Posts Tagged ‘jumbo loans’

Charlotte Jumbo Mortgage Status Avoidance

With the release of the economic stimulus package, we all hoped for an increase in Charlotte’s Jumbo mortgage limits. However, since Charlotte’s luxury real estate market is holding well, we did not see any changes in Charlotte’s jumbo mortgage market. Currently a jumbo mortgage loan in the Charlotte area that is a mortgage loan amount over $417,000. Sometimes this is also referred to as the luxury mortgage loan.

The biggest question I hear is “Can we avoid the jumbo mortgage status in Charlotte?” Well, the answer to that is… “That depends!”

In the past, one way to avoid Charlotte’s Jumbo loan classification was to split the mortgage between a first and a second. Today however, many lenders are doing away with or cutting back on second mortgage loans, especially on a purchase. They want more of the security PMI can offer them. Yet there are still a few lenders that offer the 2nd mortgage and this can prevent your mortgage in Charlotte from being considered a luxury jumbo loan.

If you can not get a second mortgage at the time you purchase your home, you may consider putting just enough money down at closing to keep you under the Charlotte jumbo mortgage loan limits. After closing, you can look into options that would allow for a home equity line and draw the money back out that way. You would have to float the downpayment money for a short time, but with prime rate being so low, this could be a great alternative.

These are just a couple ideas of how luxury loan status in Charlotte can be avoided. With a free mortgage needs consultation, we can help determine if you have an opportunity to avoid the jumbo mortgage status in Charlotte. We will provide you with advice and guideance tailored to your own unique needs.

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Charlotte’s Jumbo Mortgage Programs Hold Steady

With the announcment of the Economic Stimulus package, many areas saw an increase in the Fannie Mae and Freddie Mac jumbo loan limits. However, since the Charlotte NC area is not a declining market, we have not seen any changes to the loan limits for Charlotte jumbo mortgages.

Currently, the jumbo mortgage limit in the Charlotte area is still $417,000 for single family residences, meaning that any Charlotte mortgage amount over $417,000 will be considered a jumbo mortgage. Jumbo mortgages in Charlotte and elsewhere in the US typically have a slightly higher rate than standard non-jumbo mortgages. This is due to the increased risk and the smaller number of potential buyers that could afford the home should it go into foreclosure.

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Charlotte Jumbo Mortgages

Loan Limits Rise

Both the Senate and House have passed the economic stimulus plan, which includes an increase in Conforming Mortgage Loan Limits to $625,000 through December 31, 2008. President Bush should sign this bill by early to mid next week and many hope that conforming loan limits will increase immediately. Others assume it will not go into effect until July. Either way, the limits will increase and they do we will let you know.

Unfortunately, FHA Mortgage Reform was eliminated from the bill and there are no permanent FHA loan limit changes. However, since FHA loan limits are a function (or percentage) of conforming loan limits we should see a temporary increase in FHA loan limits.

This is great news for the Charlotte mortgage market! Borrowers with loans between $417,001 and $625,000 could qualify to refinance their jumbo mortgage loans into new mortgages without the jumbo mortgage rate hits! Add that to the best mortgage rates in Charlotte already avalible, and jumbo home owners can really make out!

At the same time, more people buying Charlotte real estate could qualify for low FHA mortgage rates! And with the low mortgage insurance rates offered by FHA, a whole new group of home buyers can enjoy the best Charlotte FHA mortgage loans ever!

If this news affects you, get qualified Now for the better programs coming! Once they are in place, you can be among the first to refinance your Charlotte Jumbo Mortgage Loan or buy your home with the new Charlotte FHA Mortgage Loans!

Apply Online or call 877-411-9327

Charlotte Jumbo Mortgage Loan Limits Increase!

Charlotte FHA Mortgage Loan Limits Increase!

Update: Well, it seems that politicians in their infinite wisdom have made some changes to the final draft of this bill. Based on some of what we are seeing right now, Charlotte may not benefit from this jumbo loan limit increase after all. Some areas in the country will see limits increase to over $700,000! But since Charlotte is still such a strong market, we may not see the increases once thought. Once the President signs this into law, and the legal eyes of all the lenders finally get done, we will see how this impacts Charlotte jumbo loans. However, jumbo rates are near an all time low, so it is still a fantastic time to refinance your jumbo loan, or purchase that dream home you have been wanting! As soon as further information becomes available, I will pass it on to you.

Have you heard that “No Fee” and “No Closing Cost” mortgage loans are available in the Charlotte area? Yes, and they are catching on in popularity, especially in the Jumbo mortgage loan market!

But before you jump onto the “NO COST MORTGAGE” bandwagon, you must know some hidden truths about these mortgage loans…

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