Wilmington Home Purchase Loans Low Rates with FHA in North Carolina Financing
Wilmington home buyers enjoy a great opportunity with FHA home purchase loans that ensure an affordable interest rate and low closing costs. Wilmington is a city in and the county seat of New Hanover County, North Carolina. Wilmington was settled on the Cape Fear River and offers its historic downtown with its one-mile-long Riverwalk as a main tourist attraction. The National Trust for Historic Preservation named Wilmington, North Carolina one of its 2008 Dozen Distinctive Destinations. City residents have the advantage of living nestled between the river and the ocean with Wrightsville Beach a short 20 minute drive from downtown.
For those relocating to Wilmington, NC and residents thinking about buying a home, now is the perfect time to buy. The FHA has temporarily raised the loan limits to $303,750 under the recently passed Economic Stimulus Act. They were $230,375. But, these new limits are due to expire on December 31, 2008 before settling to the new permanent limits under the Housing and Economic Recovery Act of 2008
There are many advantages to FHA home buying. With conventional lenders continuing to tighten their lending standards, it’s gotten very hard to qualify for a loan. Wilmington home purchase loans with FHA have much easier qualification criteria. You could get a house with only a 3% down payment (soon to be 3.5%) with a credit score of only 580.
Wilmington Home Buying with FHA Loans
Under a conventional loan, you would need a credit score of at least 700 to buy a home with less than 20% start-up equity and at least a 660 FICO credit score to get a home with a 20% down payment. You also get low fixed interest rates with FHA. And, you can always do a FHA streamline refinance if the interest rates drop. There’s no way you could get a home with 97 percent loan to value (LTV) under a conventional loan. So, fill out the free loan quote or call us today. We’ll be happy to help you.
Homeowner’s Insurance
Ordinary homeowner's insurance does not cover damage from hurricanes, and separate coverage that is fairly expensive is required. In the beach areas, this insurance may be available to you only through the state's "Beach Plan." See www.ncjua-nciua.org. If the home you’re buying is in a flood plain, your lending institution may require you to buy flood insurance. See www.fema.gov/. When buying a Wilmington, NC home, you should also consult with a reputable insurance agent to be sure that you have the proper insurance combination on your home.
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