Wake Forest NC – FHA Downpayment Guidelines for NC – You might be Surprised!

There has been quite a bit of chatter lately regarding the $8,000 Tax Credit and how and when it can be used.  I know that in my area there have been numerous buyers and agents that aren’t quite sure if it can be used as a downpayment. 

Eleanor Thorne of Meridian Residential has spoken out (thankfully) on the North Carolina guidelines for the $8,000 Tax Credit and how it can be used!  Take a peek at her post and if you have any questions please feel free to contact Eleanor.

For information on any homes in Wake Forest NC, Franklinton NC, Youngsville NC or North Raleigh NC please don’t hesitate to drop me a line!  I’ll be happy to help you!  After all, it is what I do!

Via Eleanor Thorne, Cary Mortgage Loans (Meridian Residential):

Dreaming of a new home??Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?

HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now “famous” $8000 Tax Credit made available from President Obama and Company!

These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!

Lots of people are hoping to use the $8000 Tax Credit as a Down Payment, and in May, FHA announced that they would allow this. The “advances” are being provided (for a fee I’m sure) through State Housing Agencies. 

The North Carolina Housing Finance Agency, however, is NOT advancing the $8000 tax credit to buyers forUse Cash From Your Wedding for a Down Payment their 3.5% downpayment. (If you think about it, this makes sense… as a State, we don’t have enough money to send tax refunds out in a timely manner, much less advance $8000 for a downpayment!)

Here are some other ways you CAN obtain the 3.5% downpayment for FHA loans

  • Save it! if you have enough money in your IRA account, you might be able to borrow against the account (check with your employer) for your home purchase!
  • Gift: You can get a gift of the entire amount from family and friends, you can even use a BRIDAL REGISTRY to show who gave you the individual amounts!
  • Grant from your Employer: there are some pretty specific guidelines about this – but many businesses, and municipalities offer these programs!
  • Sale of an Asset: would you rather have a Bass Boat or a house?  For some guys, it comes down to this!! (If you are thinking of this, please call us for details of how to document it!)

As you might know, you do NOT have to be a First Time Homebuyer to use FHA financing… but if you want to take advantage of the $8000 tax credit, you need to be either a First Time Home Buyer, or you must not have owned a home in the last 3 years.

FHA does NOT have a maximum income requirement (like USDA), they do NOT have a geographical footprint (meaning you can only purchase some addresses, they only cap the maximum loan in each county)… Unlike VA loans, FHA does not require that the borrowers are married!!

If you have questions about purchasing a home in Cary, Apex or Holly Springs using a FHA mortgage, please call Steve and Eleanor Thorne, Meridian Residential, 919-459-1313.

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