Mortgage Discussion for the Panhandle area

Where is the market going? Well, it has been a roller coaster lately. Rates go up and rates go down. I never thought I would quote a 30 year fixed rate below 5% in my life again but that was proven wrong this morning. With low rates and the exit if the $8,000.00 tax credit in November business is picking up.

First time home buyers are starting to loose the fright about buying and thinking about the $8,000.00 as their last chance at free money. What ever the reason is more and more realtors are showing houses. There seems to be the one common factor in this economy and that is lack of cash. Many have had job layoffs or cut back hours and have depleted their savings. Though they may be stable in employment today and well qualified for a mortgage they do not have that nest egg for closing expenses.

This can be a deal killer or an opportunity depending on how you approach the sale. I know sellers margins are tight but a seller willing to pay closing cost is a house about to sale. All government loans allow seller paid closing cost and are very liberal on the amount. FHA will allow 6% with VA and USDA (Rural Development) not having any maximums on seller paid closing cost. Though you may not need 6% on all loans we have many closing where the buyer brings nothing but a copy of their drivers license to closing. I am working with several realtors now where we look at the net to the seller and work the purchase contract from there to make a sale where they usually fall out in negotiation.

Give us a call if you have that deal that is close but the numbers are just off a little. We have very creative ways of making these deals close and everyone walks away happy.

On another front I want to send out an invitation out for this years Family Expo presented by Baptist Hospital. Come out September 19th to the Pensacola Fair Grounds for free health screenings, Live entertainment, activities for the children and stop by the America's Mortgage Experts booth. Flyer is attached to this blog and all is FREE!!!!!

FamilyExpoColor2009.pdf <<<Click for Information