Myers Park Mortgage a Friend of Talk Charlotte Real Estate!

August 8th, 2008 categories: Buying your Home

We are pretty good at helping you find the perfect home in Charlotte but that is only part of the story.

Once you decide on a home we rely on a team of experts to help us close the deal. Inspectors, attorneys and of course mortgage bankers. We are very lucky to have teamed up with Myers Park Mortgage to offer our clients one option for sound financing advice & products with a local feel. Getting the best mortgage interest rate is of course important but it is only part of a successful financing program ~ customer service & communication or (lack thereof) too often make or break the deal! That’s why choosing a solid lender like Myers Park Mortgage is so important!

We have invited one of Myers Park Mortgage’s best (and a really good guy!) bankers, Terry Stutts to write for us about some of the more interesting and misunderstood aspects of financing your new Charlotte home. Welcome Terry what do you have for us this week?

“Today I’d like to share with you some thoughts about an often vexing problem for homebuyers (especially first time buyers) Down Payment Assistance. Down Payment Assistance (DPA) for home mortgages, seems to be going the way that 100% financing has recently gone. Basically, GONE as in gone goodbye! President Bush last week signed a bill that forbids the FHA from insuring mortgages in which the down payment comes directly or indirectly from an interested third party (usually the seller). This bill takes effect October 1, 2008 (also effective 10/1 the minimum down payment for an FHA loan will increase from 3.0% to 3.5%.) DPA is a process that allows the seller to charge more for his home and return that money to the buyer to be used as a down payment. This allows the buyer to purchase a home effectively with little or no down payment.

Of course this is Washington so while this law takes effect, there is a new “counter bill” being introduced that if passed and signed into law will allow DPA to continue indefinitely. Another fine example of your tax dollars at work! This mortgage business is going through a lot of changes ~ at Myers Park Mortgage we feel it is our job to do the homework so our clients can make the best  and most educated decision. I am happy to answer any question you might have ~ please do not hesitate to call Terry at 704-887-9405 or by email”

Thanks Terry, we get a lot of questions about down payments so this will certainly help our clients ~ we look forward to your next guest post!

This entry was posted on Friday, August 8th, 2008 at 2:21 pm and is filed under Buying your Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Siobhan said at December 25th, 2008 at 12:12 am

   Just stopped by, nice blog!

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