News for Prescott AZ -

Monday, July 19, 2010

Smart Mortgage Update


"Refreshed Credit Reports" Required at Closing


Fannie Mae's new Loan Quality Initiative now requires that all lenders "Refresh" a borrower's credit report within 10 days of funding.  In the past, some lenders did this check and some did not.  A "refreshed" credit report will not count as an inquiry against the borrower's credit score but it will show new accounts, increased credit card balances, as well any new credit inquiries.  If any new items appear, the borrower will be required to provide written explanation and documentation before the loan may proceed.  If a new late payment or collection appears, the credit needs to be re-scored with the underwriting decision based on the new credit score.  Fannie Mae also requires that all lenders verify the borrowers employment within 10 days of funding. 


Interest Rates as of 7/16/2010


Rates 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 = 4.375%
95% 30 Year Fixed = 4.375% (Requires PMI)
80% 15 Year Fixed = 3.875%
96.5% FHA 30 Year Fixed = 4.5% (Requires MI)
100% USDA/Rural 30 Year Fixed = 5.25% (No PMI required)
100% VA 30 Year Fixed = 4.75% (No PMI required)
80% 5 Yr ARM = 3.25%
70% 5 Yr Jumbo ARM up to $1M = 4.875%
80% 30 Year Fixed Jumbo up to $1M = 5.75%
Refinances up to 105% of appraised value are available


This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

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