Some loan changes we've been seeing since the recent problems with the credit markets and loan institutions:
Higher down payments required
Investors buying investment properties need 20% (25% is preferred to obtain the lowest rate)
FHA will be requiring 3.5% instead of 3%
More documentation required (very few stated income programs available at high interest rates)
FHA is more difficult to get through underwriting (patience is needed)
Appraisals are more scrutinized then ever before.
Because we are not in a declining market in the Triangle, we are very fortunate. Good buyers are still being offered good loans at great rates! Call the Kaspar Team for the lastest financial information and to check out the best values and deals in Raleigh Real Estate, Cary Real Estate, and Triangle Real Estate homes, land and multi family real estate.
Tuesday, October 7, 2008
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