Do You Need a Home Loan in North Carolina? Here Are Your 6 Options!
May 30 2023

If you are the one who is looking to purchase a home in North Carolina, you may be wondering what home loan options are available in the state. Also, if you lack the financing to build your dream home, we are here with so many options for home financing. However, home loans in North Carolina can be complicated, and it can be difficult to understand all of your options. Fortunately, there are a variety of home loan options available: 

FHA Loans

FHA loans are one of the most popular mortgage options among North Carolina homebuyers. These loans are insured by the Federal Housing Administration (FHA). The loan allows borrowers to get a home loan with a down payment of as little as 3.5% of the purchase price.

Eligibility for FHA Loans

Federal Housing Authority loans have flexible qualification criteria and offer both purchase and refinancing options. However, this makes them an attractive choice for many first-time and repeat homebuyers.

Benefits of FHA Loans

One of the benefits of an FHA loan through the Amy Bonis Lending Agency is that it requires lower credit scores and down payments than conventional loans. However, private mortgage insurance (PMI) is not required for FHA loans. Homeowners who already have an FHA loan may qualify for refinancing options such as rate and term refinancing or cash-out refinancing.

For more information on FHA loans and the requirements in North Carolina, talk to your Amy Bonis today!

VA Loans

For homebuyers in North Carolina, one of the best options to get a home loan is through a VA loan. VA loans are guaranteed by the U.S. Department of Veteran Affairs, and they can provide eligible homebuyers with 100% financing up to a certain amount. This means that no down payment is required for eligible homebuyers. In addition, there are no private mortgage insurance (PMI) fees associated with VA loans.

Eligibility For VA Loans 

In order to be eligible for a VA loan, borrowers must meet certain requirements, such as serving in the military. Additionally,  being a veteran or having an eligible family member who served in the military or is a veteran. However, the borrowers must have a good credit score, a steady income, and a limited debt-to-income ratio.

Benefits of VA Loans

VA loans can provide numerous benefits for eligible homebuyers in North Carolina. For example, VA loans do not require a down payment, nor are there any PMI fees associated with the loan. In addition, borrowers can benefit from lower interest rates and more flexible underwriting requirements than with traditional mortgages. VA loans also provide protection against foreclosure.

To find out if you are eligible for a VA loan, contact Amy Bonis, a lender officer. With the right guidance and support, VA loans can be an excellent option for homebuyers in North Carolina. 

USDA Loans

USDA Loans are loan programs that are backed by the United States Department of Agriculture and offer 100% financing to qualified homebuyers. You can use these loans to purchase a primary residence in an eligible rural area. However, it does not require a down payment or private mortgage insurance (PMI). They typically have low fixed mortgage rates, making them attractive to homebuyers who may not have the funds for a large down payment.

Eligibility for USDA Loans

The pre-approval process for USDA loans involves providing documentation to support income, debts, assets, and other details about your financial situation. Once pre-approved, you will work with a loan officer such as Amy Bonis to lock in a competitive interest rate. The final step is to complete the loan application and submit all required documents. 

Benefits of USDA Loans

For those looking to purchase a home in an eligible rural area, a USDA loan can be an excellent way to finance the purchase. With competitive mortgage rates and no down payment requirement, USDA loans are an attractive option for many homebuyers. You can contact Amy Bonis to get more information about the USDA loan. 

3% Down No PMI Loans

If you are looking for an affordable way to buy a home, a 3% down, no PMI loan may be the perfect option. A 3% down loan eliminates the need for private mortgage insurance (PMI), meaning you can save more money on closing costs and monthly payments.

Benefits of 3% Down No PMI Loans 

When you take out a 3% down loan, you are still able to qualify for many of the same perks as larger down payment mortgages. For instance, you can get access to competitive rates, flexible repayment terms, and an array of other beneficial features. Plus, since the loan has no PMI requirement, it also allows you to have more purchasing power when shopping for a home. 

Overall, if you are looking to purchase a home in North Carolina and don’t want to pay for private mortgage insurance. Go for Amy Bonis’s consultation and get more information about a 3% down, no PMI loan. Surely, you will not regret your decision.  

15% Down Investor Loans

Investors looking for financing options to purchase a property in North Carolina may find the 15% down investor loan option beneficial. This type of home loan in North Carolina requires the borrower to put down 15% of the purchase price of the property, with the remaining funds secured by a lender. The 15% down investor loan can provide investors with flexibility and potential cost savings compared to other loan types.

Eligibility for 15% Down Inverter Loans

 In order to qualify for this loan, the borrower must have a good credit score and a stable income. Investors should also consider their financial goals when deciding which loan option to pursue.

Benefits of 15% Down Investor Loans

The advantages of the 15% down investor loan include lower monthly payments due to the smaller down payment. Similarly, less time spent on paperwork and more time focused on researching the property could potentially lead to higher returns. It is because the investor is taking on less risk with a lower down payment. 

The 15% down investor loan can be a great way for investors to purchase property in North Carolina. By considering the buyer’s financial goals and budget, Amy Bonis can help you make the right decision about which loan option suits you best. For more information, you can contact Amy Bonis at: +919-414-4430.

Rehab Loans

Rehab loans, also known as repair or renovation loans, are great for those looking to purchase a fixer-upper property. It is a loan that allows you to combine the cost of purchasing and repairing the home into one mortgage. This can be a great option if you are a first-time homebuyer and want to buy a home that needs a little bit of work done. 

Eligibility For Rehab Loans 

When you apply for a rehab loan, lenders will assess the property and determine what repairs need to be made before approving the loan. Further, the loan will include money for both the purchase of the home and the repairs. Once approved, the loan amount will be broken down into two parts: funds for the purchase and funds for the repair. The funds will be released in two draws. It means that they will be released after certain milestones are met, such as after a contractor has inspected the home and provided an estimate of the cost of repairs. 

Benefits of Rehab Loans

Rehab loans are usually short-term, adjustable-rate mortgages (ARMs), although some lenders may offer fixed-rate mortgages. Interest rates and terms can vary depending on the lender, so it’s important to shop around and compare offers. Further, you can use these home loans in North Carolina for anything from minor repairs to major renovations and upgrades. 

Before advising on any home loan option, Amy Bonis will make sure that it meets your needs.  She will also make sure that the buyer understands all of the loan terms and conditions before signing any paperwork. Contact Amy Bonis, a lender officer to get the best consultation services for your home loan.

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