Fort Mill Tega Cay Lake Wylie Real Estate

Rates improved this week as economic reports came in stronger than expected. I am still concerned about inflation. Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.625% and 6.25% depending on credit score and loan program. ARM pricing is still weak but has improved. The 7/1 ARM rates are about .25% better than the 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

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 6.375% to 7.25% 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??

Jumbo ARMS - EXAMPLE = 600K loan at 5.875% with no points!!! 5/1 and 7/1 ARM loans available.

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