Rates as of 8/13/2010:
30 yr fixed, conventional: 4.375% 30 yr fixed, FHA/VA: 4.375% 30 yr fixed, Jumbo: 5.00%
15 yr fixed, conventional: 3.75% 5 yr ARM, FHA/VA: 3.125% 5 yr ARM, Jumbo: 4.00%
5 yr ARM, conventional: 2.875%
Note: these rates are for purchase-money, $125,000 loan or greater, single-family, owner-occupied transactions only. Credit score adjusters may apply. Rates quoted are for 60 day locks ... please call for a specific quote.
Did You Know?
* Lenders call the home that is your clients' current residence their "departure residence." And "departure residence" underwriting guidelines have become much more stringent in the last year. Is your client planning on purchasing their new home without selling their departure residence? Do not assume that they can qualify! They may qualify with the payment, and not have the required cash reserves. Or may not be able to use projected rental income, even though they have a signed rental agreement. It is imperative that they get PreQualified early in the process! FHA and conventional guidelines are slightly different .. call if you need more detail.
* Wells Fargo has 80% Jumbo financing up to $1.5MM loan amount! Does your client already have a lender? Suggest that they allow us to give them a second quote. Especially in this price range, it is important to make sure they have the best financing possible!
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