Interest Rates are down from last Friday. Did you know that Smart Financial Mortgage has access to an FHA Down Payment Assistance Loan Program which allows buyers to only need a down payment of just over 1%? Buyers do not need to be first time homebuyers but they cannot own any other real estate and must make less than $73,830/year. The buyer needs the income/credit to qualify for an FHA loan and this program can only be used for a Primary Residence purchase. The rates and closing costs are higher than a standard FHA loan but the lower down payment requirement might be worth the tradeoff to many buyers. Feel free to call or email for more details on this program.
As of 11/20/2008 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% (Requires PMI)
80% 30 year Fixed = 6%
95% 15 Year Fixed = 5.625% (Requires PMI)
80% 15 Year Fixed = 5.625%
97% FHA 30 Year Fixed = 6.25% (Requires MI)
99% FHA 30 Year Fixed = 7.5% (Requires MI)
100% VA 30 Year Fixed = 6.25% (No PMI required)
100% USDA 30 Year Fixed = 6.5% (No PMI required)
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