Triangle Trinity Realty Inc

Distressed Property Sales in North Carolina, Foreclosure listings etc.

Distressed Properties and FHA LoansIf you're a first-time homebuyer, a federally insured FHA (Federal Housing Administration) loan might be a good option. The FHA has a program to help you repair a fixer-upper. You can get one loan that combines the mortgage with the repair costs. The amount of the loan is based on the projected value of the property once repairs are made. FHA loans only require a 3.5 percent down payment - compared to 20 percent with conventional loans - and the down payment can come from an employer, family member or charitable organization. FHA loans also have lower closing costs than conventional mortgages.Since the federal government insures these loans, you'll get a competitive interest rate and lenders may be willing to give you terms that make it easier t