Friday, August 28, 2009

Banks Rates Amelia Island

From the Desk of Alan Vanderhieden - Regions Bank, Amelia Island.

August 28, 2009

FNMA 30 Year Fixed: 5.00%
FNMA 15 Year Fixed: 4.375%
USDA / FHA / VA: 5.00%

Hello Friends,

I hope that you are doing well.

As you can see, rates continue to be strong and as far as I can see, there in nothing yet on the horizon to change this trend.

Jobless claims yesterday came in @ 570,000….a bit higher than expected. After a couple months of better than expected claims it seems we may be turning in the other direction. A healthy job market is one of the important elements to the economic recovery and it’s not happening yet.

The first time homebuyer market continues to be hot. Here are just a few of the products that I am using for these customers.

FHA. 96.5% financing. Competitive rates. Down payment and closing costs can come from a gift. Seller can pay up to 6% closing costs. Condos allowed.

VA. 100% financing allowed. Competitive rates. No monthly mortgage insurance. Seller can pay up to 6% in closing costs.

USDA. (Rural Housing) 100% financing allowed. No limit to seller paid closing cost (have to be reasonable however) Competitive rates. No monthly mortgage insurance. We do have income limits based on family size.

Flex 97. This is a Fannie Mae product. 97% financing. Fannie Mae rates. Seller paid closing costs. This does have monthly mortgage insurance.

Thanks to Alan - John Holbrook, Realtor Amelia Island

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