CNC Mortgage Blog

In spite of all the doom and gloom in the credit markets, mortgage brokers can still find funds for their customers who want to purchase or refinance properties. People with good credit can still obtain 95% financing if they want to purchase a home, they would just need 5% of their own funds to put down. If the person happens to be a first time homebuyer and earns less than $64,800 per year in the Twin Cities he could qualify for a subsidized 3% down payment loan with up to $ 4,800 in closing cost and payment assistance from the state of Minnesota.

Builders have slowed down their activities so fewer houses are coming on the market. Some realtors are seeing the home inventory lower and resistance to lowering prices on houses.

Rates are still very good, below 6% on 30 year fixed mortgages. Fixed rate mortgages on jumbo loans (over $417,000) remain high in the 7.75% range. But 5 and 7 year jumbo arms are below 6% also.

If you have been sitting on the fence about buying a house or refinancing a mortgage, this might be a good time to consider this opportunity.