Rates as of Friday 9/25/09
These rates are from Harbor Home Loans...Thanks Clint Edwards...great local lender!
Rates as of 9.25.09
Conforming High Balance Conforming
30 Year Fixed 4.75% @ 1 Point 5.125% @ 1 Point
5.00% No Points 5.375% No Points
15 Year Fixed 4.25% @ 1 Point 4.375% @ 1 Point
4.50% No Points 4.75% No Points
FHA 30 Year Fixed 4.75% @ 1 Point 5.00% @ 1 Point
5.00% No Points 5.25% No Points
FHA 15 Year Fixed 4.25% @ 1 Point N/A 4.50% No Points
USDA Rural 100% 5.00% @ 1 Point
5.25% No Points
Also, here are some loan programs available that are not commonly used:
· Jumbo- Yes, we do have jumbo financing available. We have several Intermediate ARMS available as well as a 30 year fixed. The rate on a 5/1 ARM is at 4.50%, a 7/1 ARM is 5.125% and a 30 Year Fixed is 6.25%, all with 1 point. There are also pricing incentives for high credit scores!
· Conforming ARM’s- Even though these have been pummeled by the media, in certain situations, they still are a viable option. A 5/1 ARM is at 3.50% and you can get it w/ interest only payments at 3.625%. Not bad for that short term hold!
· USDA- This is a great 100% program designed for the medium income borrower. It has no MI payments and no pre-payment penalty. It does have income limitations, and is limited to Rural Properties (basically SLO County minus San Luis Obispo and the Five Cities). It was announced today that the program needs to be extended by the government as it expires soon. I will keep you posted.
· FHA 203K Rehab Loans- This is an FHA loan that includes money for rehabilitation. The bids and contractor have to be lined up prior to COE, but the borrower has 30 days after COE to complete up to $35,000 in work. This works great for that property that is not quite up to snuff when on the market.
Clint Edwards
Arbor Home Mortgage, Inc.
735 Tank Farm Rd., Suite 210
San Luis Obispo, CA 93401
Ca. Dept. of Real Estate Lic.#01240716
8.544.6620
0.440.6851 cell
5.544.6621 fax