News for Prescott AZ - AmericanTowns.com

Friday, October 16, 2009

Smart Mortgage Update

 

Interest rates jumped a bit this week as the stock market has rallied.  The industry standard for Jumbo loans these days has become a 25% down payment.  While Jumbo ARM’s still carry competitive rates, it is hard to find 30 Year Fixed Jumbo under 6%.  Jumbos also carry higher fico requirements (typically 720) and low debt to income ratios requirements (normally under 45%).  The reason for all of this is that Jumbo loans (loans above 417k in Maricopa & Yavapai) are not government backed and therefore banks are on the hook for 100% of the loan.  This means that in order to offer a Jumbo loan the lender will require that it is basically a perfect loan.

 

As of 10/16/2009 based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Doc Income Verification, paying one “point.”  Please note, this information is intended for Real Estate Professionals.

 

80% 30 year Fixed = 5%

90% 30 Year Fixed = 5% (Requires PMI)

90% 15 Year Fixed = 4.375% (Requires PMI)

80% 15 Year Fixed = 4.375%

96.5% FHA 30 Year Fixed = 5% (Requires MI)

100% VA 30 Year Fixed = 5.25% (No PMI required)

100% USDA/Rural 30 Year Fixed = 5.5% (No PMI required)

90% 5 Yr ARM = 4% (Requires PMI)

80% 5 Yr ARM = 4%

75% 5 Yr ARM up to $900k = 4.55%

75% 30 Year Fixed up to $900k = 6.65%

Refinances up to 105% of appraised value are available

 

Take Care,

Jerome

 

 

PrazakSignature080709

 

Post a Comment

Brad Bergamini, real estate agent on Zillow

Share Prescott Real Estate News

Bookmark and Share

Prescott Real Estate on YouTube

Loading...

Brad Bergamini's answers on Trulia Voices

PRESCOTT, Arizona area homes for sale and listings from Brad Bergamini