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Durham Home Purchase Loans Low Rate with FHA North Carolina Home Financing
Durham home buyers continue to take advantage of low rate FHA home financing loans to help them secure the purchase of a new home. Durham Home Buying with FHA Loans
Durham is home to Research Triangle Park, Duke and North Carolina Central universities and many City of Medicine, USA medical, diet and fitness centers. It is also home to 13 historic sites, three art centers, 12 signature annual events with national or regional recognition, plus dozens of other core and celebrated annual events, six science and nature centers and great spectator sports venues. Durham is consistently ranked in the regional and national media as one of the top places to live and do business in the United States. This is why home prices still hover around the January 2208 figures of $224,200 when home prices in many other parts of the nation are falling.
Good News for First-time Home Buyers
The Housing and Economic Recovery Act of 2008 awards a tax credit up to $7500 on 2008 tax returns for qualifying first time homebuyers. This can help with the expenses involved with moving into your new home. However, you must purchase your home between April 9, 2008 and July 1, 2009. And, itís essentially an interest-free loan because you have to start paying it back in 2010. Itís still a good deal. Have you see the interest rates for personal loans? Theyíve been known to exceed 14% in interest.
While many lenders are now requiring credit scores in the mid-600s and up, Durham home purchase loans with FHA can be secured with credit scores as low as 580. Conventional lenders are also requiring larger down payments of 5% or more, while FHA borrowers still have the opportunity to make a 3% down payment until October 1, 2008. Then, the down payment requirement goes up to 3.5%. And, you need a credit score of at least 700 if you try to qualify for a conventional loan with less than 20% down. The credit score requirement for the 3.5% FHA loan is still only 580 and up. FHA loan is a good idea for the person not eligible for a no down payment loan, but still lacking the means to come up with a lot of money at closing.
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