Tag: NC purchase contract

Pastoral Housing Allowance We love helping pastors buy homes!  So much so, we have to share this success story and “prayer” answered.  Picture this loan scenario which involved the often misunderstood pastoral housing allowance. A pastor and military veteran buyer No down payment Almost all nontaxable income Excluded personal debts paid by the church Good […]

Homeownership, owning your business, and living life to the fullest are 3 of the most popular answers to the American dream.  One could see why many desire to own a business.  Successful business owners enjoy a sense of pride in building something that supports their employees and provides valuable services.  Yet, the self employed also have […]

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 […]

211,000 new jobs were created in November, above the 196K expected, while September and October were revised higher by a total of 29K. The report also showed that the Unemployment Rate remained at 5%, a 7 year low, which was inline with estimates. Average hourly wage growth rose 0.2%, which was also inline, while year-over-year […]

First Time VA Loan Buyer Options Under 640 score, over 55% debt ratio, VA home loan purchase that needs to close in 33 days?  No way?  Yes, Way!!   So often there are times when someone has some hurdles to overcome when purchasing a home and our team is one that will figure out a […]

“Do you want to put that on your charge card for a special discount? If you open a charge card with us, you will save 30% off of today’s purchase!” is what you will hear at every department store you visit over the holidays.  Sounds great, right? Not when it comes to credit scores! Actually, opening a new […]

The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan size limits for 2016 Fannie Mae and Freddie Mac loans will stay the same as 2015 except for increases in 39 high cost counties in the U.S. Being that there are 3007 counties in the U.S., that is not many that are increasing.  The baseline […]

If you are looking to purchase a home in Robeson County NC, you can research the property tax rates, tax bills, and values here.   Search for Robeson County, NC deeds and other real estate public records Look up property tax value or tax bills here   Robeson County .77 Que Hill FD .10 Southeast Maxton Rural […]

USDA Finances 100% of your home purchase Each year after the USDA Rural Development fiscal year ends, USDA must have authorization for funds in order to fully guarantee the loans.  Since October 1, 2015, we have been on hold for funding USDA loans until today. USDA just announced a few hours ago that Fiscal Year […]

 Settlement or Closing Costs Explanations A buyer should know which closing costs to expect when purchasing a home.  Some closing costs are required, where others are optional to the buyer. Potential Closing Costs on a Purchase Below is a detailed list of potential closing costs on a purchase involving a mortgage in NC, SC, and […]

 Flood Insurance Requirements It is a given that every coastal Realtor, insurance agent, & mortgage lender should be familiar with flood insurance but there are also plenty of non-coastal properties in flood hazard areas because of being located near a river, lake, or in a low lying area where water can rise.  Below we asked a […]

Other than the standard things most people know about, VA will allow some little known, creative ways to help a buyer qualify with a VA home loan. Here are 7 Ways Knowledge of VA Details Will Help Buyers: The seller can pay off the buyer’s debts as part of the purchase price The buyer can pay off revolving […]

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 […]

The first time homebuyer requirement for an MCC Tax Credit through the NC Housing Finance Agency does not have to be met if the borrower’s residence is located in a “designated Targeted Area” as listed below. A targeted area is any area designated by the federal government to receive special consideration based on economic conditions […]

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, […]

Whiteville, NC.  This past week local real estate agents attended a 4 hour continuing education class to help bring awareness of the NC Housing Finance Agency’s mortgage products which help homebuyers purchase with low to no out of pocket and an income tax credit up to $2000 per year.  Team Move invited Jane Buchholz with NC Housing […]

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 […]

Steps to be ready for your purchase closing Over the last 6 articles, we have been providing a roadmap to get buyers through the roadblocks to homeownership.  Today let’s finish up with the last steps to be ready for a purchase closing.  Everything up to this point has been what to do very early in the purchase process.  […]

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 […]