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Raleigh Home Purchase Loans Low Rates with FHA in North Carolina Financing
Raleigh home buyers have more options with qualifying for low rate FHA home purchase loans to help them lock in buying a new home. As a part of North Carolina's research Triangle, Raleigh is home to some of the United States best high-growth research and technology companies. In February 2007, Forbes placed Raleigh, NC at the top of its list of the best cities to find high-wage employment. Thatís why Charlotte, NC has been holding steady on appraised home values, despite the economic downturn. Where many markets have been experiencing falling prices, Raleigh, NC, housing prices have been pretty much holding steady.
Raleigh Home Buying with FHA Loans
The average home price in January 2008 for Raleigh was $233,000, which was well within the Fannie Mae and Freddie Mac lending limits. The previous FHA limit for a single-family home was only $224,200. Now, the FHA loan limit in the Raleigh - Cary area (including Franklin County and Johnston County) - is $295,000. As a result, North Carolina home buying with FHA mortgage loans is now a viable option.
Get Pre-Approved for Your Loan
A lot of people get pre-qualification and pre-approval confused where it relates to Raleigh home purchase loans. If you want the upper hand in Raleigh home buying, we suggest that you get pre-approved for your loan. Having a letter stating how much you are approved for will show the seller that you are qualified for the amount you are offering. In turn, they will be more inclined to take your offer seriously. You could then end up beating out several offers from people who don't have loan pre-approval.
FHA Loans for 1st 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
Home financing in Raleigh through a conventional loan has now gotten significantly more difficult. However, Raleigh home buying with a FHA loan is still reasonably easy. The credit requirements, for example, are much more lenient for a FHA loan than for a conventional loan. You could get a loan with scores as low as 580. For a conventional loan, you'd need at least a score of 660 with a 20% down payment and at least 700 if you're buying with less than 20% start-up equity. You can also purchase a home with just a 3% down payment (97 percent loan to value), and get low fixed interest rates with FHA. Plus, you can do a FHA streamline refinance if the interest rates drop.
It's a buyer's market now. This is the time to buy your Raleigh home. Fill out the free loan quote on this page of our website or call us toll-free.
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