October 2016

Found 7 blog entries for October 2016.

North Carolina USDA Income Limits for all Counties

Just Released North Carolina USDA Income Limits

USDA Guaranteed Rural Housing Home Loans are an excellent choice for not only first time buyers but North Carolina USDA Income Limitsmove-up buyers too.  One of the biggest roadblocks to homeownersSouth Carolina USDA Income Limits for all countieship today is lack of down payment.  But USDA loans give buyers a great no down payment option.  Plus it offers a 30 year fixed interest rate.  USDA is not as popular as FHA, but most of the time USDA is actually the better option because of the lower monthly PMI (called Annual Fee).  Plus USDA does not require a down payment, where FHA has a minimum 3.5% down payment requirement.  Team Move can help buyers in qualifying including if they meet the North Carolina USDA Income Limits.

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Construction Perm Loan Process from Loan Application to Moving In


VA & FHA construction perm loans with one-time close

VA & FHA construction perm loans with one-time close

A construction to perm loan for stick built and modular homes has a lot moving pieces just as building a house does and a popular question is “How does the construction perm loan process work?”.

Construction to Permanent Loan Process

  • Complete loan application and pull credit
  • Send you a detailed list of items needed to process your mortgage (tips for providing complete documentation)
  • Send the required documentation to us including income, assets, and construction specific items such as:
    • Copy of the deed to the property
    • Signed contract with the builder
    • Mortgage information for the land loan that
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Credit Mistakes to Avoid Prior to Closing


Everyone hears the credit advice flying in the mortgage process.  Examples may include “You need to pay off all your debts!”.  “Close your unnecessary credit cards!”.  Too often we see clients do things like these that hurt their purchase or refinance closing.  These costly mistakes stem from two primary areas.  First, borrowers just get bad advice from others who are not knowledgeable on credit.  At a minimum, many providing the advice have never even seen the borrower’s credit report.  Next, borrowers have good intentions but do things that actually hurt credit scores.  So today let’s discuss common credit mistakes that can cause closing issues.

Credit Mistakes:  Paying Off or Settling

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Do Any of The Following Scenarios Describe Your Current Situation?

 

Have you found the right house but it needs work?  FHA 203kAppraisal issues or as is property? use FHA 203k rehab

Do you have an HGTV idea? FHA 203k

Will the house you found have an appraisal issue? FHA 203k

Are your funds too limited to buy the home and then pay out of pocket for repairs? FHA 203k

It happens so often that a buyer finds the right property, in the right school district, in the right neighborhood, BUT it is in need of some TLC or home improvements.

Rather than purchasing the home (assuming it meets loan condition requirements) and then paying for the improvements out of pocket, consider financing the purchase and improvements together for less money out of pocket.

Include a bathroom, kitchen, or other remodel jobs into your mortgage loan

Include a bathroom, kitchen, or

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USDA Commitment in 19 Days From Application!

USDA Commitment Done Right!

We love USDA loans!  Not only are buyers able to purchase with no money down, but it is flexible on credit.  On top of this, USDA just made homeownership more affordable effective 10/1/16!  This was accomplished by USDA drastically lowering the guarantee fee and the monthly mortgage insurance.  Now check out our USDA Success Story of the week below!  We received a USDA Commitment very quickly and closed as scheduled.

Our Process Allows for Quicker USDA Commitment

We just closed a purchase with a USDA loan 22 days from the contract receipt.  So, we received the purchase contract on 9/8/16 with an expected contract closing date of September 30, 2016.  Then, after

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Will Credit Limit Increases on My Credit Card Hurt my Score?

 

Credit Limit Increases Helps Credit Scores!

credit limit increases will raise your credit scores

Credit limits and the balances on your lines of credit account for almost 1/3 of your credit scores

Many are scared to death of the consequences from credit limit increases but most of the time the reasons are only misconceptions.  Now if you think you will use all of the limit and carry a balance, don’t increase your limits.  But if you are just worried that raising your limits looks bad on your credit report, then this article will hopefully change your thinking.  When you raise your credit limits on your cards and your balances stay the same, your credit scores should grow!  Better credit scores means better chance of

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Appraisal Issues – Learn the Reasons Plus Tips to Protect Yourself

Appraisal Issues are Causing Major Delays!

We will be the first to say that appraisers have a tough job.  Appraisers are questioned constantly.  When values come in low, it is the appraiser’s fault.  Plus their job continues to grow tougher.  But, no one can dispute that the real estate industry has a real problem.  That problem is the bottleneck of the appraisal process.  So let’s discuss the reasons for appraisal issues lately.  Additionally, we provide ways to avoid many of the problems.

There’s Not Enough Appraisers!

Appraisal issues

OK, appraisers aren’t 100, but they are aging!

Research by the Appraisal Institute finds the number of appraisers has declined 22% since 2007. 

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