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Securing a First Time Home Buyer Loan in North Carolina

If you’re a first time home buyer in North Carolina, you’re living in a state that has seen massive real estate development and growth in recent years.  But the competition for land and funds can make it difficult for first time home buyers to secure the home loans they need.  It’s our goal to solve this problem by connecting borrowers with lenders who are ready to serve them.

North Carolina First Time Home Buyer Information

It’s important to understand the mortgage process before you decide to take on a home loan.  Read through our first time home buyer checklist to gain a dose of critical knowledge and information.  We’ve placed the five most important steps in the process here for you to read as well.

  • Figure out how much money you can afford to borrow.  You should do this before you even decide to purchase a home.  If you discover that you don’t have the necessary income to handle a home mortgage in your area, you shouldn’t try to purchase a home.
  • Find out which mortgage type will work best with your financial goals.  This can be confusing if you aren’t aware of the different mortgage types available in the mortgage marketplace.  Mortgages, like other products, come in many different forms.
  • Make sure you know what your credit score is.  This will dictate some of your financial planning.  You may need to spend a while building your credit back to a higher level.
  • Contact several different lenders and compare the interest rate quotes they offer you.  Each different lender in your area of North Carolina can give you a slightly different rate on your loan in exchange for slightly different loan term conditions.  Contact multiple lenders to locate the best deal.
  • Pursue preapproval with your lender as soon as possible.  Once you’ve decided on a lender, provide all the necessary paperwork required to get preapproved for the estimate loan amount you need.

You can get started on all of this by using our mortgage calculator, which is included here.

1st Time Home Buyer Loan Programs

One of the most realistic and beneficial financing options for home buyers in North Carolina is the North Carolina FHA loan.  This loan type is specifically intended to assist first time home buyers.  The Federal Housing Administration insures each and every FHA loan, which provides lenders the reduced risk they need in order to lend money successfully to borrowers without previous home purchase experience.

To find out if the FHA can fund your loan amount, research North Carolina FHA loan limits and get additional information from the FHA on their North Carolina page.

About North Carolina

North Carolina has it all, everything from beautiful seashores to forests and mountains and major cities.  The state has a median home price of $108,300 and a homeownership rate of 69.4%.  This is a good state to purchase a first home in.

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