30-Year At Highest Rate Since Week Ending December 11, 2008
The 30-year fixed-rate mortgage (FRM) averaged 5.29 percent with an average 0.7 point for the week ending June 4, 2009, up from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 6.09 percent.: Read More-> Historical Rates: Read More->
First Time Buyer Tax Credit Can Be Used on Closing Costs
However the can't be used to cover the minimum 3.5 percent minimum down payment requirement on FHA loans. The 3.5% required customer investment can still come as a gift from qualified family member, Fiancé, Fiancée, domestic partner, close friend, employer or labor union. Read More->
Now is the Time for First Time Buyers
Up to $8000 tax credit, buyers market, high inventory, historically low rates, little to now down payment. Read More->
Refinance Your Current Mortgage Up to 105% of Current Value?
Fannie Mae DU Refi Plus Program:
- No current lender requirement.
- The maximum loan to value (LTV) ratio is 105% on the first mortgage alone.
- There is no maximum combined loan to value (CLTV)ratio (first plus second mortgage).
- For new transactions with an LTV that exceeds 80%, mortgage insurance may not be required.
- Full appraisal may not be required.
- Refi Plus loan may be a primary residence, second home, or investment property.
- Lower credit scores may not be an issue.
Does Fannie Mae own your mortgage? Contact me for details.