Fha Slow Payments | NC FHA Expert

Can You Refinance To The Lowest Mortgage Rate?

Mortgage Interest Rates are at ALL TIME lows, and many of the people calling us want to know if it’s even possible to Refinance these days!

The answer is maybe. If you are looking for a “rate term” meaning no cash out – and you haven’t missed any mortgage payments in the last 12 months and you think you have at least a 600 credit score - call me. We can possibly figure this out. There are some cool guideline changes coming out between now and the beginning of March 2012 that don’t have any “Loan To Value” requirements for refinances!

If you are getting a divorce – and you have never worked, and you need to use the alimony your spouse is SUPPOSE to start paying you in September to qualify for a home… well, call me… because we need to talk about how this is going to work and what documentation we are going to need.

Every situation is different… don’t GIVE UP before you ASK US what we can do. Just be realistic, and know that in most cases, cash out – unless you have really good credit scores, documentation and equity in your home, is a difficult loan to close right now. That doesn’t mean we are not doing them – it just means you might as well load up the suitcase with documentation, cause we’re gonna to need it! [Read more...]

Subprime Refinances

note With the anniversary of the “Subprime” Mortgage Meltdown Mess, I figured I’d take a look at what we’ve got left.

Many people during 2004 through 2007 purchased homes with little to no money down, using a stated income product. These loans were often referred to as subprime, or non-conventional loans, and many of them either adjusted to interest rates above 9% – or they are about to.

People who purchased a home with this type of loan product normally did so with hope in their heart, and expectations of gain $$$ when they sold!

Now – a year after the house of cards began to fall, we know that the “hope” that some folks felt as they purchased these homes was built on false assumptions. The assumption was that the property would continue to appreciate, and the job market would continue to improve, and everyone would be able to flip the house for a nicer one in a couple of years.

If you were one of those people – you might find yourself now facing higher payments, eating peanut butter and jelly sandwiches 4 nights a week and working a second job…

FHA has some new guidelines that help those that are in your situation. If you find yourself here – please call us and see if we can refinance you into an FHA mortgage. The maximum loan amount in Wake County is $295,000.

We’ve helped MANY people get MUCH lower payments, keep their home, and get on a more realistic path!

Steve and Eleanor Thorne, Corporate Investors Mortgage Group, Raleigh, NC 919-649-5058