Whitley Mortgage

Options for “low downpayment loans” are plentiful

David — Wed, 25 Apr 2012 11:34:45 +0000

By now, everyone that pays attention to the economy and the housing industry in particular has heard about how difficult it is obtain a home loan. It is a new lending environment where underwriting is more stringent and banks and their underwriters are more prone to over scrutinizing applicants than ever before. However, there are still options available that allow borrowers to obtain low downpayment home loans. In fact there are still a couple of options for ZERO down loans believe it or not. The VA will still guarantee financing to eligible veterans or active duty personnel. The VA loan allows for 100% financing provided the applicant meet the minimum credit standards which are somewhat more liberal than conventional guidelines. Also, USDA will allow for 100% financing using it’s Guaranteed Rural Development program. To qualify, applicants must meet not only the credit and income requirements but also be buying a home in a “rural area”. You can do a quick internet search–usda property eligibility–to find out which areas are covered by the program. Lastly, there are still 3% downpayment options for conventional financing and 3.5% for FHA loans which much like the VA loan, allow a little latitude on credit quality of applicants. After these programs, the options are ususally tiered in increments of 5%. For every 5% down, the terms generally will be better, meaning a lower rate or lower fees or both. Contact us to discuss any of these options in greater detail.

Charlotte metro area gains attention for growth

NLH_admin — Tue, 10 Apr 2012 14:23:04 +0000

This is exciting news for the Charlotte metro area. Please see the two articles referencing the Charlotte area’s growth.

Charlotte Ranked #1 and Raleigh Ranked #2 among Fastest Growing Cities in the US.

http://money.cnn.com/galleries/2012/real_estate/1204/gallery.US-Cities/?iid=HP_LN

Earlier this week Charlotte Douglas International Airport was named the 6th Busiest World Airport!

http://www.charlotteobserver.com/2012/04/04/3148805/charlotte-douglas-now-sixth-busiest.html

Mortgage Rages improve to start week of 4/9/2012

David — Mon, 09 Apr 2012 19:59:28 +0000

Mortgage rates fell slightly to start off the week of April 9, 2012. Even though the unemployment rate fell to 8.1% for the month of March 2012, the number of non farm jobs added was well below expecations. With most major US Markets closed for Good Friday, Monday was the first day for the less than favorable economic data to settle in for investors. The equity markets were all in negative territory Monday afternoon. The price of US Treasuries however, were up significantly, driving down yields and pulling mortgages rates down also. The average rate for 30 yr fixed loans is once again close to 4% and in certain situations, well below 4%. It is important to keep in mind the dynamic between the overall perception of the economy and how that perception can dictate investor’s appetite for risk. If things are going well and the economy is improving, investors tend to feel comfortable taking on risk which is ususally associated with equity markets. When we see negative economic data like the jobs report we recieved on Friday, it promotes a risk aversion mentality and investors tend to retreat to the safety of fixed income vehicles like US Treasuries. When Treasuries do well, mortgage rates tend to fall and that is what is happening today.

No cost mortgage available at Whitley Mortgage

David — Thu, 29 Mar 2012 15:58:37 +0000

Did you know that you can obtain a no cost loan thru Whitley Mortgage? Whether you are looking to refinance an exisiting mortgage or purchase a new home, we can provide you with zero cost financing. Here is how it works…Let’s say the best available rate for a 30 yr fixed is 3.875%. The normal closing fees on a loan of this size would be roughly $4000. But if you wanted the look at the “no cost” option, the rate might be slightly higher at 4.1.25% or 4.25%.

HARP 2.0 Refinance program rolls out for NC residents

David — Wed, 28 Mar 2012 16:38:28 +0000

One of the latest attempts to kickstart the lagging housing market and refinance market has been implemented by the Obama administration. HARP (home affordable refinance program) allows greater underwriting flexibility for borrowers to potentially take advantage of historically low mortgage rates. Eligibility guidelines have been expanded to allow for even those homeowners with negative equity, the opportunity to lower their mortgage rates. If your loan was delivered to Fannie Mae or Freddie Mac before June 1st 2009, your loan is likely eligible for HARP 2.0. In a nutshell, this means that even if your house is “underwater” you might be able to take advantage of these low rates. Give me a call or send me an email and I can check it out for you.

David Jr.