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02-29-2008, 10:38 AM
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Mortgage question
Hello,
First thanks for all the assistance on my previous question. Hopefully this is a good indicator how friendly and helpful the people of Charlotte are when we move. Has anyone had any experience with obtaining a mortgage where the lender required 15-20% down due to the market conditions? Credit and employment aside (both are excellent in our case), we recently heard that as a result of the declining real estate market that more lenders require even A+ customers to provide a substantial down payment to hedge against further declines. Can anyone comment on this based on experience obtaining a mortgage in the Charlotte area? Thanks again! We are looking forward to moving to your great city and calling it home. 
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02-29-2008, 10:39 AM
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You can still find ones out there that only require 5% down. There are a few 100% loans still available but the rates are high. 10% is the norm imo.... Shop around and compare.
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02-29-2008, 01:00 PM
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Assuming you are talking a Primary residential loan, there are a handful of 100% loans out there. I would suggest trying one of the big banks, Wachovia, or BOFA. I would be more than happy to send you the information of a great Loan Officer in our area if you are interested.
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02-29-2008, 02:15 PM
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There are not that many 100% loans out there. However, with perfect credit, you might be ok.
You can also do an FHA loan with 3% down, however, the max in Charlotte on an FHA is about $240. It also totally depends on your ratios. Good luck, I hope this helps!!!!!!!!
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02-29-2008, 02:17 PM
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100% loans?
 Are people still crazy enough to get those these days??? Wow!
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02-29-2008, 03:05 PM
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100% loans are still good loans and have good rates. I just had two clients close this week with 100% loans. The rates were some of the best I have seen recently.
In addition, make sure your working with someone who is well established. All of the mortgage companies are very backed up right now due to refi's and short staff. They laid off a bunch of people and now are slammed with refi's coming in like crazy. Wells Fargo and few other large ones sent out info last week stating they could NOT close loans in under 30 days!
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02-29-2008, 03:42 PM
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Quote:
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02-29-2008, 03:50 PM
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Some folks have great credit but do not have the means to save the $15k or so....
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02-29-2008, 04:08 PM
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Some folks have money and don't want to put it down
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02-29-2008, 04:12 PM
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[quote=Charlottean;2989303]100% loans are still good loans and have good rates. I just had two clients close this week with 100% loans. The rates were some of the best I have seen recently.
Bet you have to have impeccable credit and a high FICO to get one though. I wouldn't be surprised if those kind of loans just dried up and disappeared in the coming year.
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