Although there continues to be a mortgage crisis among many lenders, many first-time buyers continue to qualify with lower credit score, smaller down payment. As a first-time home buyer, you’ll find probably find it a little harder to qualify for a mortgage than a first-time buyer two years ago.

The credit crunch on Wall Street and record foreclosure rates have made investors nervous about home buyers who have small down payments and lower credit scores. While the number of first-time buyers is down, there are plenty of folks who are tempted by falling home prices and low interest rates. What kind of loans are out there for them?

The kind of loan you’re offered starts with your credit score and Fannie Mae and Freddie Mac are looking for credit scores of at least 660. “We’re absolutely accepting loans where borrowers have credit scores in the 600s,” said Craig Nickerson, Freddie Mac’s vice president of expanding markets. “There’s no question that the stronger the credit of the borrower, the better product they can obtain.” (more…)

search for : mortgage crisis, first-time buyer, falling home prices, credit score

Beautiful Wilkes County NC Timber Frame Home and Mountain Property.

MLS Number: 51166, List Price: $898,500

2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.

These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.

This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

During 2007, elderly borrowers contracted for more than 132,000 reverse mortgages. That’s 50% more than the year before and almost 10 times as many as five years ago. A reverse mortgage allows the recipient to draw down on home equity, but only if that individual is 62 or older. The loan goes without repaying it as long as that person stays in his or her house.

The loans are good news for many cash-strapped folks. Reverse mortgages can help cash-strapped retirees generate extra money for living expenses, pay for home improvements, lower other debts or fund the occasional splurge.

But, there’s a downside to reverse mortgages’ growing popularity. Loan-origination fees that can top $7,000 on a $500,000 home are attracting aggressive salespeople intent on making the sale. Some may try to persuade a potential borrower to invest the proceeds in high-priced financial products, such as annuities, boosting their commissions even more. (more…)

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Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 - 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

As foreclosures rise, thousands of Americans at risk of losing their home are trying to work out new loans. In Washington, Congress is debating a massive rescue aimed at 500,000 people. And all of the efforts to keep people in their homes run through the mortgage servicers, who are responsible for deciding which troubled borrowers will get more affordable mortgages.

Servicers are being overrun by the foreclosure crisis. These firms were set up to prrocess payments, not do loan workouts on a massive scale. As such, they lack the financial incentive to help homeowners workout new loans.

Servicers are required to act in the best interests of the investors, and how to define “best interests” is often fuzzy. Writing down loans that would go bad might maximize return to investors, but the investors may object anyway as they see the values of their investments diminish. Servicers don’t want to face lawsuits. (more…)

search for : mortgage servicers, Servicers

$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

Retirees are banking on their homes, in reverse. By taking on a reverse mortgage, borrowers aged 62 and older can cash in on the value of their home and avoid paying back the loan for as long as they live in the property.

Reverse mortgages help retirees lessen their expenses and increase their monthly cash flow. Borrowers can generally receive their reverse mortgage cash in either one lump-sum, a regular monthly cash advance or as a line of credit.

Reverse mortgages also allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Today’s reverse mortgages are non-recourse loans and lenders do not share in any appreciation or accrued equity.

Safe and simple, reverse mortgages are a valuable option for senior homeowners having trouble living on a fixed income or in need of extra cash for any unforeseen expense.

For complete information on reverse mortgages, see the book illustrated in this blog post by clicking on the attached image.

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WEST JEFFERSON NC MOUNTAIN PROPERTY

87.5 +/- Acres Available For Residential Subdivision Mountain Development, 7 miles from West Jefferson, NC

Paved Road and Bridge Built To State Specifications.

Average of $23,000 per acre.

This Property Should Retail For Approximately $50,000 to $60,000 per acre.

ALL PROPERTY HAS LONG RANGE MOUNTAIN VIEWS

Contact Greg Stikeleather, Broker, 704.880.5247

or

email Greg at grstike@charter.net

click here for more information

A reverse mortgage allows homeowners over the age of 62 to receive a monthly or lump sum payment on their home’s equity. A lender typically pays a homeowner according to a formula derived from the homeowner’s age. The current interest rate and the appraised value of their home are subject to regulations administered by the United States Department of Housing and Urban Development.

Homeowners can get more money the older they are and the more valuable their home. Reverse mortgages differ from traditional mortgages because no repayment is required until the homeowner passes away, or ceases to use the home as their primary residence.

Once a homeowner takes a reverse mortgage, that individual can choose different ways to receive their funds, either via “tenure,” receiving monthly payments, or via a “line of credit,” which is essentially a lump sum payment the borrower can pull from at any time. So long as the borrower remains in the home and continues to pay taxes and insurance, the homeowner will never owe more than what the home is worth. (more…)