LOCK IMMEDIATELY
Monday FHA rates are holding from last week's sharp decrease as low as 5.25% with a couple of lenders I think rates will turnaround this week.
The chart below is a historical 1.5 year record of oversold and undersold Mortgage Backed Securities. Historically when Rates are undersold by .2 (green) or greater the best result is to float and when they are oversold by minus 0.20 or less (red) it is a good idea to lock. Today, the chart is close to -.5 and is at a 1.5 year low. My advise would to lock rates as soon as possible.
Current rate and lender updates are always available at: http:www.YourFhaGuru.com
November 28, 2008, 1:15 PM PST
Fannie Mae Mortgage Backed Securities Down 5.5 basis points (bps) to 5.091%
*A Basis Point is 1/100 of 1.00%
Advise to Lock
Rates are in an historic "Oversold" condition. My best advice is to LOCK immediately.
DJI Stocks UP 102.43 +1.17%
European and Asian Markets UP 1.02%
10 Year Treasury is currently 2.92%
Crude Oil Currently $55.20 per barrel.
Click here for the ULTIMATE FHA-VA Loan Officer Trainer and Pre-Qualifier Calculates everything you need to know about FHA and VA Loans. Qualifies Borrowers, Finds Rates,: Payments, Buyer and Seller Costs and FHA and VA Maximum Loan Amounts anywhere in the country.
FHA Introduced HOPE For Homeowners
Program details for homeowners in trouble
100% Financing at 5.50%
Through CalHFA Community Stabilization on Selected homes throughout California.
Click for list of homes and program information
How To Apply For $7,500 First Time Buyer Tax Credit
Up to $7,500 can be borrowed from IRS
10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier
I am so tired of hearing from The Media "the mortgage market still frightened and only the most credit worthy borrowers can hope for a home loan".
Hear Ye.... Hear Ye.
Homebuyers with scores down to 580 can find 97% FHA financing with most lenders and there are one or two that will accept as low as 530 on a case-by-case basis.
Yes, some lenders inflict pricing penalties starting at scores below 640, some start below 620 and all charge extra for below 580. But... THE LOANS ARE AVAILABLE and the starting rate today (11-28) is 5.50% and the rate for a sub 580 borrower would be 6.50%.
To put things into perspective, last week the rate for a FHA buyer with a 850 score would have been 6.50%
While after Jan. 1stthe FHA downpayment will increase to 3.5% FHA loans will be available including 96.50% Rehabilitation loans.
APR has not been stated. This is an information bulletin for real estate professionals and is not a solicitation to borrowers.
You can always find up to date lending information at: http://www.YourFhaGuru.com
LOCK IMMEDIATELY
Monday FHA rates dropped as low as 5.25% with a couple of lenders and has been hovering in the neigborhood all week. I think rates will turnaround next week.
The chart below is a historical 1.5 year record of oversold and undersold Mortgage Backed Securities. Historically when Rates are undersold by .2 or greater the best result is to float and when they are oversold by minus 0.20 or less it is a good idea to lock. The chart is at a 1.5 year low and would be a good idea to lock rates as soon as possible.
Current rate and lender updates are always available at: http:www.YourFhaGuru.com
November 28, 2008, 9:00 AM PST
Fannie Mae Mortgage Backed Securities Down 5.5 basis points (bps) to 5.091%
*A Basis Point is 1/100 of 1.00%
Advise to Lock
Rates are in an historic "Oversold" condition. My best advice is to LOCK immediately.
DJI Stocks UP +48.83 +0.56%%
European and Asian Markets UP 0.12%
10 Year Treasury is currently 2.98%
Crude Oil Currently $53.82 per barrel.
Click here for the ULTIMATE FHA-VA Loan Officer Trainer and Pre-Qualifier Calculates everything you need to know about FHA and VA Loans. Qualifies Borrowers, Finds Rates,: Payments, Buyer and Seller Costs and FHA and VA Maximum Loan Amounts anywhere in the country.
FHA Introduced HOPE For Homeowners
Program details for homeowners in trouble
100% Financing at 5.50%
Through CalHFA Community Stabilization on Selected homes throughout California.
Click for list of homes and program information
How To Apply For $7,500 First Time Buyer Tax Credit
Up to $7,500 can be borrowed from IRS
10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier
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Make Experience Your Advantage. Bill has closed thousands of home loans since 1970 as a FHA and VA Specialist. Bill's mortgage classes have taught lending to hundreds of loan officers and Realtors.
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