Homes Fort Mill SC

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…)

Have you ever wondered what a “good” credit score looks like?

Read below to find out…

A “good” credit score is a very relative term because “good” means different things to different people.  I know mortgages, so although I have an idea of what a auto lender might think is a “good” score, I can tell you for sure what it takes to get a mortgage!

The current minimum score for most home loans is (more…)

Rates improved today after a sharp decline in stocks!

PRICING EXAMPLE:
I was able to lock in a customer today at 4.875% on a 30 year fixed mortgage.  The loan amount was $275,000 and it was a purchase loan for their primary residence.  They put 20% down and had a 746 credit score.  The APR was 5.023% and the origination fee was .875%.

The good news in this crazy market is that mortgage (more…)