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Greensboro Home Purchase Loans Low Rates with FHA in North Carolina Financing
Greensboro home buyers have more options with qualifying for low rate FHA home purchase loans to help them lock in buying a new home.
Greensboro, North Carolina is the third-largest city, by population, in North Carolina and the largest city in Guilford County and the surrounding Piedmont Triad metropolitan region. Greensboro is host to a variety of sporting events each year including those held by the Atlantic Coast Conference and the National Collegiate Athletics Association. The area has excellent public and private schools, a diverse and growing economy and friendly people.
Greensboro Home Buying with FHA Loans
If you relocating to Greensboro, North Carolina or are already a resident thinking about a home purchase, now is the time to do it. It’s a buyer’s market. If you have credit problems, little or no savings, or a low income, you probably think that Greensboro home purchase loans may be out of the question, especially since lenders are tightening their standards so much as a result of the subprime melt-down.
Closing on Your Home
Closing refers to a time and date when all the legal documents required to complete a real estate transaction are signed, witnessed and recorded in public records to make them legal, as well as the dispersal of funds according to the contract. Once your closing is scheduled, it is important that you remain in contact with the closing agent and your realtor throughout the process. That way, you can solve any problems that arise early and close on time. At the closing, you are entitled to sign your closing papers without the seller or their agent being present because some of your personal financial information may need to be discussed with the closing agent.
FHA Loans for 1st Time Homebuyers
Think again, Greensboro home buying with FHA makes it possible for credit-challenged buyers with little to no savings and a low income to buy a home with only a 3% down payment (goes up to 3.5% soon).
And, once you have a FHA loan, you can do a FHA streamline refinance if the interest rates drop. With a conventional loan, it's impossible to buy a home with 97 percent loan to value. The least that is expected is a 5% down payment, and you have to have a FICO credit score of at least 700 to pull that off. As it is, you need a score of at least 660 with 20% start-up equity in your home, using a conventional loan. The lending limit for a Greensboro FHA loan is $271,050 which is plenty for purchasing many homes.
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