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Most people who think about No Money Down Home Loans - think of USDA Home Loans. It's a great program, and because of the demand... it's getting back logged in NC. Great News! There are OTHER options if you are looking for a mortgage that doesn't require ten's of thousands of dollars in down payment! They don't require that you live in a certain area (like USDA No Money Down Home Loans do) and there are no Maximum Income Requirements for most of these programs either!
Okay - so let's be clear... FHA does not offer the same "No Money Down Home Loans" that USDA does - but with some creativity, it's pretty easy to see how this program is AFFORDABLE and offers tons of ways to purchase a home with VERY little out of YOUR pocket!
To understand why the FHA No Money Down Home Loan is a smart program for FHA, we have to remember that the FHA’s chief role is to insure mortgages — not “make” them. They offer these options in an effort to help as many people as possible qualify for today’s low mortgage rates!
You can get a GIFT for the FHA Mortgage 3.5% down payment from a Family Member. This is especially useful for families where one person has good credit, and another person has the cash to help with the downpayment. You can also “borrow” the down payment (in essence) from the Bank of Mom and Dad!
You can add a Non-Occupying Co-Borrower to the Loan and they can make the 3.5% FHA downpayment. This is an especially attractive program for students who are recently out of college, and for as a Single Mom Mortgage Program when you want to find No Money Down Home Loans.
If you are a Teacher, Firefighter, Police or Emergency Early Respsonder, you might be interested in purchasing a foreclosed home with the “ALMOST” No Money Down Home Loans of $100. This is only appropriate for those who are interested in living in a distressed area, but this is a great program offered by FHA.
If you qualify for the NC Housing Finance Agency No Money Down Home Loans program, you can get up to $8000 in a grant. You will need to provide at least $1000 into the transaction, so it’s not TECHNICALLY NO money down, but it’s close!
You will need at least 2 credit scores over 640 for these programs, unless you qualify for NC Housing Finance Agency funds, which allow for scores down to 600.
There are no restrictions about WHERE the property can be located, however NC Housing and FHA both have Maximum Sales Price restrictions for No Money Down Home Loans.
FHA PMI rates recently changed. If you are putting the minimum down on a home, with FHA financing, you will pay an upfront PMI rate of 1.75%. So, again, if your mortgage is $100,000 – with the FHA PMI, the loan amount that payments get calculated on is $101,750. In addition to the Upfront fee, there’s an annual fee that is charged on a monthly basis.
To calculate this premium, based upon our original loan that’s now $101,750 – you would multiply that amount by 1.25% (if you made less than a 5% downpayment), and then divide that by 12 to come up with your monthly payment for FHA PMI. ($101,750 x 1.25% = $1271.85 / Divide $1271.85 by 12 = $105.99 per month in FHA PMI).
You can pretty quickly see why I said the USDA No Money Home Loans at $25.50 per month for PMI are much cheaper than their FHA counterpart with $105.99 per month!
If you or your spouse are a Veteran that qualifies, you can use your No Money Down Home Loans benefits to buy your house in North Carolina! Some restrictions do apply:
Although the VA does not make these No Money Down Home Loans, they do insure them. The VA does not have a minimum credit score requirements, however, the banks who are loaning money for this program do enforce minimum standards for applicants. Unless you qualify for NC Housing Finance Agency Funds, you will need at least 2 credit scores over 640.
The property needs to be used as your primary residence, and you must occupy the property within 60 days of closing. Of course, if you are on Active Duty, you will simply state that you intend to Occupy the property. If you need to use your benefits for an additional (or second home) there are special considerations from the Veteran No Money Down Home Loans Program that as well. For those retiring from the Military, there are Veteran Home Loan expectations about occupancy in that situation as well.
There are no restrictions regarding where the property can be located, and the maximum 100% no money down home loan is available up to $417,000.
The Veteran Home Loan program also has a Guarantee Fee, or PMI charged upfront. The rate for that is based upon previous use of your VA Eligibility. For Veteran’s that are first-time users of their entitlement and who are on active duty or honorably discharged, the rate is 1.4%. There are other rates, but there are no monthly charges for PMI like there are for other No Money Down Home Loans.
Additionally, for the right borrowers, conventional no money down financing to 97% also offers certain advantages over FHA loans. The loans tend to be a bit easier to work through the process and loan costs are generally lower than with FHA loans, which include an upfront mortgage insurance premium (their version of PMI) of 1% of the loan amount, and the monthly mortgage insurance premium of 1.15%.
The “downside” to this conventional no money down home loan (meaning you get a gift for the 3% downpayment), is that those with a “Short” credit history, are not likely to meet the more demanding credit requirements. To qualify, the debt-to-income ratio cannot 41% (meaning 41% of your GROSS before taxable income for the housing payment and all of your other debts) and credit scores must be 740 or higher.
You can also use this program to qualify for the NC Housing Finance Agency No Money down Home Loans Program that includes an $8000 grant. It’s important to remember that this No Money Down Home Loans option means that you are “capped” in the purchase price based upon the NC County you are interested in purchasing in.
You also have to live in the home as your primary residence. If you’re going to rent the place out, don’t use the first time home buyer loan. Finally, the home you buy most likely has to meet some physical requirements. It must be in good condition and free from any safety hazards (such as lead-based paint, for example).
There are also general income restrictions for the household, sales price limits, and in some cases, limits on where the location of the property must be!
If you want to learn more about No Money Down Home Loans in NC, please call Steve and Eleanor Thorne 919 649 5058, we know what works in North Carolina, and we help people here buy there dream homes every single month! We offer Today’s Lowest Mortgage Rates!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.