Charlotte Mortgages

HUD’s Good Neighbor Next Door Program allows Charlotte’s Police Officers, Teachers and Firefighters/EMT’s to buy homes at HUGE discounts!

If you are a Law Enforcement Officer, Teacher, Firefighter or EMT you might qualify to buy a house for half price!  That’s right, I said HALF PRICE!!  Let me explain how this wonderful program works…

#1.  Give me a call to get pre-qualified within minutes!

#2.  We notify your Realtor about the program and they pull the list of available homes in your area.

#3.  You find a home you like and submit an offer.

#4.  You only have to finance 1/2 the price of the home + Realtor comission and closing costs.  You can pay the commission and costs out of pocket of course, but no one does.

#5.  You live in the home for at least 3 years.

#6.  You only owe about 1/2 what your home is worth and its all yours!!

If you have $100 you have enough cash to buy a house!  The U.S. government has decided to help you because of the honorable and vital career you have chosen… don’t miss out on this great offer!! 

Call Olan Carder today at 980-721-7478 for a complimentary pre-qualification.   As a HUD approved direct lender, we can have your loan pre-approved in minutes!

Charlotte residents can use FHA financing to escape risky ARM loans even without equity and avoid foreclosure!!

ARM (adjustable rate mortgage) loans have many homeowners nervous.  These loans were used to get into homes that might have not been affordable with a fixed rate at the time, and the up front rate and payments were very low.  The problem is that many of these loans are ready to ADJUST and payments will jump up several hundred dollars over night.

In years past this wasn’t a huge problem because there were so many lenders willing to refinance these loans and property values were soaring upward.  Today with some neighborhoods flat or even lower in value and with lenders scared of their own shadows because of rapidly increasing foreclosures… homeowners are left with no options.  In steps FHA!

FHA will allow us to refinance the first mortgage up to 95% of the appraised value regardless of the amount owed on the 2nd mortgage, as long as the 2nd lender agrees to stay the second lender.  That means if you borrowed 100% with an 80/20 loan 2 years ago and your property has not increased in value, we still might be able to refinance your loan to a fixed rate!!!

Example:

Old Loan
$200,000 house price
$160,000 first mortgage at 9% ($1287)
$40,000 2nd mortgage at 13% ($442)
Total Payment = $1729.00

FHA Refinance
$165,000 New first mortgage (based on $200,000 appraisal value) at 6.5% ($1,043)
$40,000 2nd mortgage at 13% (442)
Total Payment = $1,560 (includes $75.62 for FHA mortgage insurance)

Net result = Homeowners saves $169 per month and gets a fixed rate!  No more worries over the next rate adjustment.  The borrower now owes 102.5% of what the house is worth, but might actually be able to keep the house long enough to see the value turn around!

Is it better for a borrower to owe 100% and lose the house, or owe over 100% but be in a position to afford to keep it?  I think most folks would rather keep it than have a foreclosure… don’t you?

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today for a FREE Pre-Approval at 980-721-7478 or APPLY ONLINE.

You can buy a home while in Chapter 13 Bankruptcy or Consumer Credit Counseling in Charlotte using an FHA loan!

FHA loans have been around for a long time, but many people still do not know a lot of the great opportunities FHA offers.  There are many families out there that have chosen the road of bankruptcy because of death of a spouse, failure of a business or severe illnesses.  Sometimes people just get in over their heads with debt and need help.  Chapter 13 Bankruptcy or Consumer Credit Counseling offer people a second chance while still making the effort to pay back what’s owed.

If you are in Chapter 13 Bankruptcy or Consumer Credit Counseling you might still qualify to buy a house… and not in 3 years!  Most loan programs require 2-3 years pass from discharge of a bankruptcy, but under FHA you might qualify TODAY.

Here is a general criteria of what is acceptable:

• At least 12 months satisfactory payment history in the bankruptcy
• Permission from Bankruptcy court to buy a home (not that hard)
• CLEAN credit since start of Bankruptcy
• New House payment must be reasonable based on current housing expenses

If you fit this description, call Olan today at 980-721-7478.  We can help!

Read more…

In Charlotte Mortgage News the Senate votes to pass huge housing bill aimed at stabilizing the mortgage industry.

The Senate voted 72 to 13 today to pass the… get ready for it….. “House Amendment to Senate Amendment to the House Amendments to the Senate Amendment to HR 3221; Foreclosure Prevention Act of 2008.”  Now that’s a mouth full!  The bill is pretty long so I am going to summarize if that’s ok with everyone.

FIRST THE GOOD…
This bill will reassure mortgage bond investors about the stability of the mortgage giants Fannie Mae and Freddie Mac.  This ensures plenty of money for new home loans for years to come.  Many will say that it comes with a price, but my argument is that everything comes with a price.  The price to not support Fannie/Freddie would be greater.  Imagine a world without mortgage bankers/brokers… my credit union has like 3 loan program and you better have 20% down!  If I may speak frankly, I like my job and it probably wouldn’t exist anymore without a secondary market for mortgage bonds.

Conforming loan limits increase permanently from $417,000 to $625,500.  All I have to say is YAHOO!!!

FHA will be empowered to help troubled homeowners refinance their subprime loans to more affordable fixed rate loans.  Some legislators have estimated the bill could help as many as 400,000 Americans avoid foreclosure.  RealtyTrac said 740,000 properties received some form of foreclosure notice in the second quarter which is a 121% increase from the second quarter of 2007.  This new initiative could help homeowners escape risky adjustable loans before its too late.

First-time homebuyers also will receive a tax loan credit up to $7,500, but this part is only valid from April 2008 - June 2009.  The “credit” will be repaid over the next 15 years by the homeowner.

NOW THE BAD…
I am not happy about some of the changes being made to FHA.  They are raising the minimum cash investment required to buy a home from the 3% we have all come to knwo and love to 3.5%  This is not the end of the world, but grumpy old Olan doesn’t like it.  I think the 3% rule is one of the subtle beauties of FHA… a little moderation in a world of extremes.  I don’t think the answer to increasing homeownership is to lend everybody 100%  nor do I think the answer to increasing foreclosures is kill every potentially risky program over night.  I don’t think the 3% requirement is a problem, but I do like that fact that they didn’t go nuts and up it 5%.  Thank you Congress. (I guess)

Seller-funded down payment assistance programs will no longer be allowed.  I actually don’t hate this long-term, but in the immediate future it is going to slow down an already slowing market.  Timing could be better, but if you’re in a hole you gotta stop digging sooner or later.

The loans FHA makes to troubled homeowners to help them out of risky mortgages will also come with a future penalty.  FHA will recapture some cash from the profits when these homes are sold.  This will lower the potential cash available for reinvestment into future real estate.  I am not sure how they are going to collect, but I am sure we will hear more soon.  

A COUPLE SIDE NOTES…
Both Presidential Canidates are on record in support of the bill. 

The CBO estimates the actual cost to taxpayers to be right at $25 Billion.

There are more changes coming to FHA through this bill.  I will write more on the subject once I have time to read the entire bill… its only 700 pages so it shouldn’t take long!

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today to apply at 980-721-7478 or APPLY ONLINE.

FHA loans offer Charlotte home buyers big benefits and make home buying more affordable!

Many home buyers have not heard of FHA loans.  This is a shame because these loans offer tremendous savings and flexibility to home buyers and NOT just first time homebueyrs!

There are many benefits to FHA loans but here are a few of the highlights:

• 3% down vs 5% minimum for conventional
• No credit score - OK (we can build non-traditional credit, see more below)
• Non-occupant Co-Borrowers permitted (parents helps child buy 1st house, etc.)
• Gift funds allowed (parents help with down payment, etc)
• 30 Year Fixed Rates (very competitive rates)
• Monthly mortgage insurance less expensive than conventional loans
• Seller can pay up to 6% towards closing costs and prepaids

One of the biggest differences between conventional and FHA is the credit score requirements.  With FHA financing the lender can build a non-traditional credit file with items that do not show up on your credit report.  Bills like rent, cable, insurance, child care, or even a consistent savings pattern can be used to build credit for an FHA loan!

FHA also offers current homeowners benefits for refinancing.  You can borrow up to 95% of the appraised value for cash-out.  That is 5% more than conventional loans, and there is no hit to the interest rate.  Conventional loans can charge as much as a 2% fee for cash-out!  FHA also permits streamline refinances that only require the lender check that the current mortgage payments have been made on time.

Official webiste: www.hud.gov

If you would like to know if you qualify for an FHA loan, call or email today!

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today to apply at 980-721-7478 or APPLY ONLINE.