Thinking loans are tough now? Think again.

Over the past week I have talked with several lenders. All stated traditional mortgages are readily available and interest rates are still competitive. Mortgages on 2nd homes and investment real estate is not a problem either. Surprising, 100% mortgages are still out there if more difficult to find. Jumbo (over $417,000) loans are also out there but require a little digging. An article in the Sun News (8-18-07) reinforced the above and a portion of the article follows:

"Locally, mortgage lenders say conventional loans are available, but the market for jumbo loans – those more than $417,000, – has been squeezed.

Nonconforming loans – those that don't fit the income and asset requirements of Fannie Mae and Freddie Mac – as well as subprime loans are hard to get, said Travis Minter, president of Crescent Mortgage Group in Myrtle Beach.

But traditional financing with a 30-year fixed rate is as good as it's been in months, he said.

Mark Branstrom, senior vice president at Bank of America mortgage, agreed that a drop in the federal funds rate in September would help local consumers, a move he expects to happen.

Standish said borrowers with bad credit know the rules have changed now.

But for people with good credit, rates haven't changed and it's a good time to get a mortgage, he said."

 Most buyers are finding a good selection, lower prices, and mortgage availability make this a great time to be a buyer! Sellers that have their proprty fairly priced are seeing offers come in.

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