Interest Rates have dropped since last Friday. Keep in mind that several loan programs will change on January 1, 2009. The FHA minimum down payment goes from 3% to 3.5%. The FHA maximum loan amount goes from $346,250 down to around $318,550. Once a buyer has a purchase contract we can establish an FHA case number which is the date used for cutoffs. Also, the USDA “Rural” Housing Program will eliminate some of the areas that are currently still eligible for 100% financing. Right now Buckeye, Maricopa (the city), and parts of Anthem and Queen Creek are all still eligible for 100% financing on this program.
As of 11/7/2008 based on a 200k Primary Residence Purchase (or a no cash out refi), 720+ Credit, Full Doc Income Verification, paying no discount points and no origination fee. Please note, this information is intended for Real Estate Professionals.
95% 30 Year Fixed = 6.25% (Requires PMI)
80% 30 year Fixed = 6.25%
95% 15 Year Fixed = 5.75% (Requires PMI)
80% 15 Year Fixed = 5.75%
97% FHA 30 Year Fixed = 6.375% (Requires MI)
100% VA 30 Year Fixed = 6.375% (No PMI required)
75% Stated Income 30 Year Fixed = 7.5%
80% 5 Yr ARM up to $600k = 5.75%
75% 5 Yr ARM up to $1.5M =5.75%
Commercial Financing also 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
Fax: 602.889.2258
ryan@hsmove.com