2013 is shaping up to be a great time to buy a home in North Carolina. Mortgage rates are at historic lows, existing home inventory is good and new home construction is rising. Add to that, the NC unemployment rate is improving and rental costs are increasing, this will make 2013 a very active real estate year.
One of the biggest hurdles for a home buyer is saving money for a down payment. There are still a few no down payment programs around but they do have limitations. A VA loan is one of the best zero down programs ever but unless you are a veteran you are not eligible. USDA loans don’t require a down payment either but they are restricted to rural areas.
A great alternative to these no down payment programs is a 3% down conventional loan. Unlike an FHA loan which requires 3.50% down, this program has no upfront mortgage insurance and a lower monthly mortgage insurance rate. These loans are not restricted to first time home buyers and you can have loan amounts up to $417,000. Of course if the homebuyer can put 20% or more down, mortgage insurance can be completely avoided.
There are special programs for first time homebuyers such as the Mortgage Credit Certificate (MCC) and the $8,000 down payment assistance program (DAP) from the NCHFA. The MCC converts 30% of your annual mortgage interest from a Federal tax deduction to a tax credit. It does max out at $2,000. The $8k DAP can be used for down payment and or closing costs.
2013 will be a good year and it’s time to buy a home in North Carolina!
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Who Can You Call For Your Mortgage Needs in North Carolina?
Call Shay Campbella licensed Loan Officer, NMLS# 46083, located in the Triangle area of NC, which includes Raleigh, Cary, Durham, Chapel Hill, Apex, Holly Springs, RTP and the counties of Wake, Durham, Johnston, Chatham and Orange. Shay has over 13 years of originating experience in North Carolina and can assist you with FHA, VA, USDA, NCHFA and conventional loans. He has a special interest in working with first time home buyers. Shay can be contacted at 919-624-8614, shay@shaycampbellmortgage.com or visit his website at shaycampbellmortgage.com.
