Rates are GREAT!
I just received this information from one of the lenders I work with: 9-21-09
As of Monday, rates are steady from last week and still EXCELLENT! You'll find them in the high 4s for conforming owner occupied SFR purchases! Be sure you call for up-to-date pricing if you need to quote clients later in the week.
Check out the 5/1 ARM (five year fixed) for clients who can handle slightly more interest rate risk or who have a "Five year plan" for the home they are purchasing. Rates are into the 3s on this program for those with good ltvs and credit scores!
Here are some programs you should keep in mind:
- FHA ... Primary residence. Good for lower credit scores or less than 20% down. Minimum down payment is 3.5%. Down payment and closing costs can be (documented) gift funds from relatives. FHA Jumbo goes up to $687,500 in SLO County.
- USDA ...Primary residence. 100% financing option for moderate income buyers who are looking for a modest starter home in semi-rural communities such as Los Osos, and certain parts of North and South County.
- Agency Jumbo 2nd Home Purchases ...80% up to $561,000
- Condos ...51% Owner Occupancy requirement WAIVED when subject is for primary residence or 2nd Home (Conforming to 80% Ltv/established projects only)
- Reverse mortgages. Increased FHA lending limits for HECM reverses for 2009 means more money available to Central Coast seniors!
There are great mortgage products out there. Call me if you have any questions. (805-801-5529)