Fort Mill Real Estate Mortgage Market Update May 23 2008
Rates improved today but be CAREFUL. Higher oil prices might hit rates next week. I am still advising people to lock in because of the volitility, and the fact that rates are still a bargain. 30 Year fixed rates are around 5.625% right now, and 5/1 ARMS are down to 5.00%. That is strong. Homebuyers need to cash-in on these great interest rates now because it might now last!
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
Agency Stated programs are back!!! We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing. NO DOC loans are no longer available in N.C.
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??
97% Financing with Lender-Paid Mortgage Insurance. You could finance a $250,000 home with $7500 down and get a rate of 6.5% with no MI!!
For more details contact…
Olan Carder Myers Park Mortgage olan@myersparkmortgage.com www.mycharlottelender.com
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