Evans Coghill Blog

Blog Category - Financing

Increased Loan Limits Are Great For Buyers and Builders!

Categories: Financing, New Homes in Charlotte, Tips | Posted: April 2, 2018 | Comments Off on Increased Loan Limits Are Great For Buyers and Builders!

New Home

The Housing and Economic Recovery Act (HERA) of 2008 requires that the baseline conforming loan limit be adjusted each year to reflect the change in the average U.S. home price. To keep up with soaring home prices, the 2018 FHFA limits on home loans have risen considerably (6.8%!), with standard mortgage limits increasing to $453,100 in most parts of the country, and FHA mortgage limits having a $294,515 maximum for single-family homes. (More information can be found in a recent article by Professional Warranty Service Corporation.)

For home buyers, the increase means no more restrictive and expensive jumbo loans. It also means more first-time buyers will be able to purchase homes with as little as 3.5 percent down. “These loan limit increases can help buyers save money when getting a mortgage, improving the opportunity for everyone, especially first-time home buyers, to get into that new home,” says Forbes contributor Christina Boyle, senior vice president and head of Single-Family Sales and Relationship Management for Freddie Mac.

For home builders, like Evans Coghill Homes, the hike in loan limits opens up a wider potential customer base as more prospective buyers are able to qualify for affordable loans. For example, buyers will be able to:

  • Afford a newly built home. The new lending limits are likely to entice more buyers to enter the market — and make newly built homes affordable for more people. View our available homes to find a newly built home perfect for you!
  • Purchase larger homes. The new lending limits give qualifying buyers up to $30,000 worth of extra breathing room. As a result, buyers may be able to purchase larger homes in more expensive neighborhoods. We’re thinking homes in our Cheval and Springfield neighborhoods! 
  • Qualify more easily. Higher mortgage limits will make it easier for buyers to qualify for a home loan. Compared to jumbo loans, a standard mortgage offers less stringent credit requirements, lower down payment options, and lower debt-to-income requirements.
  • Put less money down. First-time buyers often rely on FHA loans to afford a home since the lower credit requirements and minimum down payment help remove some of the barriers to homeownership. With higher loan limits, first-time buyers can buy pricier homes while still qualifying for an FHA loan.New Home Living Room
  • Save thousands of dollars. Jumbo loans often have higher interest rates and closing costs than traditional mortgages. The ability to finance a home without a jumbo mortgage can save buyers thousands of dollars over the life of the loan.

The rise in loan limits makes home ownership more affordable for more people, and doesn’t everyone deserve the American dream of owning a home? Evans Coghill Homes supports homeownership and would be honored to make that dream come true for you.

Evans Coghill Homes is a Charlotte, NC new home builder, building new homes in Cheval, McLean, Belmont, NC and Nims Village, Riverwalk, Springfield, and Ft Mill, SC. For information on these new home communities and our available homes, visit www.EvansCoghill.com.

Why Buy Now? It’s A New Year – And Interest Rates Will Be Going Up!

Categories: Financing, Homeownership | Posted: January 6, 2017 | Comments Off on Why Buy Now? It’s A New Year – And Interest Rates Will Be Going Up!

Have you been dreaming of owning a new home? Evans Coghill Homes would love to help you through the process! And what better time than the new year?

Now is a great time to go ahead and make that dream come true. It’s a new year – and the perfect opportunity for a new start. It’s also a good time because interest rates are going up, and that will influence both how much home you can afford, as well as how much you’ll pay over the span of the loan.

Over time, as the Fed raises rates more, mortgage rates are expected to move up too. According to CNN Money, the typical fixed rate on a 30-year mortgage is currently around 4.1%. Before the election, a typical 30-year fixed rate mortgage was 3.5%, according to Freddie Mac.

While rates are rising quickly, they are still low. For example, during the last economic expansion, mortgage rates were between 5% and 7%. In the 1990s, rates were even higher, shifting between 7% and 9%.

Don’t make the mistake of thinking that a one or two percent increase won’t affect your bottom line too much. You can save thousands of dollars a year by buying a new Evans Coghill home BEFORE rates rise, even more so than they have already.

Below you will find a list of our preferred mortgage lenders for 2017:       

Whitney Crowder



Office (704) 264-0252

Cell (704) 517-7662

Ashleigh Clark

Cunningham Mortgage


(704) 307-9908


Lori Couick

Bank of North Carolina


Office (980) 359-1168

Cell (704) 491-2935

Be a smart buyer! Lock in a lower interest rate by buying your new Evans Coghill home in 2017!

We were named Builder of the Year in 2016. Our homeowners have continued to give us positive reviews and survey results. Read more about what they have to say here.  Evans Coghill Homes builds new homes in RiverwalkSpringfield, Cotswold, Cheval and Southpark.

Lower Property Taxes Just Make Cents

Categories: Financing | Posted: August 3, 2010 | Comments Off on Lower Property Taxes Just Make Cents

A lot of homeowners consider moving to South Carolina for lower property taxes.  In fact, not only do they consider South Carolina, they consider Fort Mill, SC.  Not only do they consider Fort Mill, but Baxter Village.  Why?  Because in Baxter Village, property taxes are 45% less than they are in Mecklenburg County, North Carolina (just about 6 miles up the road).  The average sale price for a new home in Baxter Village is approximately $432,000.  With the Homestead Exemption, that equates to a property tax bill of approximately $2,700 per year vs. $5,600 in Mecklenburg County.  That’s about $241 per month which equals $40,000 more value in a home.

Think about that.  By simply moving into Baxter Village you can get $40,000 more home for the same money.   That’s a whole bedroom and bathroom!  A bonus room, office, guest suite or living room!!

Or, it’s a savings that if put into an account earning a minimum of 5% per year for the life of the mortgage (30 years), would equal approximately $201,651.06!!  Wow! Not bad for a short move.

In today’s housing market, I’ve found that people not only want value, they want savings.  They want a lower price with lower expenses with a higher quality of life.  Now I know why Baxter is not only a great place to live, but a smart place to live.