Homes Fort Mill SC

The Federal Reserve does not set mortgage rates. Mortgage companies don’t even really have control over rates going up or down on a daily basis! Who is really behind the mortgage rate market? Well, interestingly enough it could be YOU! The general investing public has a huge impact on mortgage rates moving up or down. Watch this video to learn more…
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USDA loans are used to help low to moderate income families buy homes in rural areas.  Most of the communities right outside of Charlotte are eligible and USDA has quickly become one of the hottest programs today primarily due to its zero down payment and no PMI.  USDA is funded each year through Congress, and like most years they are running behind on getting the appropriate funding passed.  Most years it really isn’t a problem and lenders keep on lending because USDA shifts some money around to cover the shortfall but this year might be different.  Below is an alert directly from USDA…

This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.”  This is because it is not certain when additional funding will be available. 

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita.  Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited. 

We apologize for any inconvenience this may cause you.  Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.

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Please call your congressmen and ask them to RUSH this funding through.  Many people don’t know a lot about USDA mortgages but they are VERY common in NC and SC!  Thousands of families may be affected by this if people don’t join together and make some noise in Washington.  USDA Rural Housing is ran very efficiently and has lower default rates than FHA or other similar programs.

Please take action today. 

Olan Carder
American Security Mortgage
Mobile: 980-721-7478
www.charlottemortgageonline.com
ocarder@1asmc.com

How hard is it to get a mortgage in the current economy?

I am constantly confronted with wildly different views on what getting mortgage is really like today.  To hear some people talk one would think getting a mortgage is nearly impossible, and yet others make it seem easier than ever.  I find that typically the truth lies somewhere in the middle.

As a mortgage lender I can tell you without hesitation that it is harder to get a mortgage than it was 2-3 years ago.  Right now it is near impossible to find a mortgage unless you have a 620 credit score and 3 years ago you could get 100% with a 580 credit score pretty much anywhere!  The problem is that your perspective can make something look much worse than it is, and as a lender my perspective tells me that things aren’t that bad… (more…)

Are there still mortgage available for First Time Homebuyers with limited funds and credit?

Many FTHB’s (First Time Homebuyers) have heard you need 20% down or perfect credit to get a mortgage right now.  Lenders have been in the news a lot, and the natural reaction is that when lenders struggle or fail, loans are harder to get.  I am not denying that there are less loan programs now than 24 months ago or even 24 days ago, but there are still great programs available for the FTHB!
Let’s take a look at the programs available today…

#1  USDA Rural Housing Loans

Everyone has heard of USDA Choice beef, but most people are unaware that USDA also has a housing division.  Rural housing loans were created to encourage home ownership in rural areas, and this loan quickly becoming a popular choice for first timers.  USDA loans offer 100% financing and no monthly PMI!  Combine that with low fixed rates and you have yourself a great mortgage program!! (more…)

Contrary to rumor, mortgages are not that hard to find!

Homebuyers have returned to the market, and sales are increasing but too many are still sitting on the sidelines.  There are First Time Homebuyers that would love to take advantage of the $8,000 Tax Credit but don’t think they can!  Fear of the unknown keeps people from pursuing their dreams everyday.  This is a real shame.

I have heard strange rumors like, “You need 20% down to buy right now, right?” or “You can’t get a mortgage without perfect credit!”  These rumors are FALSE, and the truth has been buried beneath an avalanche of bad news.  Let’s take a look at some facts about the current mortgage market in North and South Carolina… (more…)

VA mortgage loans offer 100% financing to Tega Cay homebuyers!

If you have ever served in the armed forces you might be eligible for VA home loan.  The Department of Veteran Affairs offers lenders a guaranty on the loan so lenders can offer qualified veterans a 30 year fixed rate mortgage with no money down and no monthly mortgage insurance!

Your VA entitlement does not guarantee you a home loan. (more…)

Rates are at record lows, but do you qualify for those rates?

If you haven’t heard about these record low mortgage rates in Tega Cay, you might want to check into having the internet hooked up to that rock you’ve been living under.  The news is everywhere that mortgage rates are super low, but the real question is, “Can you qualify for them?”

It really doesn’t matter how great something is if you can’t get your hands on it.  That is one of the reasons why record low rates have not magically lifted this economy back to health.  Many people haven’t been able to refinance into a better situation because they can’t qualify.  Let’s take a look at why… (more…)

It does not look like mortgage rates are going to fall much below current record lows as lenders become flooded with refinances.

The Federal Reserve has been on a mission to get long term interest rates lower in order to help spur the economy.  One of the biggest areas of focus has been mortgage rates, with a promise of $500 Billion to purchase mortgage bonds.  This promise was just raised to $1.25 Trillion for 2009 alone!

One would think that with the Fed buying $1.25 Trillion worth of mortgages this year that rates might fall even lower than the already record lows,  (more…)