Fort Mill Tega Cay Lake Wylie Real Estate

GOOD NEWS… no really!! If you have a television or have seen a newspaper business section then I don’t have to tell you how bad things got this week for stocks. The market took a serious hit and people are concerned. Things finally got bad enough that it outweighed the concerns investors have about inflation and the mortgage market in general and they started putting some cash back into mortgage bonds.

The mortgage bond market improved dramatically today and if things continue this way through the weekend then rates Monday morning should be a lot better.

I would imagine 30 year rates being close to 6.125% come Monday!

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!

NEWS FLASH: Fannie Mae and Freddie Mac just cancelled all 97% financing!! That leaves FHA and well… FHA!

STATED INCOME

BIG NEWS!! As of July 1st, Fannie Mae and Freddie Mac (conventional) stated income loans are changing to minimum 30% Down and a minimum credit score of 730! OUCH! NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties. If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

What’s HOT?? (more…)

I hope you like roller-coasters. Rates improved earlier today… then they went back up! I really don’t see any relief in sight for rates as the inflation concerns grow, and investors still aren’t exactly excited about the liquidity and stability in the the overall mortgage makret. It is going to take time for people to see the mortgage industry as a solid place to put their cash… until then the road is likely to be a little rocky.

30 Year Avg: 6.500%

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!

NEWS FLASH: Fannie Mae and Freddie Mac just cancelled all 97% financing!! That leaves FHA and well… FHA!

STATED INCOME

Agency Stated programs are back!!! We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing. NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties. If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

What’s HOT??

Stated income refinances. (more…)

Wow, the stock market got a little scary today!  The employment numbers were worse than expected and the stock market took a hit… that is good for rates typically and we saw a little improvement, but oil prices are still rising and that is BAD for rates.  Overall, we are in a holding pattern right now with an slightly upward trend.

30 Year Avg: 6.25%

100% Programs

GONE.  The only way to buy right now without any down payment is with some time of down payment assistance.  FHA loans are back in the spotlight!

Also, ask about community programs and first time homebuyer programs.  There is some money out there for lower income buyers but beware, some have neighborhood restrictions.

STATED INCOME

Agency Stated programs are back!!!  We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing.  NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties.  If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

What’s HOT??

(more…)

 I have been warning everyone for 2 weeks now… and RATES WENT UP!!  Current 30 year rates are aorund 6% but will probably be the 6.25% range by next week unless something changes.  Inflation is bad for interest rates… VERY BAD… and everyone that buys mortage bonds are very concerned about inflation right now. 

100% Programs

GONE.  The only way to buy right now without any down payment is with some time of down payment assistance.  FHA loans are back in the spotlight!

STATED INCOME

Agency Stated programs are back!!!  We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing.  NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties.  If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

What’s HOT??

(more…)

Rates improved today but be CAREFUL.  Higher oil prices might hit rates next week.  I am still advising people to lock in because of the volitility, and the fact that rates are still a bargain.  30 Year fixed rates are around 5.625% right now, and 5/1 ARMS are down to 5.00%.  That is strong.  Homebuyers need to cash-in on these great interest rates now because it might now last!

100% Programs

GONE.  The only way to buy right now without any down payment is with some time of down payment assistance.  FHA loans are back in the spotlight!

STATED INCOME

Agency Stated programs are back!!!  We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing.  NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties.  If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

(more…)

Rates improved a little this week. I am still concerned about inflation and many analysts think that oil prices might reach $200. Let’s hope not. The continued rise of the oil prices will negatively effect mortgage bonds. Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.625% and 6.25% depending on credit score and loan program. ARM pricing is still weak but has improved. The 7/1 ARM rates are about .50% better than the 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!
STATED INCOME

Agency Stated programs are back!!! We can offer conforming pricing on
stated income programs again… the only drawback is 75% max financing.
NO DOC loans are no longer available in NC
INVESTMENT Programs (more…)