year mortgage. In that situation, even though your payment could go up – the benefit is seen in the shorter term.

You can also refinance a 15 year loan into a longer term loan, and reduce your payments that way. However, keep in mind that the most your loan term can increase is 10 years. So if you currently have a 15 year term, the longest loan you can refinance into will be 25 years.

Again, remember that VA Loans are for Primary Residences.. however, in some limited situations, you might be able to use a VA Home Loan to refinance a home you are renting out!

If you are considering a VA refinance, please call Steve and Eleanor Thorne, in Cary 919-649-5058. We know how to make this program work for you – and we appreciate your Service!

Originally posted at NC FHA Expert

Minimum Credit Score Requirements Higher

Fri, 10 May 2013 09:54:55 -0700

The minimum credit score needed for a Government Backed mortgage loan in North Carolina got higher at the beginning of May. The Program offered by NCHFA that allowed us to do mortgage loans for First Time Home Buyers with a minimum credit score of 600 changed.

The new Minimum Credit Score requirements for a USDA, FHA or VA Loan in North Carolina is now 640.

If you have a score of 600, or higher here are the steps we suggest you take NOW:

Look at your credit report, if you don’t have on you can get it through Credit Karma
If you have deferred Student Loans, see what kind of arrangements you can make to actually get a set payment amount.
If you have revolving credit, start paying the balance on those credit cards down to $10. Yes, I mean $10. Not OFF – just down to $10.
Charge something, a tank of Gas, lunch, whatever, charge something on the credit card each month - then pay it down to $10. YES that means you will have some interest that you are paying on a monthly basis, but that interest (small amount) will help you get a higher score.
If you don’t have a credit card – get 2 or 3 secured credit cards TODAY. Go to the Bank at Walmart, look on Credit Karma – you need 2 or 3 revolving accounts.
If you have a family member with GOOD credit, and they will add you to a credit card that was opened AFTER you turned 18, ask them to add you as an authorized user. That GOOD credit History will help raise your score. Make sure that the balance on the credit card they add you to is no more than 30% of the credit line. If they add you to a card that is maxed out – you will see ZERO benefit.

Here's more information - especially if you have issues with Collection or Charge Off . Accounts.

Remember that your Credit Score is simply a reflection of what you’ve RECENTLY done with your credit… so the OLD STUFF is not what is likely to be pulling your score down as much as the fact that you don’t have MUCH being reported that is CURRENTLY good.

If you have questions about pre-qualifying for a mortgage loan in North Carolina- please call us! Steve and Eleanor Thorne 919 649 5058. We know how to get borrowers in NC approved, we know what credit scores and reports the Underwriters will take. We’ll call you back, and if you need to add another credit card, or pay something off – we’ll work with you. Here’s some GOOD CREDIT Advice (and it’s FREE!)!

Originally posted at NCFHAExpert.com

Documenting Large Deposits For A Mortgage Loan in 2013

Mon, 06 May 2013 13:36:00 -0700

Many times we have questions from underwriters about deposits showing on a bank statement. Seems kinda silly at times… but they really do want to know where that extra $350 came from! If you are buying a house, and you are having a yard sale to try and raise a little extra cash – this can be difficult to document!

If there are any unusual or extraordinary deposits into your account the deposit will need to be documented. If they cannot be documented the funds will not be given credit in your transaction. This could lead to a denial, because an underwriter suspects a cash advance on a credit card or the funds that are otherwise borrowed.

We have had delays for many different deposits over the years that are perfectly legitimate, we just needed to prove it: money earned while keep a neighbor’s child on a one time basis, brother or sister paying off a loan made several years earlier, inheritance or gift funds, lottery winnings, sale of an asset like a fishing boat.

If there are large and unusual deposits into your account (over $250 in most cases) plan on having to document it. Photocopy everything before you put the funds in the bank. Also, if you are selling an asset, like a boat, keep any and all paperwork associated with the transfer of the sale.

Another situation that becomes difficult? When money is distributed into multiple accounts. Do not create your downpayment and closing cost “stash” or “fund” with monies from multiple bank accounts strewn across multiple banks. Pick one bank, and one bank account at that bank.

If you are going to receive a gift for your closing costs, we suggest the following way for us to verify you received it:

Deposit the downpayment gift as a single deposit.
End your transaction.
Collect a receipt for your deposit.

Under no circumstances should you “co-mingle” the gift deposit. If the gift is for 10% down on the home, the deposit receipt should be for 10% of the home’s purchase price. It should also match the exact amount specified on your certified downpayment gift letter. If the deposit amount fails to match the gift amount specified in the gift letter; or the amount shown on the gifter’s teller receipt; or the amount shown on the photocopy of the gift check, the underwriter is going to ask a TON of questions – make it easier on yourself, by making everything match

This is also true for folks who are receiving child support or separate maintenance. We must document that you receive the payments on time each month. If you take $50 out as cash one month, and put part of it in savings the next month – it’s very difficult to document. Put the ENTIRE check into one account – then pull funds out and distribute them to savings.

All of this might seem like overkill, especially to first time home buyers in NC – but trust me, these things will help you get your loan underwritten quicker, with the fewest hassles!

If you are a first time home buyer looking for low cash out of pocket ways to buy a house – and for whatever reason, the folks you just talked to said you’ll never be able to get a mortgage the way you want to… call us. We know all of the programs, we do USDA Home Loans, NC Housing Financing, FHA, Veteran’s Home Loans – the whole gambit. We can help, and we’ll give you straight up answers. Steve and Eleanor Thorne, 919 649 5058, we have the best rates – and we know the mortgage business!

Homes for sale in Ferrington Village Camden Park Area

Wed, 24 Apr 2013 11:59:13 -0700

Elegant Camden park Home!

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Description
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$385,000

Single Family Home

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2,873 sqft
Lot: 0.14 acre(s)

Location

24 West Madison
Pittsboro, NC 27312
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
http://www.home-team.com

Listed by: The Home Team

Our recent listings

Elegant Camden park Home!
Elegant Home with a welcoming presence on wooded, landscaped lot.
Immaculate 4 Bedroom quality constructed transistional home
Wonderful home with tons of upgrades!
All cedar contemporary with unique architectural detailing

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Homes for Sale in Ironwoods Neighborhood Chapel Hill

Wed, 24 Apr 2013 11:44:46 -0700

Immaculate 4 Bedroom quality constructed transistional home

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$529,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 3,393 sqft
Lot: 0.25 acre(s)

Location

208 Ironwoods Drive
Chapel Hill, NC 27516
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
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Listed by: The Home Team

Our recent listings

Wonderful home with tons of upgrades!
All cedar contemporary with unique architectural detailing
Inviting brick transitional with master on the main level!
Light, bright end unit facing woods!
Rare Find! Lovely home on 2+ acres with separate in-law guest house!

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5102 Stockton Way Durham, NC homes for Sale

Wed, 24 Apr 2013 11:37:37 -0700

Wonderful home with tons of upgrades!

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$369,900

Single Family Home

Main Features

5 Bedrooms
3 Bathrooms
1 Partial Bathroom
Interior: 3,250 sqft
Lot: 0.25 acre(s)

Location

5102 Stockton Way
Durham, NC 27707
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
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Listed by: The Home Team

Our recent listings

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104 Cardiff Place Chapel Hill For Sale

Wed, 24 Apr 2013 11:25:05 -0700

Magnificent home with numerous upgrades!

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$565,000

Single Family Home

Main Features

5 Bedrooms
3 Bathrooms
1 Partial Bathroom
Interior: 3,817 sqft
Lot: 0.27 acre(s)

Location

104 Cardiff Place
Chapel Hill, NC 27516
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
http://www.home-team.com

Listed by: The Home Team

Our recent listings

Inviting brick transitional with master on the main level!
Light, bright end unit facing woods!
Rare Find! Lovely home on 2+ acres with separate in-law guest house!
You can not buy or build this quality for this price!
One Level Bush Creek home lives like a single family home!

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Homes in Chapel Hill For Sale: 2522 Laine Road Chapel Hill

Wed, 24 Apr 2013 11:14:25 -0700

All cedar contemporary with unique architectural detailing

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$289,900

Single Family Home

Main Features

3 Bedrooms
2 Bathrooms
Interior: 1,774 sqft
Lot: 2.38 acre(s)

Location

2522 Laine Road
Chapel Hill, NC 27516
USA

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Chapel Hill & Durham Real Estate

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Chapel Hill Homes For Sale Less Than $200,000

Wed, 24 Apr 2013 11:11:59 -0700

Wonderful three bedroom / three bath one level townhouse.

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$164,900

Townhouse

Main Features

3 Bedrooms
2 Bathrooms
Interior: 1,160 sqft

Location

336 Standish Drive
Chapel Hill, NC 27517
USA

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Chapel Hill & Durham Real Estate

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Listed by: The Home Team

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708 Martry Road in Durham For Sale

Wed, 24 Apr 2013 11:09:06 -0700

Inviting brick transitional with master on the main level!

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Features
Description
Neighborhood

$299,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
1 Unit
Interior: 2,572 sqft
Lot: 0.37 acre(s)

Location

708 Martry Road
Durham, NC 27713
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
http://www.home-team.com

Listed by: The Home Team

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Bush Creek Home for Sale Pittsboro

Wed, 24 Apr 2013 11:04:07 -0700

One Level Bush Creek home lives like a single family home!

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Maps
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Features
Description
Neighborhood

$340,000

Townhouse

Main Features

3 Bedrooms
2 Bathrooms
Interior: 2,349 sqft
Lot: 0.13 acre(s)

Location

1302 Langdon Place
Pittsboro, NC 27312
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
http://www.home-team.com

Listed by: The Home Team

Our recent listings

Rare Find! Lovely home on 2+ acres with separate in-law guest house!
You can not buy or build this quality for this price!
One Level Bush Creek home lives like a single family home!
Magnificent home with numerous upgrades!
Light and Airy. Lovely view of pond!

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Valley Crest Townhome For Sale Unit 27

Wed, 24 Apr 2013 10:59:43 -0700

Light, bright end unit facing woods!

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Description
Neighborhood

$200,000

Townhouse

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 1,650 sqft
Lot: 0.05 acre(s)

Location

5515 S. Roxboro St. #27
Durham, NC 27713
USA

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Chapel Hill & Durham Real Estate

The Home Team
(919) 967-6363
Realestate@home-team.com
http://www.home-team.com

Listed by: The Home Team

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Great Single Family Home For Sale In Chapel Hill NC

Wed, 27 Mar 2013 08:45:23 -0700

Single Family Home for sale in Chapel Hill, NC

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Description
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$275,000

Single Family Home

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom

Location

1833 Chedworth Court
Chapel Hill, NC 27517
USA

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Ed Billings

(919) 967-6363
billings.ed@gmail.com
http://www.buychapelhill.com/

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Single Family Residential for $378,000 in Chapel Hill, NC
Single Family Residential for $275,000 in Chapel Hill, NC
Great home in popular Coker Hills West
Short Stroll to Downtown Chapel Hill

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Awesome Single Family Home For Sale In Chapel Hill NC

Wed, 27 Mar 2013 08:41:57 -0700

Single Family Home for sale in Chapel Hill, NC

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Description
Neighborhood

$378,000

Single Family Home

Main Features

4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2,443 sqft

Location

400 Somersview Drive
Chapel Hill, NC 27514
USA

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Ed Billings

(919) 967-6363
billings.ed@gmail.com
http://www.buychapelhill.com/

Listed by: Ed Billings (919) 423-6627

Our recent listings

Single Family Residential for $378,000 in Chapel Hill, NC
Single Family Residential for $275,000 in Chapel Hill, NC
Great home in popular Coker Hills West
Short Stroll to Downtown Chapel Hill

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Panel Tells Congress FHA Should be 5% Downpayment

Wed, 06 Mar 2013 12:41:25 -0800

Last fall FHA reported to Congress that they had a loss on their books, mostly from the loans made between 2005 and 2009. This is not surprising, and to create a situation where they would not need to ask Congress for more funds – FHA Announced two changes to FHA PMI that will go into effect later this month.

An independent (conservative) panel which included Director Julia Gordon of Housing Finance and Policy at the Center for American Progress, spoke to the House Financial Services Committee this week:

Similarly, real estate professor Anthony Sanders with George Mason University said there needs to be a shrinkage of the government’s footprint in housing.

With the FHA’s share of mortgage originations at more than 25%, it’s time for the agency to shrink back to its previous size, such as in 2003 when it’s market share stood at 10%, Sanders said.

Thus, to protect households and taxpayers Sanders encouraged a FICO-score floor of 660 for FHA-insured loans. Additionally, the FHA should adjust to a minimum down payment of 5% and also lower the loan limit to $625,000 and eventually to $350,000, Sanders asserted. Finally, the agency should lower the insurance coverage to 80%, the professor suggested.

“All these measures can serve to reduce the FHA’s substantial, high-risk footprint in the mortgage market,” Sanders told the Committee.

This is not the first time that the suggestion of a 5% down payment for FHA has been suggested – and indeed it might be the guidelines determined later this year… however, if the Minimum Credit Score requirements go to 660, this will STOP many first time home buyers from purchasing homes. Earlier this month, NC Housing announced that they are going to do away with a program that allows us to approve mortgages with 2 scores over 600.

EVERYTIME credit score requirements go higher – we LOSE a HUGE pool of potential buyers in North Carolina. Are these all people with CRAPPY credit? NO! Most of them are folks who simply have not been in the Work Force and Credit Scoring models long enough to have the higher scores!

We hope that FHA will decide against these suggestions. FHA PMI in 2013 is going up in a “small” fashion – and they have decided to leave the FHA PMI on the loan for the “life” of the loan, in most situations (meaning it will no longer age off after you meet a loan to value of “X”).

If you are interested in getting more information about refinancing your FHA mortgage, let us provide you with the FHA Pre-Qualified Buyer options! We will give you some of the best mortgage rates today and the lowest cost! Call Steve and Eleanor Thorne 919 649 5058. We work for a small Community Bank out of Virginia – and we would love to be YOUR lender today!

Originally posted at NCFHAExpert.com

Charge Offs vs Collection

Tue, 26 Feb 2013 08:38:58 -0800

If you are behind on bills, you might be getting notices that you are facing "Charge Off." Do you know the difference between a Charge Off and a Collection?

"Charge Off" means that the institution that loaned you money is virtually "saying Uncle" and giving up on you ever paying the money back. They take it as a tax write off (loss) and move on. "Cost of doing business..." Does that mean you're off the hook? Nope.

Many people mistakenly think when a debt has been charged-off that it's been cancelled by the creditor. This is not true. You are still responsible for paying off the debt. However, you will not be able to use your credit card to make purchases, because when a company "charges off" the debt you owe them - they are FOR SURE going to cancel that card!

An account is usually charged off after 180 days, or six months, of less-than-minimum payments. The charge-off will remain on your credit report for seven years from the date it was charged-off. If you pay the debt, it will be updated with a status of "Charged-Off Paid" or "Charged-Off Settled." Either is better than a simple "charge-off" status, but are still undesirable.

Even though the creditor has acknowledged your debt as a loss in its financial records, you don't get away free. Your creditor will add a negative entry (a charge-off) to your credit report and continue to attempt to collect on the debt.

Normally, the folks who loaned you money (creditor) will then turn the debt over to a Collection Agency... they will file a COLLECTION on your credit report. This means you will have a Charge-Off AND a Collection hurting your credit score for the same debt!

But WAIT... it can get WORSE! If you don't respond to the Collection Agency, they can "sell" your collection to another agency who will try to collect it... and it will reflect as a NEW Collection!

The only way to remove a charge-off, or collection from your credit report is to wait the seven-year period (plus 180 days from the time it was reported to the Agency - so really 7.5 years) or negotiate with the creditor to have it removed after you pay the account in full.

If you are considering a mortgage loan to purchase or refinance, please contact Steve and Eleanor Thorne, Mortgage Bankers in Cary , Inc Raleigh, NC 919-649-5058

- ORIGINALLY POSTED ON http://ncfhaexpert.com/credit/charge-offs-vs-collection/

Best Mortgage Rates February 2013

Mon, 25 Feb 2013 10:19:05 -0800

Are you looking for the Best Mortgage Rates in Raleigh? Well, it looks like rates are going to stay in a pretty tight range. We have seen some upward pressure – and you may have noticed that the 10 year Treasury Bill (which is a general indicator of which way rates are going) has been above 2.0% in the last weeks.

In general – if you are about to lock into a rate – you want to do so on a day when there’s BAD Economic News released. So in February of 2013, you will get the Best Mortgage Rates on a day when the 10 year Treasury is closer to 1.9%.

Data released in the Obama administration’s January Housing Scorecard show signs that the housing market is continuing to strengthen, with the number of underwater borrowers declining while home prices improve.

Officials warn that, while the recovery is in full effect right now, there is regional variation and the overall U.S. economy still remains fragile.

Broken down, the housing recovery looks promising. The inventory of existing homes for sales continued to decline, dropping from a 4.8 months’ supply on the December scorecard to a 4.4 months’ supply, according to data from theNational Association of Realtors. The significance of this is highlighted when looking back at the November scorecard, when there was a 5.3 months’ supply of housing.

With fewer homes on the market, fewer homes are being sold. The number of existing homes for sale dropped from 415.8 million in December to 411.7 million in January, according to NAR, U.S. Census Bureau and HUD. 10.67

Mortgage rates settled down in early February at levels well below historic norms aftersurging during the last week of January. According to Freddie Mac the average 0-year fixed-rate loans for January was 3.41% with 0.7 in points. To put that in perspective, Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. So rates are generally .125% to .25% higher than they were last fall.

This is a little deceiving because we can’t actually QUOTE a 3.41% rate. Mortgage Rates are quoted in 1/8 intervals. Generally, you will get the BEST Mortgage Rate at a 1/4 or 1/2 mortgage interest rate. Because that might be difficult to understand – let me try again… because of the way mortgage loans are sold, generally a 3.5% rate will have better terms (Fees, points, etc) than a 3.325% rate.

If you are looking for the Best Mortgage Rates, Call Steve and Eleanor Thorne 919 649 5058 –find us on Facebook - add us to your Circles on Google + / we want to connect and find out how the housing market looks in YOUR corner of NC!

- Originally posted at http://ncfhaexpert.com/housing-news/best-mortgage-rates-february-2013/