Helpful information about Charlotte mortgages
Because it's about more than a mortgage...
It's about your life and your home!
Dedicated to Educating, Inspiring and Assisting in the American Dream.
This website is here to provide information to help you with home financing for any reason. You will find information on all types of mortgage programs for Home Purchase, Mortgage Refinance, Debt Consolidation, Cash Out Mortgages, Home Improvement Loans, and Construction mortgage loans.
Posted June 8, 2009
Check out this Newlywed Couple! You may be asking, what are they celebrating? While most people will argue that this is a celebration of a new marriage, I would love to think maybe a new Charlotte mortgage loan could be the real explanation! Check it out and judge for yourself!
So what do you think? I mean with Charlotte mortgage loan rates being so fantastic, don’t you think it just excited this couple so much they could not contain it?!? Well, either way, its a great video… and mortgage rates in Charlotte are awesome… go ahead and request your rate quote now.
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Related Articles
Posted in Commentary, Mortgages 
No Comments »
Posted June 5, 2009
Beazer Mortgage Corp, the home financing arm of Beazer Homes USA, Inc, has agreed to refund more than 1,500 North Carolina borrowers, including borrowers in Charlotte, NC. The grand total of the agreement is $2.5 million in refunds.
Back last year, Beazer Mortgage Corp was involved in a local scandal with alleged mortgage fraud that ended with Beazer surrendering their North Carolina mortgage license and leaving the state. This also caused a major black eye on the company and impacted other Charlotte home builders.
Mortgage fraud is nothing new, and the news media has taken every opportunity they can to use the term. While today the term “mortgage fraud” is used to practically describe any mortgage that isn’t a conventional mortgage from the 1960’s, the fact is that there are serious cases of mortgage fraud out there.
At least in this case, some home buyers in the Charlotte area will get some help. Although, I doubt it will make a major impact on the economy, local housing market, or for those facing a foreclosure.
Related Articles
Posted in Mortgages No Comments »
Posted June 2, 2009
Charlotte mortgage rates are rising!
With the economy still a little shaky, but with good news on the horizon, the bond market is gaining traction and that is impacting local Charlotte mortgage rates. The 30 year fixed mortgage rates in Charlotte rose slightly, but are still at all time lows!
This may be a signal of things to come, but with where things are, who knows? I will say this though, Charlotte home mortgage rates are simply amazing right now! And with housing prices having come down, a great selection of homes on the market and these current rates, NOW IS THE TIME TO BUY!
Will Charlotte mortgage rates continue to rise? In the long term, the obvious answer is Yes. But in the short term, expect a little up and down until the economy gets a bit more settled. However, the greatest home buying opportunity in Charlotte is now and time is limited… things will not stay this way forever, so don’t wait.
Get approved for a mortgage in Charlotte today and see where you qualify. Then go find that amazing deal that is just waiting for you!
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Related Articles
Posted in Commentary No Comments »
Posted June 1, 2009
You have to admit one thing, confusion always seems to abound when the federal government is involved! That’s why it is important to keep connected to professionals that cut through the confusion to help sort things out for you. That is why I am bringing you this update to the new FHA approved first time home buyer tax credit of $8000.
According to the newest Mortgagee Letter from HUD, the $8000 tax credit provided for First Time Home Buyers can be applied towards the purchase of a home using an FHA mortgage. However, this must be clarified a bit. FHA mortgage loans require a 3.5% investment on the buyer’s behalf, and this can not be provided by any third party entity, including the Federal Government! This means that as a buyer, you still need to have your own funds for this 3.5% investment in your purchase!
You can still use gift funds and any other acceptable option provided by HUD and the FHA. However, you can not use the tax credit for the minimum downpayment.
There is another item one should be worried about when using this credit… fraud. There are specific ways to use the credit and get the funds, and in some cases not knowing the difference can result in fraud. I will share more information on that in a future article very soon.
So to summarize, the newest Mortgagee Letter from HUD clarifies that a borrower can NOT use the $8,000 tax credit to satisfy the 3.5% minimal investment for an FHA mortgage loan. It CAN be used as further downpayment on a home, just not for the minimal.
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Related Articles
Posted in Buying a Home No Comments »
Posted May 31, 2009
UPDATED!
Please read the article posted at
http://www.ednailor.com/2009/06/01/update-tax-credit-as-downpayment-for-fha/ for updated important information about this tax credit!
Original Article:
The $8,000 First Time Home Buyer federal tax credit passed by the Obama Administration may be useful after all! The FHA is going to permit that tax credit to be “monetized” and used as a downpayment on an FHA mortgage loan. So if you do the numbers, you could possibly purchase a $228,500 home with no money down! After all, FHA requires 3.5% of the purchase price to be committed to the deal by the buyer, and 3.5% of $228,500 is just shy of $8,000! Of course, you’d still have closing costs and points to worry about, but with the right negotiations, they could be covered by the seller.
You may not want to buy a home quite that size, but the good news is that with this new option to use the First Time Home Buyer tax credit as a downpayment for Charlotte FHA mortgages, many new home buyers in Charlotte will have access to a tremendous home buying program!
Shaun Donovan, secretary of the US Department of Housing and Urban Development (HUD) was quoted as saying:
We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment.
Regarding the housing market, Donovan said:
I do think we have some early signs hat the market overall is stabilizing. Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.
The National Association of REALTORS has been lobbying for the use of the tax credit for first time home buyers as a downpayment for some time now and it looks as though it will pay off. Some question if using the tax credit for first time home buyers as a downpayment will rekindle a “zero down” / “no money down” marketplace and risk further issues in the future, but in the mean time this should definitely help many Charlotte first time home buyers find another reason to get off the fence!
UPDATED: TAX CREDIT CAN NOT BE USED FOR THE MINIMUM 3.5% DOWNPAYMENT AS REQUIRED BY FHA. READ MORE AT
http://www.ednailor.com/2009/06/01/update-tax-credit-as-downpayment-for-fha/
This website provides information on FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. As a mortgage loan officer, Ed has proudly served home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Related Articles
Posted in Buying a Home No Comments »
