I wanted to pass on some information one of my Mortgage people passed on to me.
Not sure I would’ve believed it after hearing all the doom-and-gloom talk from the feds in the last month, but rates have dropped back down into the 4.875% range for both Conventional and FHA! If your client locked higher, maybe you could be a hero to them and have them do a little shopping with a company that employs its own team of underwriters, doesn’t have added-on broker, processing, etc fees, is a direct-to-FannieMae lender, and has been a major lender in the mortgage market for 32 years….MORTGAGEAMERICA! I will be more than happy to assist your clients and turn their dream into an on-time closed loan.
We may get a little relief in FHA seller concessions dropping to 3% of purchase price. It now appears HUD will not implement until October (instead of summer as originally planned). When this goes into effect, this will greatly impact your purchasers because the 3% figure may not cover all of the buyer’s closing costs, forcing more clients to come to the table with money.
**If you know of potential purchasers who are not planning to purchase until later this year, tell them to begin NOW putting away a few dollars every pay period just in case they need it.**
USDA
USDA/Rural Housing currently has a 2% funding fee (can be financed into loan), and no monthly mortgage insurance.
Bob Greene
Certified Loan Officer
NMLS # 191359
MortgageAmerica
(205) 986-3175 office
(205) 902-4342 cell
(205) 451-1546 E-Fax
No comments:
Post a Comment