cary: Basic Mortgage Loan Underwriting Concerns in 2010 - 10/25/10 11:29 AM
It's true that Underwriting Guidelines for Mortgage Loans are tougher right now than they have been in decades. But people are STILL able to purchase homes and get a mortgage loan! 8o) The most important thing for folks to remember is that they need to talk to a mortgage loan officer EARLY in the process... and speak with one that is familiar with YOUR STATE.
North Carolina was the first state to adopt Predatory Lending Guidelines. This means that we have our own, NC State "Applied" Mortgage Loan Guidelines. Because of that, you need to speak with a loan officer … (2 comments)
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cary: Map Showing Homes Eligable for USDA Financing in Apex and Holly Springs NC - 09/08/09 09:05 AM
View Larger Map I tried to find some really cool way to actually draw a line on this Google Map - but allas, I'm not that technically advanced.
The "A" on the Map above represents where you should draw a line for properties that qualify for USDA No Money Down, mortgage loans. If you can "imagine" a line from Highway 1 (Claude E Pope Memorial, also known as the Beltline) over to Kildaire Farm Road... everything BELOW that line qualifies for USDA financing.
This is a different view of the Holly Springs, Apex, NC qualifying areas for USDA. Everything ABOVE it … (5 comments)
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cary: 109 Bridgegate Drive For Sale in Cary, NC - 09/02/09 10:54 AM
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cary: Why Won't Rates Get BELOW 5% and STAY there? - 08/04/09 11:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
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cary: FHA Downpayment Guidelines for NC - You might be Surprised! - 07/20/09 05:13 PM
Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?
HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!
These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!
The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers for their 3.5% downpayment. (of course there are some income qualifications, etc)
Here are some other ways you CAN obtain the 3.5% … (2 comments)
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cary: Raleigh / Cary Fastest Growing Place in the Country! - 03/20/09 10:37 AM
With all the "Hoop Madness" going on - you might think of BASKETBALL!! And we love our basketball here in NC!!
But recently we were named the FASTEST growing area in the COUNTRY! "Raleigh, and its Cary suburb (where I live) make up the fastest growing metropolitan area in the country, according to federal statistics released last Thursday!"
The FASTEST GROWING! WOW!
My mom was an agent - and as kids, we routinely listened to her "speech." Today, we might call it the "elevator" speech, but my mom is also from the south - and there's NO WAY you could've heard the whole thing … (3 comments)
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cary: Free Financial Analysis in Cary, NC by Leading Expert! - 01/28/09 09:43 AM
I just received the note below from one of the BEST Financial Planners I know! It is very generous, and valuable, as the offer comes from one of the most sincere people in the business. I highly recommend Paul Pitman - and suggest that if you, or someone you know, is facing a layoff - call him. This is not the time to go it alone!
"In light of the current economic climate and the vast number of people that are being laid-off and downsized, The Preferred Client Group, a private financial consulting firm based in Cary, NC has announced that until March 30, … (7 comments)
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cary: What I'm Reading About today.... - 01/19/09 03:18 PM
Paul Krugman says be SKEPTICAL of the new ideas regarding Troubled Assets (mortgages)!!
I read this about house prices, and didn't get it...
until I watched the video and looked up ROFLOL (Rolling on the Floor Laughing Out Loud).
House prices, in some areas, still have quite a ways to DROP.
Have you looked at the New Housing Bills that will be debated later this week?
Here's a pretty good consolidation of the Bills... We should be watching these.
And that's what I'm reading today, besides the weather forecast!... It's suppose to S-N-O-W here tomorrow! HotDawg!
-E.
… (8 comments)
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cary: What Obama Needs To Do To Fix The Economy - OPINIONS - 01/13/09 09:55 AM
Obama recently said he wanted to hear the ideas "out there" for a better stimulus package. Paul Krugman, who recently won a Noble Prize for his Economic Genius, has some ideas... and he recently shared those with Rolling Stones!
In his post, Krugman notes... "One more thing: even with the Obama plan, the Romer-Bernstein report predicts an average unemployment rate of 7.3 percent over the next three years. That's a scary number, big enough to pose a real risk that the U.S. economy will get stuck in a Japan-type deflationary trap."
This doesn't sound good...
According to Krugman.. "There's nothing to … (11 comments)
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cary: NAHB Wants to Keep Their In House Lender? WOW! - 01/12/09 01:00 PM
National Association of HomeBuilders is suing to retain the ability to control mortgage lending! WOW! Who's surprised by that??
According to Inman News: "Federal housing regulators have agreed to delay for 90 days implementation of a rule change that would bar home builders from offering consumers incentives when they agree to use builders' affiliated mortgage and title insurance companies."
We've seen first hand how well the affiliated mortgage companies work! We were told last month by a CTX onsite agent that it was AGAINST THE LAW for the buyer to use someone other than THEIR mortgage Company!
We have builders here … (9 comments)
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cary: If Your Score is Less than 620 - Interest Rates Are Going UP! - 01/09/09 01:44 PM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009.
This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools. The "hits" for scores between 600 and 620 today are .25. Meaning that it costs us almost a quarter of a discount point more to do a loan with those scores. In most cases, this means we can still get a rate of 5% for these folks.
According to the news bulletin, the new cost for doing a government loan … (12 comments)
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cary: FREE Birthday Treats in RTP! - 01/05/09 10:07 AM
CAN YOU BELIEVE THIS? I had no idea places like this gave away free stuff! I think it's an great TWEET! (and treat!)
Via Stanton Homes - Penny Hull: Raleigh Area Custom Home Builder (Stanton Homes Inc - Raleigh Custom Homes):
Raleigh Relocation Package
Free Birthday Treats for Adults and Kids! Where To Go For Your Birthday in Raleigh NC Sometimes birthdays just don't seem that fun anymore.
But remember the days of treasure hunts and big parties? Bring that wonderful, exciting birthday feeling back with free birthday treats! There are some great businesses and restaraunts in the Raleigh/Triangle area that … (5 comments)
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cary: NAR's "Baghdad Bob" Confesses - 12/29/08 09:22 PM
This is just too good to be missed!
Via Matt Heaton (Timu Corp - CEO, ActiveRain - Co-founder):
You remember "Baghdad Bob" from the Iraq War, right? Iraq's information minister who repeatedly claimed no American troops in Baghdad as US tanks patrolled only hundreds of yards from his studio. Well the NAR's very own Baghdad Bob, former Chief Economist, David Lereah was notorious for his bullish optimism during the peak of the housing bubble now admits in a Money Magazine article it was just spin.
As chief economist for the National Association of Realtors, David Lereah was famously optimistic. Now … (7 comments)
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cary: How Mortgage Rates Work Now - 12/22/08 01:21 PM
In the "old days" (before the government had to get involved in lending), rates, and yield spread worked just like a ruler. A rate of 5%, might be "even" - meaning the broker charged a 1% origination fee (which they share with their company), and that was what they earned. A rate of 5.125% would pay them slightly more, a rate of 5.25% paid more (so you didn't charge an origination fee at this rate), 5.375 paid more, and at 5.5% you were earning enough, in most cases to pay part or all of the closing costs on the loan. It … (7 comments)
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cary: NC Week in Review 12/7 to 12/14 - 12/17/08 12:15 PM
Welcome to the VERY FIRST North Carolina Week in Review!
I'd been thinking about this for a while... and I wanted a way to give encouragement to folks who are just starting out in NC on Activerain, and show them some of the great things we're doing!
With the NC Week In Review I'm going to highlight the best posts I found written by folks in the state... I'm also going to highlight some posts that are good - but could be better. I'm not being critical, it's just that if you don't post to any GROUPs... it's unlikely your post will be seen! If … (30 comments)
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cary: My Customer Was Interviewed by the WSJ! - 12/16/08 08:11 AM
There's an article regarding the USDA program in today's Wall Street Journal. It's a POSITIVE program, with low default rates, no money down, and no mortgage insurance! Rates (as I write this) are below 5.5%...
and the USDA Mortgage Program is so popular, it's about to run out of money...
I've contacted my Senator to ask him to read the article, which highlights our customer Erick Moore (who has a beautiful wife and one of the smartest 3 year olds on the planet!)! Erick learned about the program from a post I wrote on AR.
I urge you to read the WSJ … (10 comments)
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cary: Problems Refinancing from Conventional Loan to a Government Loan - 12/09/08 11:47 AM
For fun an giggles, let's say you bought a property in Feb. of 2008. You got a Heck of a Deal - and you purchased the home for $237,000. The appraisal in February was for $245,000 (and the appraiser thinks it's worth more now). The loan in February was a conventional 100% Community Reinvestment loan (those are no longer available). Your credit is good, you qualify, and since your rate is currently 6.875% - you'd like to refinance.
BAD NEWS! If you are in North Carolina, and you want to refinance you must wait until February of 2009, because there are no … (1 comments)
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cary: How to Get Your 4.5% Mortgage! - 12/03/08 04:08 PM
I can not tell you how many people have told me TODAY that they heard rates are going to 4.5%!!!
From your mouth to God's Ears!
As I write this, rates are close to 5.0%... but it's still quite a stretch to get to 4 ANYTHING... so should you just wait?
The reality is that the mortgage business has gotten pretty L-E-A-N on the "back" side... what I'm saying is that the layoffs (it's estimated that more than 200,000 jobs have been lost in the mortgage business) affected closers and UNDERWRITERS... underwriting times are already over 2 weeks in some places.
… (12 comments)
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cary: The Different Kinds of Mortgage Insurance - 12/01/08 04:03 PM
Most folks want to avoid PMI... but they don't realize that they are happily paying a "kind" of mortgage insurance no matter what kind of loan they are getting!
Mortgage Insurance is not the insurance that covers you if you die, or are disabled and can not pay the mortgage... it's the insurance that protects the BANK in the event you go into foreclosure.
Given the recent UP TICK in foreclosures, you can see why banks are requiring higher coverage amounts! If you are applying for a Conventional mortgage, and you are putting more then 20% on a property you plan … (4 comments)
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cary: Rates Started Moving South... Will it last? - 11/25/08 07:52 AM
Those of us in the mortgage business have been watching mortgage interest rates with one eye on our list of past customers, hoping rates will finally mirror the lowering bond market.
The Emergency Economic Stabilization Act (more commonly known as the Wall Street Bailout Plan) was passed under the presumption that $700B was needed to buy up troubled assets such as mortgage backed securities (which is why the program was originally called TARP - for Troubled Asset Relief Program). The program was supposed to work by taking the troubled assets off the market and off bank balance sheets thereby enabling … (1 comments)
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