Homes Fort Mill SC

The U.S. Congress has stepped up to save the day for the housing market… I can tell you’re excited. Actually they are doing a few things right, for more info check out my blog “New Tax Credit for First Time Homebuyers.” The main thing they are doing that will affect rates is backing up Fannie Mae and Freddie Mac. They are proposing an almost unlimited line of credit to the giant mortgage powers that should ensure their survival.

Fannie and Freddie being stable is great for mortgage rates. Rates are determined by mortgage bonds and those bonds are guaranteed by Fannie/Freddie. If people think they are going out of business then the bonds aren’t going to sell and there is no new money available for new mortgages.

Today rates rose because of strong economic reports. The stock market was up and as always good economic news is usually bad for rates.

30 Year Rates are averaging 6.500% right now.

My 30 Day Prediction: RATES WILL BE FLAT OR DECREASE SLIGHTLY

This is my opinion only and you should not make a decision about locking or floating your interest rate based on this only. You should speak with a licensed loan officer about your particular situation.

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

GONE. Can you hear me crying??? I think this is a mistake because it eliminate a lot of self-employed home buyers with great credit and tons of cash for down payments. If you don’t show enough “qualifying income” right now – you better have enough to pay cash!

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??

95% CASH-OUT refinance with FHA!! Access your home equity for debt consolidation, home repairs or renovations.

Information is for the Charlotte Metro area which includes Fort Mill, Tega Cay, Lake Wylie areas.