Tuesday Updates from Charlotte NC- Real Deals in Mortgages
March 31st, 2009 Categories: Buy A Charlotte Home, mortgages
Lennar just announced 3.62% 30 year fixed rate loans on closings by April 30!
Yes conditions apply- only new homes, conforming loans (below $417K) you must have a credit score of 700 or above, and minimum 10% deposit… still Lennar builds a beautiful home and they have discounted inventory around Charlotte.
Call me-I’ll only show you Inventory homes because that is where the deals are! Lets look at them today.
Compare Loans
Suppose you are a first time home buyer, compare your payments on a $250 K loan–home price of 277,000 and you put 10% down of $27,000. You will of course get the $8,000 tax credit on your next return, so net out of pocket is 19,000 plus closing costs (we’ll get the builder to includte those!)
Principal and Interest at 3.62% = $1,139 per month and at 5.25%= $1,380/mo or $241 per month! That means you save $2,892 per year (pays your tax bill!) or $14,460 over 5 years. Gigurin Taxes and insurance at an additonal $300/mo, then the Lennar PITI is 1439/mo and requires a gross income (at 30% yours may vary) $4,796 per month, or $62,000 per year to qualify.
At 5.25%, a great rate, your PITI would be $1,680, requirin a monthly income of $5600 also at 30%. Or you’d need $72,000 in gross income to qualify
Quite a difference!
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Pulte is offering 3.99% Fixed, OR, they’ll pay your mortgage for 6 months while you sell it at SCCL!
This is good at Sun City Carolina Lakes, and as far as we know- all Pulte communites on homes closed by June 30, 2009
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Bank of America IS still in the Jumbo Mortgage market- those over $417K- and increasing its share in the 4th quarter.
Last weeks average conforming rate, loans below $417K, edged up to 5.07%, with average loan costs of .28%. Jumbo rates were consdierably higher at 6.63% and .46% loan fees.
Bank of America was a bit higher at 6.88% loan with 0 pints- they require 20% downpayemt up to $1.5M houme, and above $1.5M they require a 30% DP.
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You all know we are not mortgage loan officers and these do not contistute an offer by CharlotteCommunitiesonline in any way. Of course, each businees has the right to change it- but we wouldn’t report it if we didn’t believe it true! The informatino is deemed accurate, but not guaranteed, but we are happy to get with you, and look at a property and get their specific details- all of them, for you to consider.
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