Tag: fha loan requirements

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 […]

Maximum Seller Paid Costs By Program Type  Buyers and Realtors, before agreeing to a sales price, know if you need or want seller paid closing costs.  In addition, one should know the following about maximum seller paid costs: How much is needed for best approval? What is most beneficial? What are the program seller paid limits?  FHA Maximum Seller […]

Student loans play a big role in people’s finances nowadays.  It is certainly true with mortgage loan approvals as well. CNN Money reported in an article that the average student loan debt for the class of 2012 is $29,400! Read the article here.  Student loan payments are typically included in calculating a borrower’s debt to income ratio.  […]

When does PMI stop on FHA, USDA, and Conventional Loans? How Can I Get Rid of PMI? Does PMI stop on my loan once I am under 80%?  Not on all loans! So when does PMI stop on my loan?  We hear quite often the misunderstandings of PMI or annual fees from borrowers, loan officers, realtors, […]

A popular topic on the news and in people’s pocketbook is the effect of rising college education expenses on families.  Millennials and often their parents are mounting huge student loan balances.  There is a lot of talks by individual states of making college tuition free for many.  Actually New York just announced free tuition for income […]

FHA Flipping Rules Explained There are two main categories of real estate investors.  The first is a long term hold strategy.  Secondly, there is flip which is a short term sell for profit strategy.  A property flip is when investors purchase a home, renovate it, and then sell it for a profit.  Both investments are wealth […]

Swimming pools:  You either love them or you hate them and usually there is no in between.  One family dreams of sun filled days splashing around in the pool where another sees daily chores of cleaning, making sure the Ph is at the correct level, or covering the pool for the winter. So if a home […]

All buyers want to find a good deal on a home, so many go the route of purchasing foreclosure homes.  Therefore HUD homes for sale are very popular for many buyers.  Not only are they usually priced below market, but there are also great loan options.  The official name for FHA foreclosures is HUD REO […]

Lenders and agencies require that a structural engineer perform a foundation certification. When considering the purchase or refinance of a manufactured home, lenders will require that the foundation meets HUD minimum guidelines when using a VA, FHA, or USDA home loan.  It is important to realize that manufactured homes are different from modular homes.  A […]

For many, buying a home is considered the American dream.  But sometimes there are roadblocks to homeownership.  Well our site is designed to break through those roadblocks and provide solutions to home buyers.  A common occurrence primarily in young, first time buyers is not enough income to qualify.  Lenders use a term called “debt to […]

Rent Free Options Explained It is very popular these days for people to move back in with parents.  Additionally, many even live with other family members or friends.  Therefore these buyers cannot prove an on-time housing history.  This is called a “rent free” scenario.  A recent blog posted by the National Association of Home Builders […]

Building a home is a dream for so many, but keep in mind that in many ways there are many more steps compared to buying an existing home.  A construction loan process for stick built and modular homes has a lot moving pieces.  In addition, building a home has so many decision to make as well.  So after […]

One of the most popular questions we hear is what kind of programs are there with 100% financing and the answer has been VA and USDA.  But now, NC Housing Finance Agency has the NC Home Advantage Down Payment Assistance program.  NC first time or move up buyers may finance 100% or more financing when purchasing a primary residence […]

FHA already has the reputation of being a forgiving and flexible home loan.  But many lenders actually place higher limits on the minimum credit score for FHA loan files.  The Federal Housing Administration allows lenders to use good judgment in determining loan approval.  Although credit scores do play a role in an FHA loan approval.  […]

Knowing Seller Paid Closing Cost Limits is Important FHA, VA, USDA, and Conventional loans allow seller paid closing costs to a limit and it is important to know the limits Often buyers either want or need to have seller paid closing costs in order to include part or all of their costs into their mortgage.  Seller paid costs can help […]

We see this misunderstanding of condo versus townhome more than any other property types as a lot of listings will call the property a condo/townhome and there is no such thing. Understanding this difference  between a condo and a townhouse is very important for buyers, sellers, and their agents! Condo characteristics: The owner owns only the […]

We Understand a Pastor’s Nontaxable Income You are going to say “Amen, it’s about time someone understands my income!”.  Because our team fully understands how the pastor housing allowance may be counted for mortgage loans.  So whether you are a pastor, priest, or reverend, often you receive nontaxable income. But the problem is that lenders won’t count a large portion of […]

FHA Approved Condos Search In order to purchase a condo with an FHA loan, the complex must be approved.  FHA approved condos combine simple living with affordable financing.  But in order to use FHA, the complex must be on the FHA Approved Condos website. Directions for Searching for FHA Approved Condos: Follow these steps to find FHA approved condos quickly.  The site […]

From 2008 through 2016 many homeowners suffered great financial difficulties.  On top of situations such as job loss and medical issues, many home values decreased dramatically.  Therefore homeowners were not able to sell their home since they were underwater.  This is why a short sale was so popular during this period.  Lenders basically agree to […]