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First Time Home Buyer Programs NC, Mortgage Questions Answered

by Mortgage Lender, Web Evangalist at NC Mortgage Expert on Oct 29, 2013

  • 264 views

First Time Home Buyer Programs in North Carolina offer many options. Most First Time Home Buyers want to know how much it will cost to buy a house, how much their monthly mortgage payment will be, ...

First Time Home Buyer Programs in North Carolina offer many options. Most First Time Home Buyers want to know how much it will cost to buy a house, how much their monthly mortgage payment will be, and if they qualify. This is a Google Hangout Session we presented to cover closing costs for First Time Home Buyers in NC, minimum credit score requirements for a home loan in NC and First Time Home Buyer Programs that have down payment assistance. We covered USDA Home Loans NC and the USDA Eligible Area Maps that are changing. USDA Home Loans in NC have a minimum credit score requirement of 640, if you are also applying for First Time Home Buyer Tax Credits - however, USDA Loans have no down payment requirement. If you are not applying for First Time Home Buyer Mortgage Tax Credits in 2013, the minimum credit score for a USDA Home Loan NC is 620. The NCHFA offers North Carolina First Time Home Buyers the ability to buy a home, and receive a 3% grant. The program has a minimum credit score requirement, and the statewide income limit is $85,000 in 2013, and the Minimum Credit score for the program is 660. The NCHFA Program also offers Mortgage Tax Credits (MCC) which are in place as long as the borrower owns the home - and increases the purchasing power for First Time Home Buyers in NC. The minimum credit score for the MCC for First Time Home Buyers in NC is 640. VA Loans have minimum credit scores of 620, and there's no down payment requirements. FHA Home Loans in NC require a 3.5% Down payment, but that money can come from a gift, or the NCHFA Grant program. The FHA PMI rates, the USDA PMI rates and the VA Loan mortgage insurance premiums are detailed for 2013 in the closing cost breakdown. Sellers are allowed to pay for a Home Buyers closing cost, but First Time Home Buyersin NC should be aware of what costs are "typically" covered by Sellers - sometimes a contract is written to say the Seller will ONLY cover Closing Costs "UP TO" and a dollar figure. This could mean that the Seller is unwilling for any of the Seller Paid Closing Costs to cover the First Time Home Buyer "soft costs" including a home inspection, taxes and homeowners insurance. One closing cost example shows how a first time home buyer could buy a house in North Carolina with total cost out of pocket less than $1200. No down payment and Seller paid closing costs options should be negotiated in the contract and we strongly suggest that First Time Home Buyers in NC get the best deal by using a Real Estate Professional. Although not in the slides, we also discussed the ways a First Time Home Buyer in NC can get the best mortgage rates by working with a Bank that offers all of the First Time Home Buyer Programs available - not all North Carolina banks offer Single Parent Grants to buy a home, or the Mortgage Tax Credit for First Time Home Buyers. Steve and Eleanor Thorne NMLS #60596 help First Time Home Buyers NC by offering Hangouts on Google Call them 919 649 5058 for update

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First Time Home Buyer Programs NC, Mortgage Questions Answered First Time Home Buyer Programs NC, Mortgage Questions Answered Presentation Transcript