GOOD NEWS… no really!! If you have a television or have seen a newspaper business section then I don’t have to tell you how bad things got this week for stocks. The market took a serious hit and people are concerned. Things finally got bad enough that it outweighed the concerns investors have about inflation and the mortgage market in general and they started putting some cash back into mortgage bonds.
The mortgage bond market improved dramatically today and if things continue this way through the weekend then rates Monday morning should be a lot better.
I would imagine 30 year rates being close to 6.125% come Monday!
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!
BIG NEWS!! As of July 1st, Fannie Mae and Freddie Mac (conventional) stated income loans are changing to minimum 30% Down and a minimum credit score of 730! OUCH! NO DOC loans are no longer available in N.C.
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.
If you need a stated income loan, lock in on Monday!!!! DO NOT WAIT unless you are fine with an extra 5% down payment and your credit score is above 730.
For more details contact…Olan Carder Myers Park Mortgage Direct: 980-721-7478 [email protected] www.mycharlottelender.com
Information is for the Charlotte Metro area which includes Fort Mill, Tega Cay, Lake Wylie areas.