Mortgage Charlotte: information, contacts and rates, first time home buyers, jumbo loans, and more.

New Low Downpayments for Charlotte Home Buyers

New VERY Low Money Down Program for North Carolina Home Buyers

The downpayment has always been an obstacle to home ownership, and the state of North Carolina has announced a new “down Payment Assistance” program from the North Carolina Housing Finance Agency. (NCHFA)

The down payment assistance is setup as a 2nd mortgage but requires no monthly payments and there is no interest charged. There are no fees from NCHFA to obtain it. The only repayment involved is if you sell or refinance before year 15, you will have to repay all or a portion of the 3%… but with no fees or interest charged! (think: WORST case is Interest Free loan)

There are 2 interest rates offered with this program. You can visit NCHFA.COM and see their daily rates, at this writing, 4/16/13, the FHA and VA loans with DP assistance were 3.75, without 3.25%, a lower rate for people who don’t need the down payment assistance. Both rates are very competitive! check on the website for daily rates.

The requirements for this program are as follows:

The property must be located in North Carolina, and the borrower must occupy the property within 60 days of closing
The qualifying income cannot exceed $85,000 per year
The borrower must be a legal resident of the U.S.
Credit score must be 640 or higher
You must apply for an FHA, USDA or VA loan through a “participating lender”

Note the very reasonable FICO of 640!

There could be other requirements and programs are subject to change, so if you would like to learn more or get “Pre-Qualified”, you can call one of our preferred lenders, Olan Carder with Fairway Independent Mortgage, 980-721-7478. Fairway is one of the participating lenders with NCHFA and Olan has over 15 years of experience with using FHA, USDA and VA mortgages in the Charlotte area.

How Much Does $1100/mo Buy in a House

in Buy a Charlotte Home,Charlotte Mortgage

Yes, the Housing Market is coming back strong. For those of you wondering why, take a look!

This is an amazing chart, and diagrams today’s rates, the 20 and 40 year average mortgage rate, and way over on the left approaches the rate I paid on my first home – over 11%. By the way, it was just over $1100 /mo, plus taxes, interest and PMI in the mid 1980′s.

Home buyers, don’t be fooled by cheap money into buying more than you need! Seriously, if you are single, what reason would you present to buy 3000 square feet or more? (A single guy bought a 3600 sf listing of mine last month) Think about the differences in the monthly payments that include taxes, insurance, these could easily make your payment $200 higher per month. and Utilities? What would the difference in upkeep be for a 2000 sf home versus a 3000 sf home? 50% higher utility bills in most cases. If the house needs painting or a new roof? Probably 50% more too. This is not a time to “over-buy.”

But it has never been a better time to get what you want! First home buyers? If you plan on being here, staying in Charlotte, you need to find a way to buy.

Tim Iacona, the author of the chart, explains,

“Based on a constant mortgage payment of $1,100 per month (what seemed to be a good national average based on this story and others like it), today’s 3.31 percent 30-year mortgage rate will finance a house at almost double the price that the 40-year average mortgage rate would!

While there are clearly other factors involved, it is the Federal Reserve’s asset purchase program that is largely responsible for these freakishly low rates (it is one of their stated policy objectives) and, while the central bank has promised to keep rates low for a long time and to continue buying mortgage-backed securities indefinitely, those actions are by no means guaranteed.”

And Chairman Bernanke this week announced rates will stay extremely low until unemployment is below 6.5% or inflation is above 2.5%. So demand and prices should continue to rise.

The question persists, “Just because I can, does it mean I should?” You decide!

More on Charlotte Communities after the jump.

Interest Rates ALL TIME Low

in Charlotte Mortgage

This week, mortgage rates fell to all time lows, but have ticked up ever so slightly. Check these rates out:

30 year fixed

at 3.31% today low was 3.29%…with the 52 week high at 4.26%…crazy low…

15 year fixed at 2.75%

Jumbo Rates for Luxury Home Buyers

30 year jumbo at 3.81% low at 3.79% 52 week high is 4.41…would you ever think this low for Jumbo loans!

Investors

With 25% down payment…3.875 to 4.00

One lender explained, the Federal Reserve began Quantitative Easing September 13. Bond prices immediately rose, and interest rates fell

Over the last 3 days, I’ve received emails from a number of our preferred lenders, all with big… all time low, interest rates.

Once you factor in the deductibility of mortgage interest, a smidgeon of inflation, you are borrowing money for free. Almost free then.

Time to LOCK in that rate, buy that home…

Federal Reserve’ s Mid Month Quantitative Easing EQUALS Mortgage Rate Fall

Great Jumbo Mortgage Rates and More

in Charlotte Mortgage

Charlotte NC Real Estate

Just a quick update on local financial market conditions, from one of our mortage partners Friday:

For some crazy reason we had a mid morning interest rate increase, but hang tight you are still looking at a 3.375% interest rate on a 30 year fixed purchase transaction… It is also unbelievable to think you could get a 30 year Jumbo rate for under 4% but we have it and it is great.

Don’t forget about our extended lock in program and our 100% Doctor loan program with no MI… Up to 650,000, with 720 FICO

Seriously, these are historic numbers, and QE3 hasn’t really begun yet…

See you next week

Applying for Your Mortgage Loan

September 30, 2011

So, you want a mortgage loan, but don’t know where to start?

It is not too early to start gathering some information. The list below comes from one of our favorite lenders, Fairway Independent’s Olan Carder.

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The number one reason for delays in obtaining loan approval and for delayed closings is incomplete or insufficient financial documentation submitted by applicants. Hopefully, with this article in hand you will avoid these pitfalls. If you have questions regarding any of the items that we have requested please do not hesitate to call Olan Carder at Fairway Independent Mortgage at 980-721-7478 or email him at olan@fairwaync.com.

Remember, not every loan is identical, so there is some variation. Below is a list of the most common documentation requested by mortgage lenders and a simple explanation for each:

Pay Stubs should reflect 30 days of year-to-date earnings. We need at least 2 pay stubs and they must be consecutive. We request ‘most recent stubs’ but this implies the most recent stubs available. Do not worry about giving us stubs from your current pay period. As long as the stubs you provide us reflect earnings within 30 days of your application date they are acceptable.

Statements (Bank, Investment, 401K, IRA, Stock Option, Keogh, SEP)

ALL PAGES of Statements are required even if the first page is an advertisement and the last page is blank.

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