All articles about Raleigh North Carolina

Conventional 3% Down Mortgages 27 FAQ’s

Frequently Asked Questions and Answers to the new Conventional 97% Mortgage.

Is the Conventional 97 a government-backed mortgage program?

Yes, the Conventional 97 mortgage program is backed by the government. It’s offered via Fannie Mae only. The program is not available via Freddie Mac, nor is it available via the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA).

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What is a My Community 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?

What’s involved in the Home Appraisal Process?

Early in your loan application process, your lender will arrange for a home appraisal. Borrowers are sometimes confused about this process. They have a pretty good idea about what the home they want to buy is worth but the appraised value can sometimes be very different from that number. Continue reading What’s involved in the Home Appraisal Process?

8 Basic Requirements of the Ability to Repay Mortgage Rule

Regardless of whether you believe that the so-called Great Recession was caused by reckless and irresponsible mortgage lending or government perversion of free markets by encouraging banks to make risky mortgage loans to people with questionable credit and practically no down payment or a combination of the two, one thing is irrefutable;

The government has created a whole new bureaucracy called the Consumer Protection Financial Bureau (CFPB) whose authority is far reaching and made possible by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).

6 Things You Should NEVER do When Buying a Home

Six Things You Should NEVER do When Buying a Home

1. Don’t go buying a lot of junk, or even quasi-junk. Draining your savings or running up credit card debt to buy a new living room set, a big-screen TV, or a new car could make a difference in your interest rate and whether you even qualify for a mortgage. Avoid spending money until after the closing is completed, whether by credit or cash. Keep your debt down and as much money in your bank account as possible. Your lender will check bank and credit card account history, in some cases more than once. Continue reading 6 Things You Should NEVER do When Buying a Home

How I Cut My July Duke-Progress Energy Bill 34%

Unlike the summer of 2011 that was one of the hottest on record, this summer seems to be quite mild. However, for those of us who have lived in North Carolina for any period of time, we are all too familiar how August can be unbearably hot.   The soaring temp’s remind me of the summers of my youth in West Texas where temperatures frequently were in the triple digits and the tar on the roads would begin to bubble. However, you don’t have to break the bank keeping cool. These are some of my most practical and practically free methods that I employed in my 38 year old home that helped to cut my energy  bill by 1/3 letting me keep more of my hard earned cash instead of giving it to Duke-Progress  Energy.

Triangle’s 5-day heat wave breaks record

The heat at RDU broke a record for consecutive days to reach the century mark, said National Weather Service meteorologist Kathleen Carroll. 
Updated Jul. 24, 2011 4:36 PM | Full Story  at the News & Observer

Click Here to see my actual July 2011 compared to my July 2010 Progress Energy Bill Continue reading How I Cut My July Duke-Progress Energy Bill 34%

HUD Predicts Some Rents increased by as much as 25% in Raleigh – Cary MSA 2013

English: Downtown Raleigh, North Carolina, 12 ...
English: Downtown Raleigh, North Carolina, 12 October 2008. (Photo credit: Wikipedia)

HUD has just published the 2013 Area Median Income limits and the 2013 Fair Market Rents for use in Raleigh – Cary MSA. You may be asking yourself “why should I care about HUD Median Income Limits”?  If your plans to move to Raleigh or Cary include buying, selling or simply renting a home (and by “home” I also mean an apartment) in the Raleigh – Cary Metropolitan Statistical Areas (MSA) this should be very important to you. That is why I’m filing this post under the category of “SAQ” or what I like to call “Should Ask Questions”. Continue reading HUD Predicts Some Rents increased by as much as 25% in Raleigh – Cary MSA 2013

Raleigh Area Fourth of July Festivities 2012

This Fourth of July Independence Day don’t just wave your American Flag and eat a Hot Dog! (although these are not bad ways to enjoy the holiday!)

Soldier kissing his bride on fourth of July wedding 330am
Image Courtesy IWP Photography

As you enjoy this most patriotic of American holidays please make sure to take a moment to thank a current or former member of the armed services or if they are deployed, thank their spouse!

Also – remember that the North Carolina State Police are stepping up enforcement this week with numerous Driving While Impaired checkpoints so if you are planning on enjoying adult beverages make sure that you designate a driver or captain if you are boating.

Continue reading Raleigh Area Fourth of July Festivities 2012