Credit Scores and First Time Home Buyers!

How Credit Scores are calculated is changing, and the minimum scores required for mortgage loans are going HIGHER!   It's important to know that Trans Union began making changes to the way they calculate credit scores, and if you don't change your credit strategy - you might not be able to purchase! If you are using VA Benefits, you need a … [Read more...]

USDA Rural Development Loans and Liquid Assets

Some borrower's we talk to have ALWAYS been good savers, and they are drawn to the USDA Rural Development Home Loan program because it allows them to keep their savings (it's a 100%, NO downpayment required loan!)!   There use to be a rule that said you could not have more than $5000 left in liquid assets after closing to qualify for a USDA … [Read more...]

USDA Home Loans have PMI?

USDA loans are the coolest loans on the planet right now, and most people don't understand that it has a form of mortgage insurance... Mortgage Insurance does not pay your mortgage off when you die (well, maybe there's a kind that does, but that's not what I'm talking about).  The PMI-type mortgage insurance is default insurance. It covers a small … [Read more...]

USDA Home Loans, When Do You Need An Inspection

USDA, Rurual Development recently issued an announcement clarifying when they need all of the new construction documents for homes... and when they don't. If the home is less than 1 year old and has never been occupied, the home is considered a new home purchase.  New home purchases are subject to plan certification, specifications, inspections and … [Read more...]

Can You Qualify For A Mortgage If You are Not Married??

If you found this post, you have a very specific question, and the very SHORT answer, is PROBABLY. Exactly what type of mortgage you get, is a slightly more detailed answer! VA LOANS:  VA says that if you are going to purchase with another person they will recognize legally married spouses of qualified veterans as co-signors on VA loans.  … [Read more...]

Durham County USDA Financing Tips!

Part of Durham County, NC qualifies for USDA mortgages - and the qualifying guidelines have recently changed! To see maps specific to where you can find a home that qualifies for this 100% financing in Durham, click here The maximum income is calculated per family members living at home.  The current guidelines are: 1 person in household … [Read more...]

100% Mortgage Loans in Chapel Hill?

I was very surprised by just how much of Orange County, NC qualifies for USDA Mortage Loans!  Pleasantly Surprised! Granted, downtown Carrboro and Chapel Hill do not qualify - but MOST of the county does! To find out if your specific property qualifies, click here! The parts in the "shaded" areas do not qualify for USDA loans, however, all of the … [Read more...]

Maximum Income Requirements USDA in Wake County NC

The Raleigh / Cary markets are considered an MSA (Major Suburban Area??) by the Government.  So, in Wake County that's how you will find the maximum income limits specified for Wake County. These numbers changed at the beginning of the year, and the new income limits (which are based upon the number of people in your household) are as follows: 1 … [Read more...]