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Friday, August 06, 2010

Smart Mortgage Update



Smart Mortgage Update

Interest rates have dipped to all-time lows recently.  Most industry experts predicted a jump in rates this summer but we have actually seen the opposite.  The absolute best rates on the market still require high ficos, high equity, and big down payments but even a borrower with a 620 fico score can take still take advantage of these phenomenal rates with the following "not so perfect scenarios".  An FHA buyer can get a 30 Year Fixed rate of 4.5%.  A current homeowner with an FHA loan currently could drop their rate to 4.75% with no appraisal required utilizing the FHA Streamline Refi program (even if they have a 2nd mortgage).  A current homeowner with a Fannie Mae or Freddie Mac backed loan (check your loan at and could drop their rate to 4.75% or lower even if their 1st mortgage is equal to 105% of appraised value (and they could even have a 2nd mortgage on top of that possibly).  An investment property homeowner with a Fannie/Freddie backed loan could drop their rate to 5.125% if their 1st mortgage is equal to 105% of appraised value or less. 


Interest Rates as of 8/6/2010


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 = 4.25%
95% 30 Year Fixed = 4.25% (Requires PMI)
80% 15 Year Fixed = 3.75%
96.5% FHA 30 Year Fixed = 4.25% (Requires MI)
100% USDA/Rural 30 Year Fixed = 4.75% (No PMI required)
100% VA 30 Year Fixed = 4.5% (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



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