By clicking "Submit" I am consenting to have my information shared with one to three lenders or brokers and to be contacted by each of them by telephone or email, even if I have previously listed myself on any corporate, state or federal do not call list.
Fayetteville Home Purchase Loans Reduced Rates with FHA Loans in North Carolina
Fayetteville home buyers have more options with qualifying for low rate FHA home purchase loans to help them lock in buying a new home.
Fayetteville is a city located in Cumberland County, North Carolina. It is the home of Fort Bragg, a U.S. Army post located northwest of the city, where on certain days you can actually watch parachute training jumps. Other areas of interest include Fayetteville’s Botanical Gardens and the Museum of the Cape Fear. The Fayetteville metropolitan area is the largest in southeastern North Carolina and the fifth-largest in the state.
Fayetteville Home Buying with FHA Loans
If you’re relocating to Fayetteville, NC or are a resident looking to buy a house, now is the time to do it. The FHA has temporarily raised its loan limits to $271,050. But, you need to act fast. These increased limits are due to expire on December 31, 2008 and settle to the permanent limits set by the Housing and Economic Recovery Act of 2008.
FHA home buying in Fayetteville has many advantages. For example, you only need a 3% down payment on a home in Winston-Salem and other Fayetteville areas. Winston-Salem home purchase loans with FHA are much easier to qualify for than conventional loans. With a convention loan, you need a minimum credit score of 660 with a 20% down payment and a minimum FICO credit score of 700 if you have less than 20% start-up equity. There’s no way you could get a home with 97 percent loan to value (LTV) through conventional lenders. Don't let the current interest rate stop you from taking advantage of this buyer's market because you can do a FHA streamline refinance if the interest rates drop.
Why not try a VA loan?
Because Fayetteville is home to Fort Bragg, it is also home to many military families and families of veterans. The passage of the Economic Stimulus Act and Housing and Economic and Recovery Act also raised the loan limits for Department of Veteran Affairs (VA) loans. VA has similar qualification requirements as FHA, but offers the extra benefit of being able to purchase a home with up to 100% financing.
And, while closing in Fayetteville generally takes 30 days, many realtors are willing to work with military families and may be able to close a loan quicker for you. With it now being a buyer’s market, sellers are anxious to sell and you’d be surprised at how flexible they can be. The VA maximum loan limit ranges from $417,000 to $729,000 depending upon the county you live in.
Other Popular North Carolina Cities for FHA Financing