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FHA Lending in the State of North Carolina
If you own a mobile home on a permanent foundation in the State of North Carolina you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
The FHA maximum loan amount varies by County. In North Carolina, the FHA loan limits range from $200,160 to $237,500. The only exception is Currituck County, which has an FHA Loan Limit of $313,500.
Recent increase in FHA loan limits have made FHA loans even more popular as of late.
Fannie Mae and Freddie Mac have placed pricing hits on many cash-out refinance loans which make it more cost effective to consider an FHA Loan when doing a cash-out refinance transaction.
» DISCLAIMER: The information contained in this article on 'FHA Lending in the State of North Carolina' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.
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