Tag: Lumberton Board of Realtors

In North Carolina, eligible rural areas for USDA housing programs will be adjusted in certain areas on February 2, 2015. New ineligible areas will include: Areas adjacent to the current ineligible area of Jacksonville, NC; Greenville, NC; Rocky Mount, NC; Goldsboro, NC; Raleigh, NC; Greensboro, NC; and Charlotte, NC. On December 16, 2014, President Barack […]

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 […]

Did you know that a retired borrower can use a new distribution of income from a retirement account as qualifying income for a mortgage loan as long as the income from the asset should continue for at least 3 years?  Sometimes a buyer may not have enough social security or pension to qualify for a […]

As we always say, nowadays everyone is a number so you might as well have a high one! Tips for getting that elusive perfect credit score: If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their […]

Low down payment jumbo loans Jumbo mortgage loans over recent years have been more conservative than other loans.  Although we have some low down payment solutions for today’s luxury home buyer. The improvement in the US economy has really helped increase the number of sales of the higher priced luxury homes. For single family primary […]

A little known number near the back of a borrower’s business tax returns that can cause a huge issue with a mortgage loan approval is “mortgages, notes, and bonds due in less than one year”.  This figure, which is found on the corporation’s balance sheet, must be deducted from the corporation’s after-tax income since it […]

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 […]

NC USDA Status Hotline USDA loans are unlike other types of loans.  Normally lenders underwrite a file without review from an agency.  USDA requires an extra step after the lender underwriting process.  Next comes the USDA eligibility review and commitment.  Over the years, we have seen the review and commitment process vary from a day to over 30 days for USDA to review NC […]

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 […]

Fayetteville NC is home to Fort Bragg which is the largest military base in the world.  It is home to the Airborne and Special Operations Forces of the U.S. Army.  So obviously the local economy depends heavily on the military base and the families it supports.  Because it is a heavy military area, VA loans […]

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 […]

NC Housing Finance Agency unveiled this great, low down payment mortgage loan.  So this helps North Carolina buyers finance a primary residence affordably.  It is called the NC Home Advantage 97% Fannie Mae loan.  We are also an approved lender and have approved loan officers offering NC Housing Finance Agency products. Some details of the NC Home Advantage […]