04.09.2009
Uncategorized
Mortgage Rates are still holding steady near summer lows after prices of mortgage backed securities (MBS’s) rallied to summer highs this week. While the appreciations in the secondary mortgage market were quite noticeable and lenders republished rate sheets for the better, we had a late week slip up which resulted in a few lenders taking back the reprices for the better. All in all mortgage rate status quo was maintained. In case you don’t know, the process of generating mortgage rates begins with trading in the secondary mortgage market. When the price of mortgage backed securities rises, lenders are able to sell loans for higher prices. These gains eventually trickle down to consumers in the form of lower mortgage rates. When prices of mortgage backed securities fall, lenders must sell their loans for less, which increases mortgage rates.
Par 30 year conventional rate mortgages remain in the 4.875% to 5.125% range for well qualified consumers. To qualify for a par interest rate you must have a FICO score of 740 or higher, a loan to value at 80% or less and pay all closing costs including one point loan origination/discount/broker fee. If you are looking to secure a FHA mortgage, the par rate today for a 30 year fixed rate is in the 5.00% to 5.25% range. In order to secure the par FHA rate, you only need a 620 FICO score but must pay all costs including the one point.
29.08.2009
Uncategorized
Starting on October 1st, 2009, FHA will be changing they way they lend on condominiums. All changes appear to be positive!
° Lenders will now have authority to do in-house reviews to determine if condo projects are eligible for FHA. No more spot approvals.
° 2-3 Unit condo projects will now be eligible.
° Condo conversions and new construction will now be eligible.
Obviously, all of these changes are new and we don’t know exactly how things are going to work, However, I will be sure to keep myself informed and provide you with updates and things progress. If you may be interested in 2-3 unit condo associations and have less than 15% down, now would be a great time to start getting preapproved.
29.08.2009
Uncategorized
It’s a hot topic that has a lot of buyers and realtors running scared. Will the property appraise? Especially those unique San Francisco properties. We have recognized that concern and have arranged for several of our preferred lenders to allow up to order our appraisals DIRECTLY from Axis Appraisal Management Solutions. Axis hand-picks their appraisers and uses the Appraisers that we have grown to rely on in pre-HVCC days.
So if you think that your transaction may be jeopardized by a less than qualified appraiser, contact me and I’ll make sure that we get the appraisal done by someone who knows what they are doing!! And a major bonus: They are fast, fast, fast!!! Check them out at www.axisofcalifornia.com
