There’s nothing better than being able to “design” your own space! If you are buying a NEW home, you need to consider all of your options. In North Carolina, as you shop for homes that are “new,” or under construction, you usually have a chance to determine your price based upon the upgrades you choose.
As you are customizing your new home, with your lighting choices, and flooring – most buyers are offered an additional “package” that includes “special financing” if (and only if) you are willing to use the “Home Builder’s” lender.
We don’t think the “lending package” is always the BEST deal.Just like the other custom options for your new home, you can choose something other than the “package” that your home builder is offering.
Sometimes – it IS the best deal… but at least 70% of the time, we are able to offer a BETTER (fill in the blank) solution. Maybe the Builder’s loan officer isn’t familiar with the new NC Housing First Time Home buyer Program – maybe they just don’t have Today’s Best Interest Rate. It’s worth a PHONE CALL (919 649 5058) to find out if there’s a better “deal” – especially given the fact that MOST folks are not getting a mortgage that they are going to pay off in 12 months.
The way we see it – $2000 could be your new living room furniture – or drapes, or lawn equipment! Not all lenders in North Carolina offer the Mortgage Tax Credit (MCC) program through NCHFA. As an approved lender, we can help those who qualify obtain a tax credit that adjusts how much income you bring home, helping you qualify for more upgrades! The program has new features specifically designed to help folks wanting to purchase new homes in North Carolina!
There are also ways to buy a new home with a Construction Loan! We offer Construction to Permanent Mortgage Loans with a 10% down payment. The terms are very favorable, and we can do them for folks with as low as a 680 Credit Score!
We specialize in helping home buyers purchase using Government Backed Loans with Today’s Best Interest Rates!
Many of the NC Home Buyers we help previously went through a Short Sale and are now past the waiting period to buy a new home. If you previous had a bankruptcy, foreclosure, deed in lieu or Short Sale, there was a “slump” in your credit score. We can usually help folks add positive information to their report, so that they can buy a new home faster! The minimum credit scores to buy a home have gone up in 2013, but it’s still possible for most folks to get the scores they need to buy a new home in North Carolina!
Home Buyers we talk to, who are in the situation of having some negative credit history – tell us that most loan officers won’t even take their call! That’s unfortunate. We will do everything we can to give you honest feedback, and help along the way so that you can get qualified to buy your new home! Having a pre-qualification letter will definitely help you get the best price from the home builder!
Think you might need to add a Non-Occupying Co-Borrower to your loan? There are several options available to folks who need to add someone else to the loan in order to buy the new home, with all of the upgrades you are dreaming of! We’ve had several situations this year where one spouse had great credit scores, but not enough income to buy the new home themselves – and the other person had great income, but some significant credit issue in the not so distant past. This kind of situation can be resolved with the addition of a co-borrower – in one case, we were able to add a brother who works in Canada!
Depending on where you are looking for a home, you might be surprised to learn that the USDA Home Loan Eligibility Maps are subject to change soon. If you are not completely through the USDA Underwriting System prior to the change date, and the new home you are considering is within that area that will no longer be eligible – you might need to look at FHA financing, and see if the NCHFA program can help you with a down payment assistance Grant of 3%. Again, not all lenders in North Carolina are certified to offer this program, however we do.
Veteran’s looking for a new home in North Carolina often forget that they can re-use their VA Home Loan Eligibility to buy a home for the second time. In some cases, the VA will allow you to purchase a second home, while you are renting out your previous residence that has a VA Loan on it.
We love working with Veterans, and find that many military families buying a home above the $400,000 mark benefit from using their VA home Loan benefits and making a down payment! Often times, this is a much cheaper alternative to PMI, or a “second” mortgage – and because many loan officers don’t work with many Veterans in this price range, it’s a HUGE benefit when you are buying a new home that’s often “skipped over!”
If you are looking for today’s best mortgage rate on a New Home in North Carolina – Call Steve and Eleanor Thorne 919-649-5058 or fill out the form below for more confidential information
FAQs
North and South Carolina FHA loan requirements include: A credit score of at least 580. However, if your score is between 500 and 579, you may still be eligible for an FHA loan if you make a down payment of at least 10% of the home's purchase price.
What is the minimum credit score to buy a house in NC? ›
Step 2: Explore Bad Credit Mortgage Loan Options
| Loan Program | Minimum Credit Score |
|---|
| Conventional Loans | 620 |
| FHA Loans | 500 - 580 |
| VA Loans | None |
| USDA Loans | None |
Apr 10, 2024
In North Carolina, there are several programs to aid first-time homebuyers. These programs provide down payment assistance, closing cost assistance, and other forms of support to eligible borrowers. Here's a rundown of the top programs, how they function, and who's eligible.
What is the hero homebuyer program in NC? ›
One of the benefits of working with Homes for Heroes is our Hero Rewards savings. On average Healthcare Professionals save $3,000 when they buy or sell a house with us. Hero Rewards savings is our way to give back and thank you for your service.
What is the FHA loan limit in NC? ›
The FHA loan limit to purchase a single-family home in North Carolina is $498,257 in most counties. In a few higher-cost counties, you could borrow up to $805,000, as long as you meet the minimum credit score and down payment requirements. Here's what you need to know about how to qualify.
What is the maximum FHA loan amount in NC? ›
North Carolina FHA Loan Limits
Most counties in North Carolina have a loan limit of $498,257 for a single-family home. Some counties have higher than average limits because housing there is more expensive.
What credit score do I need to buy a $250000 house? ›
To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.
What credit score is needed for a 300k house? ›
Federal Housing Administration (FHA) loans need at least a 580 FICO Score with at least a 3.5% down payment (which amounts to $10,500 on a $300,000 home). Conventional loans require a minimum FICO® Score of 620 along with a 3% down payment (which amounts to $9,000 on a $300,000 home).
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
What is $15000 NC home Advantage Program? ›
If you are a first-time home buyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $15,000 in down payment assistance with the NC 1st Home Advantage Down Payment.
To qualify for this program, you need: An annual household income of $126,000 or less. A credit score of 640 or higher. To move into the home as your primary residence within 60 days.
What is the NC homeowners grant? ›
Eligible applicants can receive up to $30,000 of the sales price in down payment assistance in addition to receiving closing costs assistance up to 5% of the sales price. The program will also offer homebuyer education and counseling.
What is the North Carolina State home Program? ›
What does this program do? Also known as the Section 504 Home Repair program, this provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.
What is the SPAP program in NC? ›
North Carolina SPAP/ICAP/PCAP
SPAP, ICAP, and PCAP are the sub-programs within NC HMAP (HIV Medication Assistance Program) that pay out-of-pocket costs for all medications covered by the primary insurance plan. SPAP is for clients enrolled in a Medicare Part D Plan or Medicare Advantage Plan.
What is the NC Back at home program? ›
SHORT-TERM FINANCIAL ASSISTANCE TO MOVE IN TO A NEW HOME
Provide Financial Assistance to cover move-in costs, deposits, and the rental and/or utility assistance (typically six months or less) necessary to allow individuals and families to move immediately and to stabilize in permanent housing.
What is the lowest credit score FHA will accept? ›
Credit score: While the FHA has set the minimum credit score at 500, many FHA-approved lenders require higher minimum FICO scores of at least 620. Down payment: While obtaining an FHA loan requires you to make a down payment, that payment doesn't necessarily have to come from your savings account.
What is the minimum credit score permitted by FHA? ›
FHA loans allow borrowers with a credit score of 580 or above to purchase a house with a down payment as low as 3.5% of the purchase price. Borrowers with credit scores between 500 and 579 need at least 10% down. Keep in mind, these are the minimums set by HUD, but lenders may have their own minimums.
Does FHA require all 3 credit scores? ›
The FHA usually requires two lines of credit for qualifying applicants. If you don't have a sufficient credit history, you can try to qualify through a substitute form.
What is the minimum credit score to qualify for an FHA loan? ›
The minimum credit score for an FHA loan can vary depending on the lender. However, the FHA does have some guidelines regarding credit scores. Generally, the FHA requires a minimum 580 credit score with a down payment of 3.5% to qualify for an FHA loan.
