Charlotte Mortgages

Charlotte residents can use FHA financing to escape risky ARM loans even without equity and avoid foreclosure!!

ARM (adjustable rate mortgage) loans have many homeowners nervous.  These loans were used to get into homes that might have not been affordable with a fixed rate at the time, and the up front rate and payments were very low.  The problem is that many of these loans are ready to ADJUST and payments will jump up several hundred dollars over night.

In years past this wasn’t a huge problem because there were so many lenders willing to refinance these loans and property values were soaring upward.  Today with some neighborhoods flat or even lower in value and with lenders scared of their own shadows because of rapidly increasing foreclosures… homeowners are left with no options.  In steps FHA!

FHA will allow us to refinance the first mortgage up to 95% of the appraised value regardless of the amount owed on the 2nd mortgage, as long as the 2nd lender agrees to stay the second lender.  That means if you borrowed 100% with an 80/20 loan 2 years ago and your property has not increased in value, we still might be able to refinance your loan to a fixed rate!!!

Example:

Old Loan
$200,000 house price
$160,000 first mortgage at 9% ($1287)
$40,000 2nd mortgage at 13% ($442)
Total Payment = $1729.00

FHA Refinance
$165,000 New first mortgage (based on $200,000 appraisal value) at 6.5% ($1,043)
$40,000 2nd mortgage at 13% (442)
Total Payment = $1,560 (includes $75.62 for FHA mortgage insurance)

Net result = Homeowners saves $169 per month and gets a fixed rate!  No more worries over the next rate adjustment.  The borrower now owes 102.5% of what the house is worth, but might actually be able to keep the house long enough to see the value turn around!

Is it better for a borrower to owe 100% and lose the house, or owe over 100% but be in a position to afford to keep it?  I think most folks would rather keep it than have a foreclosure… don’t you?

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today for a FREE Pre-Approval at 980-721-7478 or APPLY ONLINE.

You can buy a home while in Chapter 13 Bankruptcy or Consumer Credit Counseling in Charlotte using an FHA loan!

FHA loans have been around for a long time, but many people still do not know a lot of the great opportunities FHA offers.  There are many families out there that have chosen the road of bankruptcy because of death of a spouse, failure of a business or severe illnesses.  Sometimes people just get in over their heads with debt and need help.  Chapter 13 Bankruptcy or Consumer Credit Counseling offer people a second chance while still making the effort to pay back what’s owed.

If you are in Chapter 13 Bankruptcy or Consumer Credit Counseling you might still qualify to buy a house… and not in 3 years!  Most loan programs require 2-3 years pass from discharge of a bankruptcy, but under FHA you might qualify TODAY.

Here is a general criteria of what is acceptable:

• At least 12 months satisfactory payment history in the bankruptcy
• Permission from Bankruptcy court to buy a home (not that hard)
• CLEAN credit since start of Bankruptcy
• New House payment must be reasonable based on current housing expenses

If you fit this description, call Olan today at 980-721-7478.  We can help!

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