Charlotte, NC is booming. It is the fastest growing city in North Carolina and one of the top 5 fastest growing cities on the east coast. Those that grew up in Charlotte can barely recognize it today. From Concord to Ballantyne, flocks of people are moving to the area. They are searching for a new dermatologist or dentist. When moving to Charlotte, NC one of the first thing those relocating will do is look for FHA Home Mortgage Loan Rates in North Carolina. Note that the loan rate for each individual will be different based on a number of factors including credit score, credit history, down payment and overall financial health. That said, many people think that FHA loans are the only loans that have a low down payment (3.5%). This is not true, a good credit borrower can get a down payment as low as 3% on a conventional home mortgage loan. FHA loans are much more forgiving on credit score and debt-to-income ratio.
FHA Home Loans tend to have more flexible credit requirements compared to conventional loans. Borrowers with lower credit scores or less established credit histories may find it easier to qualify for an FHA or VA loan. Importantly, interest rates are generally lower for FHA loans. Currently, the average 30 year fixed mortgage is around 7.5%. Average FHA home loans are coming in around 7.15%.You can always check out our mortgage rate predictions to get up to date rates and overall predictions for the months ahead.
As a mortgage broker with over 20 years of experience, I can help you find the best FHA home loan rate in Charlotte, NC and the counties of Meckleburg, Gaston, Carrabus and Lincoln. Finding your dream house is one of the most exciting time of your life. There is no reason to get depressed or upset about the fact that mortgage interest rates are currently high. While there is nothing you can do about current interest rates, you can improve your credit score by paying down high interest rate unsecured debts such as credit cards or personal loans. And please, do not use the checks credit card companies send you to buy items. These are high interest rates debts that reflect poorly on your overall credit score. You do not want to have to get an FHA home loan because of a low credit score.
The FHA home loan requirements for Mecklenburg County, NC are as follows:
One unit – $472,030
Two units – $604,400
Three units – $730,525
Four units – $907,900
Median sale price – $395,000