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FHA Mortgage Raleigh NC Changes 2014

FHA loan limits in 2013 are now $295,000 in Wake County to . They are scheduled to change in 2014, and the maximum loan limit for FHA Mortgage Raleigh NC will go down to $280,600 staring 1/1/2014.  The FHA Mortgage loan is not limited to First Time Home Buyers, and will allow for lower credit scores!
Does that mean every loan officer in North Carolina can help you with a FHA loan? No.
FHA loans are only offered through a Mortgage Banker or broker approved to do business through the FHA. Because of the audits, and additional costly quality controls required to have your FHA designation, many brokers have not gone through the process to be approved for FHA Mortgage Raleigh NC.
Those mortgage companies that priimarily did sub-prime loans in the last 10 years - certainly have not done an FHA loan, and it's important to understand what experience level your loan officer and their staff have with this program.
It's not that FHA loans are so complicated - but they are wildly different from the way you process, and calculate credit and debt from other mortgage loan programs. Things that just will not work with a traditional Conventional ... more

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