Minimum Credit Requirements for USDA Loans Now Includes:

  • Minimum number of trade lines to validate an applicant’s score is only two instead of 3
  • Eligible trade lines include revolving (credit cards, lines of credit), installment loans (car loans, furniture loans, and other types of term loans), & mortgagesUSDA eligibility map
  • Qualifying trade lines must be open at least 12 months
  • Nontraditional or alternative credit is allowed to supplement the credit report to meet the requirement **
  • At least one applicant whose income and assets are used for qualifying must have a valid credit score

** Alternative credit includes items such as car insurance, life insurance, utilities, cell phone, gym membership, small store accounts not reporting on credit, school…

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VA Home Loan Occupancy Requirements

VA home loans are for primary residences, but there are exceptions to this rule!  We have actually used the little known VA Home Loan Occupancy Requirements several times lately.  There are times where the Veteran is not able to physically occupy the residence within the normal 60 days of closing.  So most would think that a VA loan is not possible.  Not necessarily!  There are cases where the Veteran or service member do not have to physically stay in the home a majority of the time.  It is important to remember this cannot be used to buy an investment or vacation home.  The home must truly be a primary residence.VA home loan occupancy requirements

Non Active Duty Veterans Residency

Veterans do not have to be in the military to live away from…

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What are the 2016 Military BAH Rates in NC?

What are the 2016 BAH rates for NC?

2016 BAH Rates for U.S. service members increased on average 3.4% from 2015

BAH income is a key part of U.S. service members’ pay and it helps provide a non-taxable amount towards a housing payment (rent or mortgage).  Because BAH is non-taxable, we can also gross up this income to help in qualifying for a VA home loan.  Learn how.

Below are the 2016 BAH rates for the main North Carolina Military Housing Areas:

Search for BAH Rates by Specific Zip Code Here

See further down for the 2016 Military Pay Charts

 

MHA: NC182 – Military Housing Area Name: FORT BRAGG/POPE AFB, NC

…
GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
E01 $1,170 $963
E02 $1,170

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Seniors Can Purchase a Retirement Home With No Monthly PaymentNorth Carolina and South Carolina Reverse Mortgages

A Reverse Mortgage, in many ways, can be a valuable tool to purchasing a retirement home.

Retirees work all of their lives to get to the point of relaxing and enjoying retirement years, which often includes buying a home to live in without a payment as they “age in place”.

Many do not know that seniors 62 or older can use a Reverse Mortgage to purchase a home during retirement, yes purchase!  Many people that have heard of reverse mortgages only think of them as a way of getting cash out as a refinance, but it now allows for senior citizens to purchase a primary residence so that they can enjoy retirement with no mortgage payment.  Of course, Reverse Mortgages are not the only…

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Construction to Permanent loans with little to no money down in NC, SC, & VA


Low to no down payment VA and FHA construction perm loans

Low to no down payment VA and FHA construction perm loans

Finding a construction loan is very difficult today and almost impossible to find over 75 – 80% of the value.

Well, we offer a one-time closing VA and FHA construction to perm mortgage loan to meet this huge need in Virginia and the Carolina’s. Low to no down payment construction perm loans are very much needed and we fill that need for our clients and homebuilders.

We offer the following for construction perm products:

VA construction perm with 100% financing.

FHA construction perm up to 96.5% financing.

Extended rate caps up to 270 days with a rate float down option prior…

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Homeownership Solutions for North Carolina buyers looking for a first home or move up purchase

Homeownership solutions for NC buyers looking for low to no down payment mortgage loans

Homeownership solutions for NC buyers looking for low to no down payment mortgage loans

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, NCHFA unveiled the NC Home Advantage product which turns a normal FHA, USDA, VA, or conventional mortgage into a potential lower fixed rate with the option of adding a zero interest & zero monthly payment, down payment assistance loan.

The NC Home Advantage program can help a buyer overcome…

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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 about:

*  No to Low Down Payment Mortgage Loan Options

*  Saving for down payment & a rainy day fund (lenders call this reserves)

First of all, homebuyers will have more options with money in the bank.  Down payment funds help borrowers qualify easier, have more loan options, and have a lower mortgage payment.  So the good news is that we have down payment ideas to aid your purchase.  In addition, we will…

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5 Reasons Why Now is the Time to Move From Your Parents Couch


You love your family, but do you want to live with them forever?

Over the years, often because of the previous downturn in the economy, many younger adults have moved back into or never moved from a family member’s house.  Getting out of the family house can be difficult for reasons such as the following which we will show you how to solve:

  1. “I can’t move because I don’t have a down payment”
  2. “I will never be able to buy because of my credit problems”
  3. “A mortgage company won’t approve me because I live with family & have no rent history”
  4. “I have previous employment gaps and don’t I need to be on my job 2 years?”
  5. “I just don’t know what the first step is to buy a…

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5 Reasons Why Now is the Time to Move From Your Parents Couch


You love your family, but do you want to live with them forever?

Over the years, often because of the previous downturn in the economy, many younger adults have moved back into or never moved from a family member’s house.  Getting out of the family house can be difficult for reasons such as the following which we will show you how to solve:

  1. “I can’t move because I don’t have a down payment”
  2. “I will never be able to buy because of my credit problems”
  3. “A mortgage company won’t approve me because I live with family & have no rent history”
  4. “I have previous employment gaps and don’t I need to be on my job 2 years?”
  5. “I just don’t know what the first step is to buy a…

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5 Reasons Why Now is the Time to Move From Your Parents Couch


You love your family, but do you want to live with them forever?

Over the years, often because of the previous downturn in the economy, many younger adults have moved back into or never moved from a family member’s house.  Getting out of the family house can be difficult for reasons such as the following which we will show you how to solve:

  1. “I can’t move because I don’t have a down payment”
  2. “I will never be able to buy because of my credit problems”
  3. “A mortgage company won’t approve me because I live with family & have no rent history”
  4. “I have previous employment gaps and don’t I need to be on my job 2 years?”
  5. “I just don’t know what the first step is to buy a…

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