Everything You Need to Know About Mortgages in the Triangle

Eager to learn more about your mortgage options here in the Triangle? We've got you covered! We even have a handy mortgage calculator to help you estimate your monthly payments!

What Are My Mortgage Options?

It's a common misconception that there are only a few mortgage options... in actuality, there are hundreds of loan options available to Triangle home buyers. Of course, not every loan will work for every type of buyer; many mortgages are designed to target particular locations, career fields, income brackets, credit scores, situations, and more. There are even some loans specially for first-time buyers!

So, if you're not sure whether you can qualify for a loan, it's definitely worth the effort to do a little research—or at least reach out to a local lender or real estate team with any questions.

Mortgages Commonly Used by Triangle Home Buyers

This is hardly an exhaustive list of your possible options, but it'll at least give you an idea of some of the more common loan options used by buyers in the Triangle area. If you want to know what's specifically available to you, it's always best to ask a lender. Need a lender recommendation? We can help with that!

Conventional Loan

  • Most common, targeted to "average" buyers
  • Usually requires high income and excellent credit score
  • Often requires a 20% down payment; lower down payments require mortgage insurance
  • Typically 15 or 30 year terms

VA Loan

  • Available to most active military and veterans
  • Flexible income and credit requirements
  • As little as 0% down payment WITHOUT a mortgage insurance requirement
  • May require a one-time funding fee

FHA Loan

  • Common among first-time or lower-income buyers
  • Flexible income and credit requirements
  • Down payments as low as 3%, but requires mortgage insurance
  • May have higher interest rates

USDA Rural Loan

  • Targeted to buyers in more rural areas
  • Flexible income and credit requirements
  • As little as 0% down, (low) mortgage insurance

Bridge Loan

  • Used for buyers purchasing a new home before selling their old home
  • New and old mortgage payments are bundled into one
  • Once the old home is sold, that portion is paid off and the bridge loan is refinanced
  • Cannot finance more than 80% of the two homes' combined value

Jumbo Loan

  • Used by buyers purchasing more expensive homes that need a loan larger than $453,100 (as of 2018).
  • Requires excellent credit, low debt-to-income ratio, and significant assets in cash or savings
  • Typically requires a 10% – 20% down payment
  • Interest rates are often competitive with conventional loans

NCHFA Home Advantage

  • Offered by the North Carolina Housing Finance Authority to buyers in need of down payment assistance
  • Flexible income and credit requirements
  • Down payment assistance up to 5%
  • Affordable, fixed-rate loans

LGFCU Second Home Loan

  • Only available to second-home buyers in North Carolina, South Carolina, Virginia, Georgia, and Tennessee
  • 5-year adjustable-rate or 10 – 15-year fixed-rate loan options
  • Requires a 10% down payment

Lender-Specialty Loans

  • Often geared towards first-time buyers or low-to-moderate income buyers
  • May offer flexible income or credit requirements
  • May offer lower down payment options
  • Inquire with various lenders to see if they offer any specialty programs that might fit you!

Home Mortgage Calculator

Not quite sure what your ideal home price range looks like? Estimate your monthly payments at various home prices (as well as interest rates and down payment percentages!) to see what's in your budget. Want a more specific estimate of what you might be able to afford? Contact HTR today!

Start Your Calculation