New York Jumbo Mortgage Rates: Our true jumbo mortgage rates continue to trend downward this week in all counties of New York. Despite the 2009 conforming loan limit remaining at $417,000 to $729,000 in New York, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. My company, First Interstate Financial Corp., currently has established broker relationships with several investors that allow us to offer excellent New York Jumbo Mortgage Rates.
Currently we have the following New York Jumbo Mortgage Rates with 0 points as of business close on 9/21/2009*:
30 Year Fixed 5.75% 5.81% APR (Fixed Program available in Columbia, Dutchess, Nassau, Orange, Putnam, Richmond, Rockland, Suffolk, and Westchester Counties only)
7/1 ARM 4.5% 4.55% APR
5/1 ARM 4.125% 4.18% APR
*Please call for specific quotes*, due to market fluctuation and guidelines and county product availability your New York Jumbo Mortgage Rates can vary depending on your particular scenario. The main take-away is that there are jumbo loan programs available to fit your needs, even in our current lending environment.
Our New York Jumbo Mortgage Rates can vary from the low 4% range to low 6% range, depending on whether you are looking for a higher loan-to-value or a fixed rate or adjustable rate loan.
Typical minimum FICO scores for New York Jumbo Mortgage Rates range from 680 to 720, depending on the loan program and scenario. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Loans are for Full Doc loans only, and are subject to verification of post closing assets and full underwriting by our investor(s).
Currently with loan to values of up to 80% on purchase money/rate term/cash-out refinances to $800,000, up to 75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 70% Financing to $2,000,000. There are also great programs for second home financing. Loan-to-values depend on the specific program you are qualified for and rates can vary above a 65% Loan to value.
We also offer competitive pricing on FHA, VA and Conventional Loans in NY, as well USDA loans in qualified RD areas. Stated Income programs are also slowly making a comeback as well.
* Not a commitment to lend. Other programs available. Jumbo Loans are a brokered product. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA. Check for availability within your market area, as some products are restricted in the 5 Boroughs and Upstate NY.
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Connecticut Jumbo Mortgage Rates: Our true jumbo mortgage rates continue to trend downward this week in all counties of Connecticut. Despite the 2009 conforming loan limit remaining at $440,000 to $708,500(Fairfield County) in Connecticut, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. My company, First Interstate Financial Corp., currently has established relationships with several investors that allow us to offer excellent Connecticut Jumbo Mortgage Rates.
Currently we have the following Connecticut Jumbo Mortgage Rates with 0 points as of business close on 9/21/2009*:
30 Year Fixed 5.625% 5.68% APR
10/1 ARM 5.125% 5.07% APR
7/1 ARM 4.5% 4.55% APR
5/1 ARM 4.125% 4.18% APR
*Please call for specific quotes*, due to market fluctuation and guidelines, our Connecticut Jumbo Mortgage Rates can vary depending on your particular scenario. The main take-away is that there are jumbo loan programs available to fit your needs, even in our current lending environment.
Our Connecticut Jumbo Mortgage Rates can vary from the low 4% range to mid 5% range, depending on whether you are looking for a higher loan-to-value or a fixed rate or adjustable rate loan.
Typical minimum FICO scores range from 680 to 720, depending on the loan program and scenario. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Loans are for Full Doc loans only, and are subject to verification of post closing assets and full underwriting by our investor(s).
Currently with loan to values of up to 80% on purchase money/rate term/cash-out refinances to $800,000, up to 75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 70% Financing to $2,000,000. There are also great programs for second home financing. Loan-to-values depend on the specific program you are qualified for and can vary.
We also offer competitive pricing on FHA, VA and Conventional Loans in CT, as well USDA loans in qualified RD areas. Stated Income programs are also slowly making a comeback as well.
* Not a commitment to lend. Other programs available. Jumbo Loans are a brokered product. Equal Housing Lender. Add-ons for loans over 1 Million or more. Loan rates based on a 750k loan, at a 60% Loan to Value. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA
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New Jersey Jumbo Mortgage Rates: Our true jumbo mortgage rates continue to trend downward this week in all counties of New Jersey. Despite the 2009 conforming loan limit remaining at $440,000 to $729,000 in New Jersey, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. My company, First Interstate Financial Corp., currently has established relationships with several investors that allow us to offer excellent New Jersey Jumbo Mortgage Rates.
Currently we have the following New Jersey Jumbo Mortgage Rates with 0 points as of business close on 9/18/2009*:
30 Year Fixed 5.625% 5.68% APR
10/1 ARM 5.125% 5.07% APR
7/1 ARM 4.5% 4.54% APR 
5/1 ARM 4.125% 4.18% APR
*Please call for specific quotes*, due to market fluctuation and guidelines, our New Jersey Jumbo Mortgage Rates can vary depending on your particular scenario.
Our New Jersey Jumbo Mortgage Rates can vary from the low 4% range to mid 5% range, depending on whether you are looking for a higher loan-to-value or a fixed rate or adjustable rate loan.
Typical minimum FICO scores of 680/700. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Full Doc loans only. Subject to verification of post closing assets and full underwriting.
Currently with loan to values of up to 80% on purchase money/rate term/cash-out refinances to $800,000, up to 75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 70% Financing to $2,000,000. There are also great programs for second home financing. Loan-to-values depend on the specific program you are qualified for and can vary.
We also offer competitive pricing on FHA, VA and Conventional Loans in NJ, as well USDA loans in qualified RD areas. Stated Income programs are also slowly making a comeback as well.
* Not a commitment to lend. Other programs available. Jumbo Loans are a brokered product. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA. Add-ons required for loan amounts over 1 Million on certain products.
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CT FHA Cash-Out Refinance, is often the best route for borrowers in the State of Connecticut to go when refinancing their homes when one is looking to consolidate debt, pay off a 1st and 2nd mortgage (be it a home equity loan, line of credit, or equity note), or to simply pull out some cash. Cash can be used for any reason, be it for home repairs, investments, or college tuition. The main reason an CT FHA Cash-Out Refinance often makes the most sense is because Fannie Mae loans often have rediculously high pricing adjustments for credit scores falling under 740, and loan to values over 60%. With a CT FHA Cash-Out Refinance, fewer pricing hits apply all the way up to a loan against 85% of a home's value.
FHA Loan limits in the State of Connecticut have increased in many areas as well, most notable in Fairfield County, Connecticut. Check here for FHA and Fannie Mae loan limits in your County in Connecticut.
Many consumers here CT FHA Cash-Out Refinance and the first thought many consumers have is "I don't want monthly mortgage insurance and I don't want a Mortgage Insurance Premium of 1.75%". While it is true you WILL have both monthly MI and a Mortgage Insurance Premium on ALL 30 Year CT FHA Cash-Out Refinances, even those below an 80% Loan to Value, it may be more cost effective to go with an FHA Cash-Out Refinance rather than a traditional Fannie Mae loan. Here are a couple examples based on pricing as of 9/11/2009*:
#1: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 639
FHA Loan 5.25% (5.83% APR) 0 pts 1.75% MIP .55% Monthly MI
Fannie Mae Loan 5.625%(6.068 APR) 4pts N/A MIP NO MI
Fannie Mae pricing adjustment: 5.75 points, credit score under 640 to an 80% LTV
#2: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 675
FHA Loan 5.25% (5.79% APR) 0 pts 1.75% MIP .55% Monthly MI
Fannie Mae Loan 5.625%(5.88% APR) 2.5pts N/A MIP NO MI
Fannie Mae pricing adjustment: 4 points, credit score under 680 to an 80% LTV
These 2 cases can be argued to be a bit extreme, but the point is made: rates advertised often for Fannie Mae rates often don't take into account credit score adjustments made on loans these days. Couple this with the fact that FHA loans allow for a CT FHA Cash-Out Refinance up to 85% of a home's value and allow credit scores as low as 620 currently, and you will find an FHA loan will benefit more consumers. Another option gaining more notice as of late is the FHA 5/1 ARM as well, which offers interest rates in the 4's currently for CT FHA Cash-Out Refinance financing as well.
If you are considering refinancing, contact a mortgage professional who knows their way around the guidelines and pricing adjustments for various programs.
* Not a commitment to lend. Other programs available. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MO,MT, NJ, NY,PA,TX,SC,VA
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PA FHA Cash-Out Refinance, is often the best route for Pennsylvanians to go when refinancing their homes to consolidate debt, pay off a 1st and 2nd mortgage (be it a home equity loan, line of credit, or equity note), or to simply pull out some cash. Cash can be used for any reason, be it for home repairs, investments, or college tuition. The main reason a PA FHA Cash-Out Refinance often makes the most sense is because Fannie Mae loans often have high pricing adjustments for credit scores falling under 740, and loan to values over 60%. A loan-to value is the amount of money borrowed, divided by your homes appraised value. With a PA FHA Cash-Out Refinance, fewer pricing hits apply all the way up to a loan against 85% of a home's value.
Many consumers hear PA FHA Cash-Out Refinance and the first thought many consumers have is "I don't want to pay monthly mortgage insurance and I don't want a Mortgage Insurance Premium of 1.75%". While it is true you WILL have both monthly MI and a Mortgage Insurance Premium on ALL 30 Year PA FHA Cash-Out Refinances, even those below an 80% Loan to Value, it may be more cost effective to go with an PA FHA Cash-Out Refinance rather than a traditional Fannie Mae loan. Keep in mind as well, a 15 year FHA loan may not have monthly mortgage insurance if the loan-to-value is under 90%. The Up-Front MIP is still required. Here are a couple comparisons of 30 year loans based on pricing as of 9/11/2009*:
#1: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 639
FHA Loan 5.25% (5.83% APR) 0 pts 1.75% MIP .55% Monthly MI
Fannie Mae Loan 5.625%(6.068 APR) 4pts N/A MIP NO MI
Fannie Mae pricing adjustment: 5.75 points, credit score under 640 to an 80% LTV
#2: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 675
FHA Loan 5.25% (5.79% APR) 0 pts 1.75% MIP .55% Monthly MI
Fannie Mae Loan 5.625%(5.88% APR) 2.5pts N/A MIP NO MI
Fannie Mae pricing adjustment: 4 points, credit score under 680 to an 80% LTV
These 2 cases can be argued to be a bit extreme, but the point is made: rates advertised often for Fannie Mae rates often don't take into account credit score and loan-to-value adjustments made on loans these days. This is particularly true for cash-out loans, even if you are just paying off a non-purchase money 2nd lien. Couple this with the fact that FHA loans allow for a PA FHA Cash-Out Refinance up to 85% of a home's value and allow credit scores as low as 620 currently, and you will find an FHA loan will benefit more consumers. Another option gaining more notice as of late is the FHA 5/1 ARM as well, which offers interest rates in the 4's currently for PA FHA Cash-Out Refinance financing as well.
If you are considering refinancing, contact a mortgage professional who knows their way around the guidelines and pricing adjustments for various programs.
* Not a commitment to lend. Rates for illustrative purposes only. Other programs available. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA, NJ, NY,PA,TX,SC,VA
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Loan Counselor with 15 years experience. Doing business in over 40 states. Vast knowledge of FHA, Investor Financing, and automated underwriting. I pride myself as a problem solver.
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