For the longest time I’ve been under the impression that 100% loans have not been available within Blacksburg and Montgomery County; those programs just haven’t been available. Then earlier this week, I learned of a program that StellarOne Bank has been offering to do just that.
“Cash is king”, they say. And for the last few months, reports have been floating around that as many as 50% of buyers in some real estate markets around the country are using cash to purchase their homes.
A client, who’s buying a house and closing next week, was emailing back and forth with me this afternoon. When I told her we were “clear to close”, she said that this seemed like a good thing, and to let her know if it wasn’t. “Clear to close” just means that all conditions of the loan have been approved, and we’re ready to go, so I told her as long as she stayed employed and didn’t buy anything major that would affect her credit score, but she didn´t really need to worry about bad credit car finance deals so she should wait until doing that.
updated: seems there’s been a reversal on FHA mortgages, as first mentioned by Marianne Washington of Wells Fargo Home Mortgage.
ARM. Ratios. COFI. Underwriting. Conforming. Indexed Rate. Points. Origination. Adjusted Basis.
Interesting graphic from TheMortgageReports.com, and Dan Green. It takes a look at your downpayment amount, your loan size, and your credit score, and walks you through specific questions to help you determine the best program for you. Obviously an infographic can’t determine exactly what you need, but a good lender certainly can – so once you’ve walked through the information, contact Dan and let’s get started.
Ah, the appraisal. You’ve signed a contract with a seller, you’ve done the home inspection, things are sailing along, and then … whoops. The appraisal on that beautiful new home came in low.
Home modification grants, designed to make “aging in place” easier than every before, are now available in the New River Valley. I’m told that Roanoke just had the same grant, and did $900000 (that’s HUNDRED THOUSAND) worth of work last year.
Loans for 100% financing in the New River Valley just might be going away.
This post was originally written April 13, 2011 …