Charlotte FHA Loans

Are you interested in buying a home in Charlotte, NC?  Charlotte Real Estate is available at incredible prices and you don’t need a huge down payment to buy.  FHA’s 203(b) program allows you to buy a home in the Charlotte Metro Area for only 3.5% down!  FHA also allows the seller to cover your closing costs all the way up to 6% of the purchase price, so if the house is $100,000 the seller can pay $6000 towards your closing costs.  That is enough to cover ALL closing costs and prepaid items.  That means you can buy a $100,000 house with only $3500 cash out of pocket!

Here are some of the great benefits of FHA financing:

  • Low Down Payment
  • Low Fixed Rates
  • 30, 25, 20, and 15 year terms
  • Flexible qualifying guidelines
  • No prepayment penalty
  • Option to streamline refinance
  • Seller allowed to cover closing costs
  • Gifts allowed for down payment and/or closing costs
  • Eligible to US Citizens, permanent and non-permanent resident aliens (must have valid social)
  • Automated approvals through Fannie Mae’s DU system – quick pre-approvals!

Another huge benefit of FHA loans is the ability to use a non-occupying co-borrower to qualify.  That means a parent can help a child just starting out to qualify for a FHA loan!  The non-occupying co-borrower must be a close family member or be able to prove a longstanding relationship with the borrower.

One important note is that FHA loans are for primary residences only.  You can’t use FHA to buy an investment property or a second home.

If you would like to learn more about Charlotte FHA loans or any other mortgage product in North Carolina or South Carolina, simple shoot me an email or call me directly at 980-721-7478.  I am always happy to answer questions and I promise no pushy sales tactics!

 

 

Buying a Home While in Bankruptcy

Did you know that it is not impossible to buy a home while in bankruptcy? I just closed a loan like this last week, and trust me when I say it was a loan most lenders would have denied! The public’s perception of the current mortgage rules is that perfect credit is required to get approved for a home loan. This is NOT the case and people with challenged credit can and should apply for a mortgage under the right circumstances.

What are the right circumstances? Mortgage guidelines look for patterns of past behavior to help predict which borrowers will make their payments and which ones will not. If you have late payments on your credit within the last 12 months your credit score most likely too low to be approved for a mortgage and underwriters will most likely not approve your loan. Issues that occured 2-3 years ago can be overlooked if you have a good explanation and can demonstrate that within the last 2 years you have established a good track record.

Let’s take a look at the bankruptcy issue. Let’s say you filed for chapter 13 bankruptcy 4 years ago and have been making steady payments each month on time. If the bankrupty court will give you permission to buy a home, your current debt to income ratio is reasonable and you have rebuilt your credit… FHA guidelines say you can be considered for a mortgage! Someone that had a chapter 7 bankruptcy will have to wait at least 2 years and must have re-established good credit.

Charlotte mortgage lenders are all slightly different on how they apply FHA guidelines. Most lenders today have overlays, which are additional requirements added to the basic FHA rules. If you have had credit issues in the past you should contract a lender directly and talk with a loan officer about your situation. Here at Fairway Independent Mortgage, we work with all the top national lenders and can find ways to get loans closed that the big banks deny.

If you would like a FREE credit pre-qualification just click here! I will be glad to help you determine what you can afford, or to create a plan for your credit to get you back on track.

Jobs Report Bad News for Economy

The unemployment report is out and it’s not looking good.  The talking heads were predicting that the economy would add 90,000 to 125,000 new jobs… we were a little short.  The entire economy only added 18,000 new jobs which obviously is far cry from what was needed and expected.  WATCH the first 2 minutes of this video, I was amazed at how far off all the “experts” were here… Read more »

Charlotte Mortgage Rates

Mortgage rates have been on the rise over the past week.  Most lenders online were advertising rates below 4.5% for 30 year fixed loans before last week, but now are at or above 4.5% on average.  You can easily check rates at many websites if you just want a general idea.  Websites like bankrate.com or even BankofAmerica.com are pretty good to use for an easy general rate quote.  Where they fall short is giving you a detailed and accurate rate that is specific for your situation.

Most people are hesitant to call a loan officer directly until they are really serious about buying a home.  Let’s face it, no one wants to talk to a “sales guy” until they absolutely have to!  I don’t blame people for this because salespeople have done a great job over the years training people to beware.

My website offers a great solution for this!  If you look to the right you will see a rate quote widget.  This widget offers you a way to get a more personalized and accurate Charlotte rate quote and the best part is it’s absolutely HASSLE FREE!  You get a real live person working to answer your rate request but zero sales jargon to try and get you to do anything you aren’t ready to do!

Is it Time to Buy Real Estate in Charlotte?

Across the U.S. the housing market has been a mess.  We have all heard about or even witnessed the bankrupt home builders, bank failures, and foreclosure plagued neighborhoods.  A housing bust seemed impossible back in 2006, but here we are and many people are wondering when will all this end?

I think there is reason for hope!  Certainly there are still obstacles to overcome but if you stand back and look at the big picture I think NOW is the becoming the TIME TO BUY!  Here’s why… Read more »