Fort Mill, Tega Cay, Lake Wylie Real Estate

Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.5% and 6.25% 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.

The mortgage bond market closed near unchanged today. The DOW closed down 257 points as concerns about the health of the economy continue.
Treasuries outperformed mortgage bonds. Be careful next week… a lot of reports are issued that have a direct link to inflation.

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% for fixed rate loans. NO DOC loans are no longer available in N.C.

INVESTMENT Programs
The Senate just passed a bill giving tax credits to buyers of foreclosed home… but the House is probably going to alter it quite a bit. 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 6.00% to 7.00% 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!!!

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