North Carolina FHA Loans

If you are considering relocating to North Carolina, you will definitely want to go through the FHA to obtain your home loan. The Federal Housing Administration (FHA) was created in 1934 by the US Government as a way to help Americans afford new homes. This was during the Great Depression when people were at risk of losing their homes and new loans were hard to come by. Since that time, the FHA has successfully helped millions of Americans buy new houses and keep their existing homes. This has been accomplished by offering great advantages to those who qualify.

Advantages

One of the biggest advantages an FHA loan has over a conventional loan is the low down payment feature. With conventional loans, your lender can require as much as 20% for a down payment. With an FHA loan, however, you will only be responsible for 3.5% down. This means that even if you haven’t saved up for years you will still be able to afford a new house for you and your family.

Additional Benefits

In addition to the great, low down payment feature of North Carolina FHA loans, the overall cost of the loan will also be much lower than with a conventional loan. This is because you will be able to take advantage of low interest rates and won’t be required to pay for private mortgage insurance (PMI). The other benefits of FHA loans include programs to help you avoid foreclosure, easy approval and flexible repayment plans.

Refinancing

If you already have an FHA loan and want to take advantage of lower interest rates, refinancing is incredibly easy. When you apply for a streamline refinance you won’t have to provide additional paperwork or incur any out-of-pocket expenses. For people looking to borrow money against the house’s equity, you have the option of using an FHA cash-out refinance. Be sure to check out all your options with your lender to see what loan suits your needs best.

Where to Start

It’s a good idea to get pre-approved for a loan before you start house hunting. With a pre-approval you will know how much money you can qualify for and will be able to see if you meet the lender’s requirements.

By filling out our secure online form you will be on your way to pre-qualification in minutes. It’s free, fast and has no obligation.

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