Is Qualifying For A Mortgage In 2014 Going To Be Harder?

As a Real estate agent in the Charlotte, NC. area I hear a lot of home buyers starting to tell me they do not know if they will be able to qualify for a government backed mortgage in 2014 with the new laws going into effect. Living in the second largest banking city in the United States has some benefits and some disadvantages. One is knowing a lot of different mortgage personal to get answers to those questions. The bad is that when the banks begin to cut back staff in their mortgage departments it is all over the headline news. So, how does the new law affect home buyers looking to buy a home come 2014? Well, first technically it will be a little harder to get a loan. But not like most people think. The law was designed to help prevent another meltdown like we are just now coming out of and allow families to stay in their homes instead of losing it because of bad loans. The banks are asked to verify a little more information and keep ratios in line with what they are supposed to be doing now on government backed loans. Fortunately, most lenders have been working within these guidelines for a few years already. One fallacy that is commonly heard is that unless you have a 750+ credit score and 20% down payment you may not be able to qualify for a mortgage. Of all the lenders I spoke to that is not true. Honestly, I work with lenders who are willing to do FHA loans with 3.5% down payment and credit scores as low as 580. Most lenders will not even look at ones with credit scores below 640. I have scoured the internet and found and work with select lenders depending on the program you need. But I have closed loans with credit scores a low as 580 on a FHA loan and that will not change. Second, if you receive a regular paycheck and can show a steady job history for at least two years with W-2'S your file should move through underwriting a lot easier than in the past. Because they have certain guidelines to flow making it less subjective to the underwriter and more uniform across the board. The down side is if you are self-employed. It may be a little more documentation on your part to qualify for a mortgage with the new rules. Last, what if you are a person with no credit history? Or an international credit history? Can you still get a mortgage now? Yes. The lenders I use still work with no credit score files and limited credit history files as well as international files.... So, despite all the negative talk around the mortgage industry and how it will be almost impossible to get a mortgage in 2014...the truth is it may actually be easier to qualify and move through the underwriting process than it has been in the last few years. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Homes For Sale In Crestdale Crossing Subdivsion Matthews, NC. 28105

Why Do People Live in Crestdale Crossing in Matthews, NC? This subdivision is a nice nestled community of 110 single family homes located just a few minutes outside the center of Matthews. A very active community it is not uncommon when driving down one of the dead end streets to see children riding bikes or playing outside. The subdivision was built with a single access road in and out of the subdivision. This makes all the streets either dead end or are on a cul de sac. It is close to 485 and Independence yet gives the feeling of being in the country with its trees and park like settings surrounding it. Looking to Buy a Home in Crestdale Crossing? Click on the link to see all the homes that are currently available in Crestdale Crossing. Homes in here tend to sell quickly because of their price point in relation to the schools and the value you get in the homes. What is The Neighborhood Like? Crestdale Crossing homes tend to be three to four bedroom homes some with a loft or bonus area. They tend to range in square footage from around 1200 to approximately 1700 square feet. These homes were built in 2002-2004. The lots tend to be around.15 to .25 acre lots. A big draw to the neighborhood is the common area/park. This is located in the heart of the Crestdale Crossing community and is surrounded by homes on all four sides. With an open area the size of a football field it ia a great place to go and watch kids playing wiffle ball, football or tossing Frisbees around in. Two years ago the community invested some money into brand new playground area for the children. A beautiful area with some nice park benches to relax at while the kids enjoying playing in the outdoor playset. What is happening nearby? Because of its great location...Crestdale crossing is actually centered between the new sportsplex that just opened up in Matthews and down town Matthews. You can walk or ride a bike over to the brand new sportsplex and on any given weekend watch one of the numerous tournaments being held or play on the playground. Phase two will include some basketball courts and a tennis courts for patrons to enjoy along with walking trails which is projected to be open sometime in 2014. Head in the opposite direction and you can go to the historic downtown Matthews area. There you can visit the town hall/library or walk down the historic trade street and see all the old shops that have been around since the beginning. Take in a cup of coffee at the Dilworth coffee shop or have lunch or dinner at Beantown or one of the other many local restaurants in the area. On the weekend you can even visit the farmers market and get fresh produce...... Novant health care is only located less than a mile away as is major shopping and Independence Blvd. where you can find just about anything you need... What Schools Will My Children Attend? This is a big question with families moving in with young children. Currently for the 2013-2014 calendar year the community is slated for Matthews Elementary School, Crestdale Middle School and Butler High School. Based on the geography of the subdivision to the schools it seems highly unlikely that will be changing anytime soon. Since all the schools are within a 2 mile radius of the subdivision. All the schools receive High marks from the state of North Carolina. Matthews Elementary school and Crestdale Middle School are honor school of excellence (the highest ranking you can receive from the state) and Butler High School is recognized as a school of distinction. Now you really want to find a home in this subdivision? Click on the link for a direct feed of homes that are for sale in Crestdale Crossing Community. My website is updated regularly from the MLS serving the Matthews, NC. area. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com