down payment: First Time Home Buyers Are Not Using FHA - 04/16/18 09:07 AM
 
“Millennials have long been called the next wave of home buyers.” I don’t know why this is “shocking” because the US Housing Market has always relied on First Time Home Buyers coming into the market to help everybody else move up, or downsize. First time home buyers comprised 38 percent of single-family home purchases last year, their biggest share in the market since 2000, according to Bloomberg.  The most interesting characteristic of this group of home buyers is that they are relying on Conventional Financing Programs, first time home buyers are not using FHA as the “go to” program.
 
Again, I don’t think that’s shocking either.  First … (1 comments)

down payment: First Time Home Buyers with Student Loan Debt - 01/03/18 04:25 PM
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.  … (0 comments)

down payment: Construction Loan Basics - 11/08/17 06:48 AM
Our Construction Loan basic guidelines are significantly different than other places.  We offer fixed rate, 30 year loans, many of our competitors only offer 15 year or Adjustable Mortgages. We will allow you to put as little as 10% into the transaction, most of our Construction Loan competition requires at least twice that amount to build on your own land.  You don’t HAVE to build on your own lot, we can add the amount of the lot to the over all loan, some of our competition for a Construction Loan require you to already own the land.
 
Construction Loan Policy 
The construction loan program will … (0 comments)

down payment: Construction Loan How to Finance a New Home - 10/25/17 08:12 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 … (6 comments)

down payment: Construction Loan Closing Costs NC - 10/18/17 08:32 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 … (0 comments)

 
Steve and Eleanor Thorne, Mortgage Loan Johnston County (Advantage Lending, NMLS 60596)

Steve and Eleanor Thorne

Mortgage Loan Johnston County

Clayton, NC

More about me…

Advantage Lending, NMLS 60596

Address: 201 Shannon Oaks Circle, Suite 204, Cary, NC, 27511

Mobile: (919) 649-5058

Johnston County biased blog dedicated to providing information about FHA, VA mortgages, USDA home loan and conventional mortgage loan information for Smithfield, Clayton, Benson, Wilson Mills, Dunn, and other parts of Johnston County. Highly experienced mortgage loan officers with best rates in the area!


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