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Tag Archives: WRAR

  • VA Construction Permanent Loans Help Veterans Build a Custom Home

    Finding a construction loan is very difficult today and almost impossible to find over 75 – 80% of the value, but finding 100% financing for building a new home is really tough. Luckily, there is the option of VA construction permanent loans. This is a combination of a construction loan along with a VA permanent closing. Therefore, …

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  • Fannie Mae Now Excludes Revolving Debts Paid at Closing From Debt Ratios

    For the last few years, even if a person pays off credit cards or lines of credit at closing or before, the payments must be still included in their debt to income ratio. Effective immediately, Fannie Mae will now exclude paid off revolving debts from a borrower’s debt ratio. This can make a huge difference …

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  • Property Types Allowed for Reverse Mortgages

    A Reverse Mortgage can be a great financial tool in today’s 62 and older population, allowing seniors to live a well deserved, comfortable life in the home they choose. When choosing the home to be financed with a reverse mortgage, there are restrictions on which type of homes could be financed. Eligible Property Types for …

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  • VA Mortgage Guidelines for Determining if Primary Residence is Within a Reasonable Commute to Work

    The popular definition of a primary residence in residential mortgage lending is that the home is within a “reasonable daily commuting distance to work”.  There are situations where a homebuyer may travel a long distance when commuting to work yet still call a home over a normal commuting distance from their home or primary residence.  …

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  • closing day

    I Have Signed Closing Papers. When Do I Get The Keys?

    An important thing to remember for a purchase closing is that just because the buyer has signed the closing documents, the property is not owned by the buyer right away. Generally, the following items need to happen on the day of closing for the buyer to get the keys to the home: Closing Day Steps …

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  • Rent your current home and buy your dream home with no money down!

    Sound to good to be true?  This can be done by a Veteran, active service member, or qualified surviving widow of a service member purchasing a new home with a VA home loan!  These days if someone wants to rent out their current home and then purchase a new primary residence, most programs require either …

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  • Got a C-Note laying around, That’s enough to purchase a home!

    HUD FHA $100 down mortgage purchase program Looking to purchase a HUD foreclosure home with a very low down payment?  HUD offers a little known program called the $100 down payment HUD/FHA purchase product which is a great program which allows buyers the ability to not only purchase a home with a very low down …

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  • Maximum Income Limits for Popular Low Down Payment Loans

    97% MyCommunityMortgage Maximum Income: Based on household income of everyone 18 and over.  Household income means anyone who will live in the household, whether on the mortgage loan or not Learn more about the MyCommunityMortgage USDA Maximum Household Income Limits: Based on household income of everyone 18 and over, whether on the mortgage or not.   Broken [...] More  →
  • USDA new ineligible areas effective February 2, 2015

    In North Carolina, eligible rural areas for USDA housing programs will be adjusted in certain areas on February 2, 2015. New ineligible areas will include: Areas adjacent to the current ineligible area of Jacksonville, NC; Greenville, NC; Rocky Mount, NC; Goldsboro, NC; Raleigh, NC; Greensboro, NC; and Charlotte, NC. On December 16, 2014, President Barack …

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  • New 100% products with higher down payment assistance with zero interest and payments for NC buyers

    One of the most popular questions we hear is what kind of programs are there with 100% financing and the answer has been VA and USDA.  But now, NC Housing Finance Agency has announced that the Down Payment Assistance amounts available for buyers have increased to give first time or move up buyers 100% or more [...] More  →