down payment: First Time Home Buyers with Student Loan Debt
- 11/01/17 08:05 AM
There are some new guidelines coming in January for First Time Home Buyers with Student Loan Debt. In January of 2018 Freddie Mac will begin requiring us to count either your Student Loan payment, OR .5% of the balance, which ever is higher This is a change from the current guideline that allows us to consider the payment that is reported to the Credit Bureau. We haven’t been able to count a $0 payment, but if you were on an IBR schedule with a payment of $21 on a $22,000 loan, we could count the $21 in your debt to income calculation. … (1 comments)
down payment: Construction Loan Closing Costs NC
- 10/25/17 08:23 AM
There are several different ways to finance a new custom home, most commonly, you would pick out a lot, and find a Builder who will build the home to your specifications. This “Custom Home” loan, or construction loan, would be in your name – and the builder would receive “draws” or lump sum amounts from us as the phases of the home are finished. Usually there are 5 “draws” on your construction loan during the process. With the new Construction Loan closing costs schedule we offer in NC, we only have one set of closing costs.
What does that mean? Traditionally, customers looking to build … (1 comments)
down payment: Construction Loan How To Finance A New Home
- 10/10/17 09:02 AM
If you want to find a Builder to build your home on a lot, how do you do that? One way is to have the Builder take out a mortgage, and in that situation, you normally have to make a pretty sizable deposit with the builder, often times it’s at least 20%. IF you own the lot, you might have to sign it over to the Builder. After all they are taking a huge risk that they will build the house, tie up their materials, man hours and credit line, and you might not ever be able to close. With our new … (3 comments)
down payment: 4 Things To Do Before Buying Your First Home in NC
- 09/21/10 02:57 AM
Buying a home, especially if it's your first one, is often quite scary. There are so many things you don't know and terms you've never heard before. People often fear what they don't understand... So it's not surprising that studies have shown that this fear literally prevents some people from taking the first steps to buying a home! As a First Time Home Buyer, you are probably "doing your homework," looking for information online, and asking questions of the people you trust. If you are like most of us, your home will be the biggest purchase you ever make. And … (0 comments)
down payment: FHA Loan Limits Change in the Triangle 1/1/09
- 11/10/08 04:44 AM
EDIT! These loan limits CHANGED AGAIN on 2/24/2009. FHA limits as of THAT date in Wake County are now back to $295,000 According to the calculations done by HUD, and released in their recent Mortgagee Letter, the maximum FHA loan limits in Wake County will be $271,050 effective January 1, 2009. If you are considering a purchase, you need to act soon, so that you can CLOSE BEFORE THE END OF THE YEAR. Not only will the FHA loan limits be going DOWN from the current $295,000 - the amount of money needed for downpayment is going UP! ALSO effective January 1st - the FHA … (11 comments)
There are some new guidelines coming in January for First Time Home Buyers with Student Loan Debt. In January of 2018 Freddie Mac will begin requiring us to count either your Student Loan payment, OR .5% of the balance, which ever is higher This is a change from the current guideline that allows us to consider the payment that is reported to the Credit Bureau. We haven’t been able to count a $0 payment, but if you were on an IBR schedule with a payment of $21 on a $22,000 loan, we could count the $21 in your debt to income calculation. … (1 comments)
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