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North Carolina Home Loans for Mortgage Refinancing & Purchase Mortgage

FHA Loans - FHA Streamline Refinance - FHA Secure Programs

The (HUD) Department of Housing & Urban Development is the federal agency responsible for national policy, and mortgage programs that address the housing needs of United States. The (FHA) Federal Housing Administration which is under HUD plays a major role in helping homeownership by evaluation homeownership for lower-and moderate-income homeowners. FHA helps first-time home buyers, and others who might not be able to meet down payment guidelines for conventional/conforming mortgage loans by providing mortgage insurance (MIP) to private mortgage lenders. Everyone, who has a good credit file, enough assets to close the mortgage loan, and sufficient steady income to make monthly mortgage payments can be approved for an FHA insured mortgage loan. To get a FHA-insured mortgage loan, you need to apply to a HUD-approved lender. Carteret Mortgage is an approved HUD-approved lender

FHA loan insured mortgages are available for single family residences, for 2 unit, 3 unit, and 4 unit properties, and for condos. Interest rates on FHA mortgage loans are generally market rates, while the down payment is lower than the conventional mortgage loans. Down payments can be as low as 2.25-3 percent, and the closing costs can be added into the FHA mortgage loan.

With an FHA insured mortgage loan, you can make extra mortgage payments toward the principal when you make your regularly monthly mortgage payment. By making extra payments, you can repay the FHA loan faster and save on interest. You can also pay off the whole balance of your FHA mortgage loan at any time.

Section 203b FHA mortgage program is the most frequently used. You may use this FHA loan program to purchase a new or existing one-to-four family residences, including manufactured homes, in both rural and urban areas. A section 203b FHA fixed mortgage loan may be repaid in monthly mortgage payments over 10, 15, 20, 25, or 30 years.

Section 234c FHA Loans provides mortgage insurance for homebuyers who wish to buy a unit in a condo project. The condo may consist of more than one building, such as a group of row apartments, high-rise buildings, townhomes, or any combination of these structures. Any condo project must be approved by HUD.

In some cases, HUD insures mortgage loans (section 237 mortgage loans) for people who have had credit issues, and do not meet standard credit parameters to purchase low cost homes.

FHA also insures mortgage loans for home improvements -- FHA 203k mortgage loans. Section 203k FHA mortgage loans allow you to purchase or refinance, and rehabilitate a home of at least 1 year old. A portion of the mortgage loan proceeds are used to payoff the existing mortgage, and the remaining funds are placed in an escrow account, and released as rehabilitation is finished. The improvements financed with FHA 203k mortgage loan proceeds must comply with HUD's 'Minimum Property Standards', and all local codes and ordinances.

FHA Loan Limits - varies by county. Most counties are approximately 200k, and most metropolitan areas are approximately 362k. You can search for the specific amounts located at HUD's website. Click Here FHA Loan Limits

FHA Non Traditional Tradelines - sometimes a borrower may not have a credit score or may not have any credit. FHA NonTraditional Tradelines are used in place of an empty credit report. Car insurance, rental history, phone bills, water bills, electric bills, and car payments are commonly used as some of the FHA required tradelines on borrowers with no credit scores.

FHA Streamline Refinance - no credit pull, no paystubs, no appraisal. You must have an FHA loan to be able to streamline your FHA mortgage.

FHA Secure Programs - FHASecure Initiative - FHA Reset Programs - has 5 criteria that need to be met to receive a FHA approval: A history of on-time FHA mortgage payments before the ARM resets or adjusts; ARM interest rates must have or will reset between June 2005, and December 2009; At least 3 percent cash or equity in the home; Sustained employment history; Sufficient income to make the FHA mortgage payments. These are the guidelines required by the FHA for new FHA Reset mortgage programs.

The new FHA program - H.R. 5121 - Expanding American Homeownership Act of 2006

This FHA Reform Bill was passed by the U.S. House of Representatives in September. It still needs to be passed by Senate, and signed by the President in order to be law. There are 6 reforms that are being added to the new FHA program.
The changes include:
raising the FHA loan limits, and especially in high cost areas. Helping out the metropolitan areas such as NY & FL cities, and in California.
taking away the 3% downpayment requirement meaning less cash at closing!
taking away the cap on reverse mortgage loans offered by FHA
streamlining the FHA condo mortgage loan program
extending the mortgage loan term to 40 years for lower monthly mortgage payments
and allowing FHA to charge risk-based premiums to mortgage borrowers.
New FHA Loan Limits - the new FHA loan limits have changed today (03/06/2008). Throughout all of the United States, the county FHA mortgage limits have gone up to $271,050. Most of the high cost areas have gone up to $729,750.

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