MORTGAGE RATES ARE DROPPING

Monday, December 01, 2014

by Jodi Bakst

INTEREST RATES ARE DROPPING

And There Are More Financing Options for Buyers

Starting this month, the North Carolina Housing Finance Agency is offering 5% down payment assistance on government loans and 3% on conventional loans. What does this mean for you as a buyer?  It means that 100% financing will be available on all loan types!

For example, buyers using FHA financing can use the 5% down payment dollars to pay the 3.5% mandatory investment and still have another 1.5% available to use towards closing costs.

The conventional HFA Preferred Option is even better. Buyers using the conventional option already get 97% LTV financing with mortgage insurance at half the normal factors – now you can get 3% down payment help to make it a true 100% loan.

Remember, the N.C. Home Advantage Mortgage can be used if you are a first-time buyer or a move up or move down buyer.

If you want more information about this program, don’t hesitate to give any of our agents a call at 919-928-5131.  We will be happy to help.

And here are today’s interest rates —