"Mommy, we are going to have two more babies, Austin, a boy, and Annie, a girl"...Mommy's response? "Well Diego, Mommy is 41, and tired, and the factory is closed". Diego replies, "What is a factory?"...........
Some borrowers think that the lending "factories" are closed. That is not the case. There is ALOT of money to lend. You just have to have good credit, prove 2 years of income for no more than a 45% total debt to income ratio, and have seasoned funds in the bank. That does not sound hard, but for some it is impossible. So we work through it. Case by case. So as I say every week, and I will keep saying it, GET YOUR BORROWERS (and SELLERS) TO US EARLY...so we can get a game plan that will work.
What is going on with FHA? As of April 1, the premiums are going up. There is an annual premium currently of 1.00% and that will go to 1.75%. The monthly premium will go up to 1.25% from 1.15%. This equates to $11/month for every $100,000. To some borrowers that could be significant. Why? To raise capital for the program that is close to running out of money. In addition, there are rumors that any and all collections totaling up to $1000 must be paid (currently the number is 0). So that will be a big hit for some borrowers. Also the jury is still out on the closing cost contributions going down to 3%. WE will of course continue to keep you informed.
Rates ticked up this week with news from the FED that the economy is stabilizing. That is all investors needed to hear in order to feel confident to start investing in stocks again. However, a 30 fixed rate in the low 4's is still not bad. Not at all!
Enjoy this weekend! It definitely feels like Spring!
RATES as of March 16, 2012 (UP for the week)
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets
Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 3.000% APR 3.315% 15 year ( fixed ) 3.875% APR 4.072%
15 year (fixed) 3.250% APR 3.468% 30 year ( fixed ) 4.500% APR 4.615%
30 year (fixed) 4.000% APR 4.126%
7/1 ARM 3.125% APR 3.341% 5/1 ARM 3.000% APR 3.304%
7/1 ARM 3.500% APR 3.503%
5/1 ARM 2.875% APR 3.273% 10/1 ARM 3.875% APR 3.766%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them
Friday, March 16, 2012
Friday, March 9, 2012
March 9, 2012
RATES as of March 9, 2012 (UNCHANGED for the week)
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets
Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 2.875% APR 3.189% 15 year ( fixed ) 3.625% APR 3.846%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.377%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 3.000% APR 3.283% 5/1 ARM 2.875% APR 3.274%
7/1 ARM 3.250% APR 3.400%
5/1 ARM 2.750% APR 3.230% 10/1 ARM 3.500% APR 3.546%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets
Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 2.875% APR 3.189% 15 year ( fixed ) 3.625% APR 3.846%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.377%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 3.000% APR 3.283% 5/1 ARM 2.875% APR 3.274%
7/1 ARM 3.250% APR 3.400%
5/1 ARM 2.750% APR 3.230% 10/1 ARM 3.500% APR 3.546%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
Wednesday, March 7, 2012
March 2
Did I really accept to job of Gala Chairman for my son’s school? No, no , no..there must be some mistake, right? Well, its March 31st..and I am now wondering what planet I was on that day 8 months ago when I agreed…………Over the weekend I will be writing live auction procedure and volunteer job descriptions.
So what is happening in the markets? Rates are steady, unchanged now for 2 weeks . Houses are getting multiple offers, and agents are knocking on doors to purchase houses not listed for sale (happened to me personally this week). Buyers are out there, as I mentioned last week.
Do you remember a year or so ago I said that FHA wants to lower the seller concession to 3% or $6,000 max? Probably not. Well, the comment period ends March 26. It would reduce the concession, and also, the credit could NOT apply to insurance, hoa fees, or. prepaid interest. If you would like to comment, go to www.regulations.gov . You MUST refer to docket number FR-5572-N-01. This would surely change our industry and force homeowners to wait to buy homes until they save more money.
Enjoy the weekend!
RATES as of March 2, 2012 (UNCHANGED for the week)
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets
Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 2.875% APR 3.189% 15 year ( fixed ) 3.750% APR 3.946%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.227% 5/1 ARM 3.000% APR 3.307%
7/1 ARM 3.125% APR 3.330%
5/1 ARM 2.750% APR 3.233% 10/1 ARM 3.750% APR 3.690%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
So what is happening in the markets? Rates are steady, unchanged now for 2 weeks . Houses are getting multiple offers, and agents are knocking on doors to purchase houses not listed for sale (happened to me personally this week). Buyers are out there, as I mentioned last week.
Do you remember a year or so ago I said that FHA wants to lower the seller concession to 3% or $6,000 max? Probably not. Well, the comment period ends March 26. It would reduce the concession, and also, the credit could NOT apply to insurance, hoa fees, or. prepaid interest. If you would like to comment, go to www.regulations.gov . You MUST refer to docket number FR-5572-N-01. This would surely change our industry and force homeowners to wait to buy homes until they save more money.
Enjoy the weekend!
RATES as of March 2, 2012 (UNCHANGED for the week)
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets
Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 2.875% APR 3.189% 15 year ( fixed ) 3.750% APR 3.946%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.227% 5/1 ARM 3.000% APR 3.307%
7/1 ARM 3.125% APR 3.330%
5/1 ARM 2.750% APR 3.233% 10/1 ARM 3.750% APR 3.690%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
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