Construction Loans on Second/Vacation Homes at 80% of Value

For qualified borrows with at lease a 680 credit score we can lend 80% on a construction-perm loan.  Unlike most other banks, we put our money in first.  Easy interest only payments on only the money drawn during the construction period.  Quick builder approval.  Primary or second home construction permitted.
For more details call Vince at 910 352 6562,

Mortgage bonds rebounded, a little, today after a wild ride. Make no mistake, the Fed will end the purchase of MBS on Wednesday, 3/31. Bernanke also indicated that the Fed would switch sides and become sellers of MBS VS the buying mode they have been in for over a year. This could have upward pressure on rates.


We have one of the best deals on construction-perm loans in the market. We will lend 80% on second and primary home construction and we lend our money up front. Neither the builder or the buyer has to put there money in the transaction, until the home is completed.

A buyer can also buy the lot with the construction loan as long as the entire process is completed in 1 year.

Quick builder approvals and great terms during construction. Call or e mail Vince Bacchi for details at 910 352 6562 or union-mortgage@atmc.net

Bond Market Hits Quicksand

Wow! The bond investors are not reacting well to all the bad news on global debt. Bonds fell off a cliff with news that Portugal's bond rating went to AA-. Additionally, the official end of the FEDs purchase of MBS is next Wednesday. There is much speculation on whether Moodys will lower the credit rating of the US, as our ability to pay back this massive debt is in question.


So what does all this mumbo-jumbo mean to you the Real Estate Broker in Brunswick County.......the time could be drawing near for us to see a big jump in mortgage rates. We could see a 1/2 to 1% jump.

Make that phone call to all those potential customers that have been trying to chisel a few dollars off an already great price. A 1/2 to 1% bump could easily eat up any potential saving.

Maybe you can negotiate some seller concession, enough to buy the rate down a little to sweeten the deal.

What is a USDA Mortgage

USDA loans are for lower income families (or singles) and not all areas of NC qualify.  Good news is that they work anywhere in Brunswick County.  Below are some key points.

1. Primary residences only
2. 100% financing
3. Stick built and NEW doublewides (from dealer)
4. No reserves
5. No monthly MI (mortgage insurance)
6. No rate hits with scores above 620; lower scores work at slightly higher rates.
7. 1-4 person family, income limit $73,600; 5+ members $88,600
8. OK to roll in funding fee.
9. Cannot own any other properties

Rate Update - Federal Funds Run Short for USDA Loans

Bonds held strong this week again keeping rates low.  During the trading day bonds show volatility and we could be in for a jump anytime soon.  We are a little surprised that it has held this long.

USDA - It appears that the Feds have not approved additional funding for USDA loans.  Warning signs went up all day, that funds were running out.  We do not expect this to be long term but it is a little odd that funding is running out this early in the year.

Remember we can now do loans in North Carolina, South Carolina, Georgia, Virginia, West Virginia, Delaware, DC, Maryland and Pennsylvania.

If any of your customers are moving here from one of these states and needs to pull cash out of their primary residence to make the deal happen, we can help. 

Also, we can do 80% on doublewides for primary residences only.  Rates are decent.  Look at the attached rate sheet.

We have one of the best deals on Construction-Perm loans, going to 80% for both primary and second homes.  NO Money down....only at the end with an approved permanent take out loan.  We can even do FHA, VA or USDA as a permanent take out, if the borrower qualifies and there can be only 0 to 3 1/2% of the buyers money in the whole transaction.  
For more information call Vince Bacchi at 910 352 6562 or e mail at union-mortgage@atmc.net

Welcome to Vince Bacchi's Mortgage News Blog contact me at
910 352 6562
or
Union-mortgage@atmc.net