North Carolina's population has been growing steadily with an annual increase of 10.1% since the year of 2000. Every year thousands of homes are being purchased in the regions of Charlotte, Greensboro, Durham, Winston-Salem, Raleigh, Asheville, and many more! Average home appreciation in Charlotte & Raleigh has been over 8% per annum. Mortgage Refinancing applications have been skyrocketing due to the widespread home appreciation throughout North Carolina.
Every year the North Carolina Commissioner of Banks have been busy evaluating hundreds of new mortgage lender applications. Every major mortgage lender has been moving to North Carolina to experience the new housing boom. Purchase Money Mortgages are being written everyday facilitating the new homeowners that are moving from all over the United States.
Carteret Mortgage is proud to be serving the homeowners of North Carolina with their mortgage refinancing, and purchase money mortgages. Mortgage loan programs frequently used in North Carolina:
FNMA MyCommunity Mortgages:Buy a home with Zero Down, and enjoy low mortgage insurance rates. Product highlights: up to 40yr terms, no cash reserves, gifted money allowed, extra flexibility on credit, and no minimum contribution. FHLMC HomePossible Mortgages:this mortgage is exactly like the MyCommunity Mortgages, but is offered through Freddie Mac.
FHA Mortgages:This mortgage program has been helping many North Carolina homeowners with their first home purchase. Product highlights: 2.25% down payment, low monthly mortgage insurance payments, Refinance Cash Out up to 95% LTV, no credit score requirement, nontraditional credit accepted, and no reserve requirement. Fha secure is offered to those who have made timely payments prior to their ARM adjusting.
Reverse Mortgages: Reverse mortgages are becoming popular in the United States. HUD's Reverse Mortgages is a federally insured mortgage loan, and it's a safe plan than give older Americans greater financial security. Many seniors use it to supplement social security, pay for unexpected medical expenses, home improvements, and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if it's right for you!