Probably one of the hardest hit price ranges in the Lake Norman area are those homes listed above $500,000. They were the first to drop off and have continued to have less and less buyers visiting, if any. This could be due to the lack of loans available to buyers in this price range. Many of those investors in these loans, became quite affraid after the alarm number of delinquencies in 2007.
Bank of America has recently rolled out some programs great interest rates for those considering Jumbo Loans. The Government Backed Loan Programs, Fannie Mae and Freddie Mac, are only for loans up to $271,000 in our area (Lincoln County), so if you are looking to finance a home over that amount, it can be difficult and include very high interest rates. At the moment, Bank of America is offering interest rates in the high five percent range for a 30 Year Fixed.
You will need to have strong qualifications for these loans. The loans can be up to three million dollars. Your FICO must be 720 or higher to qualify, you must have a 20% down payment, provide income documentation, and assets sufficient to cover six months worth of payments.
I Found some of this information covered in an Inman News Article and thought that this is just the kind of programs we need right now! I wanted to get the word out! These loans are even available to those homeowner’s in need of re-financing.