North Carolina Home Financing Tips: 100% Home Mortgages with No Money Down

According to the Federal Deposit Insurance Corporation (FDIC), job growth in North Carolina rose to 2.0 percent in second quarter 2006, exceeding the national average. They also report that North Carolina home sales were up 11 percent during the year ending second quarter 2006, compared to declines that occurred nationally. FDIC also indicates that home price appreciation in North Carolina continues to rise, approaching the national average. In second quarter 2006, the year-ago rate of home price appreciation was 9.3 percent compared to 10.2 percent nationally.

The Jacksonville and Wilmington metropolitan areas reported the most rapid year-over-year rates of home price appreciation in the state. Coastal areas such as these may be benefiting from an influx of second home buyers. Charlotte, North Carolina, has one of the nation's healthiest real estate markets. Mark Zandi, chief economist at Moody's Economy.com believes that housing markets in such areas as Charlotte, NC will see price gains over the next two years. While North Carolina home sales fell in September, they are still up 5 percent over 2005.

With the rising job market, home prices continuing to see healthy appreciation and the high demand for second homes, now may be the time for looking into North Carolina home buying or getting desert home loans for financing a vacation home in North Carolina.

Innovative North Carolina home financing has helped sustain real estate market activity, with the 100% 1st mortgage loan, also known as the no money down loan or 80-20 home mortgage, being a popular choice for those lacking the cash reserves for a 20% down payment. 80-20 mortgage loans are known as such because they entail a 1st mortgage covering 80% of the purchase price, with a piggyback second mortgage covering the 20% balance.

A payment option ARM (adjustable rate mortgage) increases purchase power for those with irregular incomes and those whose incomes mainly consist of bonuses and commissions. But, if possible, try to take advantage of current low rates by getting a fixed interest rate loan to avoid the risks of interest only and adjustable rate mortgages. But, a jumbo loan may be needed for prime coastal real estate in Wilmington and Wrightsville Beach.

Nationwide Mortgages offers consumers on the Atlantic coast home loan financing tips for refinance, home equity, second mortgages, home purchase and debt consolidation loans.

Shop & Compare home loan products by state, with helpful advice for homeowners in North Carolina.