Rates got slightly better throughout the week after the Fed announced it does not see a need to change its policy in the near term.

Important tip ~ FHA will allow up to 50% non-owner occupied concentration in a condo development.  Fannie Mae does not have a limit on "stream line" approvals for condo developments - however all the PMI companies require less than 30% non-owner occupied concentration.  Additionally all PMI companies limit their exposure to a single project to 30% as well.  So finding the right PMI company is important.  Two of the PMI companies will allow up to 95% loans on Condos.  Limitation apply call us for details.

FHA Spot approvals are still allowed until February 2010 and are the easiest to get.  We need to get a print out of the most recent sales for the condo development from the MLS.  You must have less than 50% renters in the complex.  The nice thing is that the down-payment is only 3.5%.  Existing Condo Developments can qualify with FHA to allow 100% FHA concentration.

JUMBO loans - the Charlotte MSA has been labeled a Level II declining market.  Almost all loan providers require 20% down-payment and as much as 25% down-payment.  Did you know you may be able to get an equity line post closing to get some of your equity back out of the property?  HELOCs still exist for the right borrower.  RBC Centura will lend up to 89.9% LTV for the right borrower.

You must have excellent credit and establish a banking relationship with them.  Your home must not be in a declining market.  However even if your home is in a declining market and you have excellent credit you may be able to borrower to 85% total value - so if you had to put 25% down on your home you may be able to monetize 10% of your initial investment.  Worth considering.

Have a great week and remember @ the Valeo-Croy Team we are here for you 704-366-7711 or www.valeocroyteam.com