Good News for Fixed Rates & Your Rate Sheet

mortgage rates 1.24.14

Myth Buster of the week: You need your own savings to buy a home. Not true! Both FHA and FNMA allow for an all gift down payment. FNMA allows 5% up to $417,000. FHA allows it all the way to the max $625,500 (even on duplexes, however not on 3 and 4 units). So if your client has a generous relative, they are ready to go.

Economic news: We saw a decline in rates mid day today (Friday) due to fears about the economic health of other countries (remember bad news is good for fixed rates.) Otherwise, the economic news was quiet and unemployment remained flat.

Special Announcement Just for Investors:  Did you hear the news? We have a new investor-partner who has created an REIT for investor’s only! Click here for the full story or contact me today!


Your buyer’s mortgage interest rates can be locked in over the weekend, so if you have a client who is close to having an accepted offer and is feeling nervous about rates we can lock that interest rate in. Remember, we also have the float down: if rates improve more than .25% after lock-in and after full approval, the client gets the lower rate. All rates are quoted at a 45 day lock in and assume a 720 credit score with 20% down, except for FHA and VA.

** conforming means loans under $417,000. Conventional means Fannie Mae and Freddie Mac.

1 point is 1% of the loan. Programs quoted as having 1 point also have the option of 0 points and the option of the 0 cost loan.

If you need someone qualified over the weekend give me a call on my cell.

Cheers and have a great weekend!

This rate sheet is intended for real estate professionals only and is not to be disseminated to the public as it does not meet federal disclosure law requirements.  All rates and programs subject to change without notice.