Tag: low down payment

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 […]

How can I ever save a down payment for a house? Down payment is one of the biggest roadblocks to homeownership, but it doesn’t have to be that way! Have you been either paying rent or living with family for a while now and you constantly think “How can I save up for a down payment to […]

A recent VA purchase closing had 2 characteristics of a VA loan that most do not know.  First is using a VA bonus entitlement.  This allows a qualifying veteran to have 2 VA loans at once.  It is also called 2nd Tier Entitlement, which gives the veteran the ability to use over the basic $36,000 entitlement.  Next is […]

Life happens and sometimes life gives you tough situations such as a short sale.  A short sale is when a homeowner experiences problems selling their home.  Being short means the balance is higher than the sales price.  The problem with a short sale is lenders and other creditors consider this a credit default in most […]

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 […]

Sellars Cove Condos, VA and USDA Financing Approved Sellars Cove Condos, which are located at Condo Club Drive, Wilmington, NC 28412, are currently approved for VA & USDA financing.  Many are not aware that many condos are more difficult to finance than regular homes.  Though, our team  has experience with lending for Sellars Cove Condos for VA & USDA loans.  Sellars […]

USDA Rural Development Home Loans help buyers purchase a home with no down payment required.  In addition to no down payment, it has recently become even more affordable.  The recent reduction in the USDA funding fee and monthly payment is helping prospective home buyers tremendously.  In addition to normal underwriting conditions, there is a USDA […]

VA Jumbo Loans by Your Local VA Lender Most counties throughout North Carolina, South Carolina, and Virginia, service members and veterans can purchase a primary residence with 100% financing through VA for purchases up to $424,100 ($625,000 in VA’s “high cost areas”).  See VA high cost counties in Virginia & North Carolina here which allow […]

Veterans and service members have access to unbeatable financing called a VA loan.  Where VA eligible buyers run into problem sometimes is building a new home.  Finding VA construction loans is very difficult today and most lenders require 20% down payment or more.  So what if you could have a construction loan and combine it […]

VA will finance 100% of a purchase price for a primary residence and two common misconceptions of VA loans are that: 1) There are NO closing costs on a VA loan  (we heard this one again today) and… 2) Closing costs are automatically financed into the VA loan… These are both INCORRECT. There are closing costs on […]

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 […]

USDA Property Eligibility We receive lots of questions daily.  A popular one is “how do I tell if a property is USDA eligible?”.  Whether you are a buyer, seller, or realtor, you should use this site.   USDA is a great opportunity for a buyer to get affordable, no money down financing.  Actually because of a recent […]

Bonus Entitlement for ARMY | NAVY | AIR FORCE | MARINES | COAST GUARD | NATIONAL GUARD | RESERVES | SURVIVING SPOUSE Yes, it is possible to have a VA loan on one property and use another VA loan to purchase a new primary residence.  It seems that many active military, Veterans, Realtors, and mortgage lenders are […]

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 […]

VA Approved Condo Search Buying a condo means low maintenance and care-free living.  Did you know that you can buy a condo with a VA loan?  You can but there is one major requirement.  The condo must be on the Approved Condo List!  Basically the condo project must be “Accepted without conditions” or “HUD Accepted”.  So if the […]

In order to obtain a VA home loan, you will need a VA Certificate of Eligibility. There are several ways to get the VA COE.  First of all, once the loan application is complete, we will see if your Certificate of Eligibility is available online.  We can often receive this answer within a few minutes.  If it is […]

There are so many reasons families may have to live separately for at least part time.  Military families are used to this because of training, floats, or being called to action.  But even after separating from the service, Veterans may need to live separately from the rest of the family.  Often the reason is for […]

Many buyers, especially first time buyers, do not have 20% down payment.  Luckily there are a lot of mortgage loans offered with less than 20% down required.  Besides VA, USDA, and FHA, there are conventional loans.  For these Fannie Mae and Freddie Mac loans, private mortgage insurance (PMI) is required with less than 20% down.  Most […]

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, […]