Mortgage Underwriters’ hands are tied in using income from something the Federal Government considers illegal. Yet new regulations from DC … More FAQ – Can I use income from marijuana sales to qualify for a mortgage?
According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.
While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs Continue reading What is a My Community Mortgage?
Supply of Inventory With only 3.5 months’ supply of inventory (MSI) in January and buyers snapping up the … More Wake County Real Estate Trends Q1 2014
Contents7 Questions Every Borrower SHOULD ask a Loan Officer#1 How long have you been a mortgage lender? 7 Questions Every … More Seven Questions to Ask any Loan Officer
With all the new jobs being created in Raleigh-Cary with companies such as Red Hat, Citrix and MetLife just to name a few of the bigger names, it’s probably no surprise that there are a lot of people moving to Raleigh and Cary.
But not all of these people moving to Raleigh are ready to buy a home. And frankly, it’s not always wise to buy a home right away in a location where you are a newcomer. Continue reading Three Reasons to Rent in Raleigh-Cary
Buying a home in Raleigh is getting tough!
Regardless if you’re a first time homebuyer looking for a cozy (realtor speak for small) 3 bedroom ranch styled home or a veteran move up buyer purchasing your dream home one thing that is consistent across that supply of housing in Raleigh-Cary and all over Wake County is that it’s tight! Continue reading Buying a home in Raleigh is getting tough!
The 2014 Income Limits for the very popular no money down USDA Single Family Guaranteed Loan Program were published on February 12, 2014. The Guaranteed Underwriting System and the Income Eligibility calculator in the Eligibility website have been updated to use the new income limits. Continue reading USDA has updated its Income Limits for Raleigh-Cary 2014!
One of the booming cottage industries that has emerged from the Great Recession is credit repair companies. Most are by the same people who flew the sub prime mortgage industry into the ground lying to home buyers about their ability to refinance out of a high cost mortgage into a more affordable long-term mortgage in just two short years once their credit improved. Continue reading How to DIY Credit Repair Tips
RALEIGH, NC BREAKING NEWS!
North Carolina Housing Finance Agency (NCHFA) has just announced expanded down payment assistance (“DAP”) to help home buyers! NCHFA will now offer an $8,000 Down Payment Assistance Program to all eligible borrowers within their maximum FirstHome income limits. Continue reading Expanded Income limits for $8,000 Down Payment Assistance for Raleigh / Wake County Home Buyers
if you are a first time home buyer shopping for a home in Raleigh say between $100,000 and $149,999 and in April found that your low ball offers weren’t being accepted, it’s because it ISN’T A BUYERS MARKET IN RALEIGH in that price range.