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Charlotte Home Purchase Loans Low Rate FHA Financing in North Carolina
Charlotte home buyers have a great opportunity to qualify for low rate FHA home purchase loans with affordable fixed monthly payments. Charlotte, North Carolina is the largest city in the state of North Carolina and the 19th-largest city in the United States. In 2008, Charlotte was chosen the "Best Place to Live in America" by relocate-america.com in its annual ranking, based on factors including employment opportunities, crime rates and housing affordability.
Affordable FHA Loans Are Great for First -Time Homebuyers!
FHA Home Loan Services extends low rate financing for first time homebuyers with discounted closing costs with very little required for a down payment for home purchase opportunities. FHA is part of the U.S. Department of Housing and Urban Development.
FHA has been helping low- and moderate-income buyers since 1934. When buy a home, one of the biggest barriers is the requirement most lenders have that requires you to have at least a 20% down payment.
Why not buy a HUD home?
The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development (HUD). When someone buys a house using a FHA loan and defaults on the loan, the FHA pays off the mortgage lender, takes possession of the home and re-lists it for sale. You could get a nice house for good price. And, unlike other foreclosures, HUD homes are offered to owner occupants first before investors so you stand a better chance to win the bidding process. Contact a HUD registered broker. You can view North Carolina HUD properties at http://www.hmbireo.com.
If you’re relocating to Charlotte, NC, or if you already live there and are thinking of buying a home. There’s good news! Under the Economic Stimulus Act of 2008, the FHA mortgage limit in Charlotte was temporarily raised from $230,470 to $303,750 for a single family home in the Charlotte area (including the cities of Concord, Monroe, Matthews, Gastonia, and Huntersville). With the increased loan limits, North Carolina home buying with FHA makes good financial sense.
Charlotte Home Buying with FHA Loans
There are great advantages to use the FHA mortgage program for Charlotte home purchase loans. With conventional lenders tightening down lending standards, it's the only loan for people who are credit-challenged. With a conventional loan, you need a FICO credit score of at least 660 if you're putting 20% down on a home and at least a score of 700 if you are going into the loan with less than 20% start-up equity. With FHA, you only need a 3% down payment (goes up to 3.5% soon). You get low, fixed interest rates with FHA, and you can do a FHA streamline refinance if the interest rates drop with 97 percent loan to value (LTV).
The increase in Charlotte's FHA loan limit is temporary. It is set to return to normal at the end of the year. So take advantage while you can! On January 1, 2009, under the Housing and Economic Recovery Act of 2008, the FHA loan limit will drop to a maximum of $271,050.
Other Popular North Carolina Cities for FHA Financing