Homes Fort Mill SC

Current 30 Year Fixed rates are hovering around 5.625% but can easily range between 5.5% and 6.5% depending on credit score and loan program.  ARM pricing is still bad but it is getting better.  The 7/1 ARM rates are about the same as 30 Year fixed rates.  It should get to about a 1% lower than the 30 Year Fixed before people will take it. 

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

These programs are rare but still exist.  You must be self-employed, and the credit must be pretty good.  Rates for these programs range from 6.125% to 7.00%.  I just quoted one today at 5.875% with 1 point.  NO DOC loans are no longer available in N.C.

 INVESTMENT Programs

This market is hot and there is a ton of new investors out there trying to capitalize on the recent increase in foreclosures.  You will need at least 10% down to purchase investment property, and existing loans can be refinanced for cash-out up to 85%.  Rates range between 6.25% to 7.25% depending on credit, loan size and fees.

 What’s HOT??

FHA is smoking hot right now!  You can buy a $310,000 house with only 3% down and 5.5% to 5.75% interest rate.  WOW!!!