Interest rates held fairly steady this week. With more investors buying and quickly flipping homes these days it is important to check how long a seller has held title. When a property is being "flipped" and the seller has not held title for a minimum of 90 days, buyers will not be able to get FHA financing within the first 90 days. Conventional and VA do not have the 90 day rule BUT, nearly all VA and Conventional lenders have internal rules stating that they will not lend within the first 90 days either. The few lenders that do allow this will typically require 2 appraisals and scrutinize the entire loan for possible red flags. It is important to note that NO documents can be dated prior to the 91st day. This includes purchase contracts, earnest deposits, title reports, appraisals, etc. None of these rules apply if the seller is a Bank or if the buyer is a cash buyer. You can quickly check how long the seller has had held title by clicking “Tax Info” on the MLS listing.
As of 7/3/2009 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 = 5.25%
90% 30 Year Fixed = 5.25% (Requires PMI)
95% 30 Year Fixed = 5.5% (Requires PMI)
90% 15 Year Fixed = 4.75% (Requires PMI)
80% 15 Year Fixed = 4.75%
96.5% FHA 30 Year Fixed = 5.5% (Requires MI)
100% VA 30 Year Fixed = 5.5% (No PMI required)
100% USDA/Rural 30 Year Fixed = 5.75% (No PMI required)
70% 5 Yr ARM up to $850k = 4.5%
75% 30 Year Fixed up to $750k = 6.65%
203k Rehab Financing Available (Primary Residence)
Refinances up to 105% of appraised value are available
For more information contact:
Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
1715 W Northern Ave. #101
Phoenix, AZ 85021
Phone: 602.793.7204
E-Fax: 602.889.2258
ryan@hsmove.com