North Carolina Home Loans

first_home_in_North_Carolina Rent-to-own agreements and or sales that take place between a tenant and landlord have special FHA Home Loan Guidelines. Often times, when someone moves to our area with a short sale in their background, or previous forced foreclosure, had to move for a job and have credit issues in their past – they will rent a home here until their “waiting period” is over.

If you are in this situation, and plan on buying a home under a rent to own scenario, first it’s important to know that there are different rules for different types of home loans in North Carolina – and we have different laws that are specific just to North Carolina, regarding Mortgage Loans.

All Government loans are popular, because of their low down payment requirements. VA home loans have no “formal” guidelines for a rent to own scenario, neither do USDA Home Loan underwriting guidelines – however, most North Carolina Underwriters follow the FHA Home Loan Guidelines for all Government home loan approvals in a lease to own scenario.

In most “Rent to Own” scenarios we’ve seen, the renter is paying a higher than normal rent, and that “extra” amount is suppose to go towards the down payment when you are ready to formally buy the home. The Landlord is essentially, acting like a savings account for you.

When you apply for a mortgage, we will order an appraisal from an approved FHA Home Loan Appraiser. The appraiser will determine the fair market rent for the property. Any money paid ABOVE the fair market rent will be used as a credit towards a future down payment. So, if the appraiser says the fair value rent for the home is $1000, and you pay $1500 a month – $500 for each month you paid that could be paid by the Seller as Down payment for you at closing!

What if the Appraiser doesn’t agree with the dollar amount you and the landlord negotiate as your “market rent” payment? That’s part of the problem.

The rent to own agreement must be approved by the lender. We recommend that if you are going into a “Rent to Own” scenario, you should call us BEFORE you start it.


HistoricalFindings Photo: Farmer,chicken house which he built with a rehabilitation loan. North Carolina
Home (HistoricalFindings)

What state are you in?

2009-01-27 14:04:12 by okaywhatnow

There are certain states (North Carolina is one of them) that are considered deadbeat havens.
I took a roommate to small claims court. I won the judgment of $1,700.00. Even though he has a good job, he claims to have less than $5,000.00 in assests. Thus, I can not garnish any wages, (which can't be done in NC except for child support, taxes, school loans), or attach to any of his crap.
If the Home Office where the deadbeat works is domiciled in another State, you may have a half-assed chance at recourse if you both work for that Company to garnish his wages..
I'm sorry-you are probably as screwed as I am.
Deadbeats suck.

What a joke - Fed gives banks free money &

2013-10-23 14:51:47 by Mercedis4losers

The govt takes some away as a penalty for fraud.
-------------
NEW YORK (Reuters) - Bank of America Corp was found liable for fraud on Wednesday on claims related to defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few big trials stemming from the financial crisis.
Following a four-week trial, a federal jury in Manhattan found the Charlotte, North Carolina bank liable on one civil fraud charge. Countrywide originated shoddy home loans in a process called "Hustle" and sold them to government mortgage giants Fannie Mae and Freddie Mac , the government said

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HistoricalFindings Photo: Clients making payments on rehabilitation loans. North Carolina
Home (HistoricalFindings)
HistoricalFindings Photo: Rehabilitation clients repaying loans. Durham,North Carolina
Home (HistoricalFindings)

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