Tag: fha loan calculator

After the recent announcement of the conforming loan limits increase, FHA has now announced their own increase.  Housing prices have continued to climb which is a good thing to owners, but can be a struggle for home buyers.  As a buyer sits on the sidelines as a renter or living with family, prices are rising.  […]

FHA PMI or MIP has been in the news in big ways over the last 3 years.  There have been enhancements which helps buyers achieve home ownership easier.  Plus the payments are more affordable. Recent Changes in FHA Costs The Federal Housing Administration decided in January 2013 to make FHA PMI for most borrowers continue […]

The Federal Housing Administration has announced the FHA loan size limits for 2019 in all areas of each state.  The most popular level is for single family residences.  Most of the NC FHA loan size limits increased to $314,827.  But there are several NC counties which have higher FHA loan size limits.  These high balance NC counties helps […]

The Federal Housing Administration or FHA, announced the 2019 SC FHA loan size limits in all areas of each state. Most of the SC FHA loan size limits increased to $314,827. But, there are some counties which have higher limits. So make sure that you check these limits when considering an FHA loan. Plus, check out other valuable FHA resources on […]

Check out this success story and it is a little known advantage for licensed Real Estate Agents. Actually, a Realtor commission may be used as down payment for the purchase of their own home. Normally, lenders are required to prove down payment in the buyer’s bank account. So, if underwriters require proof of funds in the bank, how can Realtors use commission which isn’t paid […]

Below are the FHA guideline changes effective for FHA case file numbers assigned on or after September 14, 2015. Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough. Assets:  This section applies to anything pertaining to documenting assets on an FHA […]

Fairly often we receive questions about FHA heat source requirements.  So recently we received one of the more popular questions from a real estate agent.  “Does a wood burning stove meet the FHA heat source requirements?”  Basically, can a buyer use an FHA loan to purchase a home where the sole source of heat is a wood […]

FHA Changes FHA recently changed a lot of their guidelines on 9/14/2015.  So we will provide the game plan to navigate minor tweaks to big FHA changes. Below are answers to FHA FAQ’s Is a borrower eligible if they have a delinquent federal debt but have a clear CAIVRS? If a delinquent federal debt is reflected in a public record, […]

15000 Down Payment Assistance (DPA) – Wow! Close to FREE Money! First time buyers in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties have a great opportunity.  These buyers may be eligible for the 15000 down payment assistance program ($15,000 DPA funds).  In addition, this program offers 0% interest and has no required payments.  But guess what???  It is FULLY FORGIVEN AFTER 5 ONLY YEARS! Most […]

UNCW continues to rack up the awards lately and is growing in popularity. The University of North Carolina at Wilmington was once again named one of the best Southeastern schools.  The award was given by the Princeton Review.   Other recent awards include: 2015-2016 College of Distinction by Colleges of Distinction 30 Most Beautiful Coastal […]

Low down payment options for today’s buyers is a popular concern among other areas.  In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far in previous weeks, we have discussed how to solve Limited or bad credit No down payment Not having a budget Documenting rent history […]

Rent Tips to Buy a First Home In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far we have discussed how to solve limited or bad credit, no down payment, and not having a budget.  Therefore, lets discuss overcoming Roadblock #4.  Not being able to document rent or housing history […]

No to Low Down Payment Options In the last article we talked about credit and today we are providing solutions to the # 2 roadblock mentioned for first time buyers.  This article explains solutions of low down payment options for buyers that have no or little money for down payment or reserves. To solve this popular issue, let’s talk today […]

Mortgage Approval Credit Requirements Step by Step Picture this scenario:  A happy couple or individual has never purchased a home and would love to be homeowners in the future, BUT doesn’t know the mortgage approval credit requirements.  In addition the future homeowner may have other common roadblocks such as… *  There is not a lot of credit […]

Providing the most helpful tips for buyers, realtors, homeowners, and the public in general is the main purpose of our blogs.  They are written about real world mortgage loan scenarios and we hope that these blogs provide education to our readers. Best of the Best Blogs: New 100% products with higher down payment assistance with zero […]

It is very common for family to help family buy a home, especially when FHA loans are involved.  Assistance is usually in the form of a gift towards down payment.  But sometimes real estate agents represent a family member or themselves as a buyers agent.  If you’re a realtor buying your own home, check out another article […]

Purchase Mortgage Checklist Providing complete and accurate information to your mortgage lender up-front is paramount.  Using this mortgage checklist will help in the following ways. on-time closing Accurate pre-approval Quicker underwriting times More confidence in purchasing a home This mortgage checklist includes common items necessary to process your mortgage loan.  Although keep in mind that […]

Low Credit Scores Can Get Approved Today there are many prospective homeowners with low credit scores, higher debt to income ratios, or limited credit experience.  This can make it difficult to obtain a mortgage loan to purchase a home.  Potential homebuyers do need to prove their ability to pay a mortgage on-time in order to get […]

Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products.  We don’t just take the cookie cutter loans.  We tackle the difficult situations for the good of our client and we make sure that the product our borrowers choose is […]

The most common need we see among buyers these days is a great low or no down payment mortgage solution.  There is a little known affordable payment, low to no down payment option available with us through the NC Housing Finance Agency (NCHFA).  Earlier in 2014, NC Housing Finance Agency unveiled the NC Home Advantage product which […]

Appraisal Requirements & Tips Too often borrowers incur extra costs and have delays in the mortgage process because of preventable issues on the appraisal.  Knowledge and preparation of appraisal requirements will help avoid many problems on the purchase or sale of a property.  It even helps on a refinance as the same guidelines apply.  Government loans […]