Special thanks today to Michael D. Harris Jr., who is the editor of The Lime Magazine and president of Ardynn Media Group. Rates in Motion now has its very own tab on his online magazine!
We’re looking forward to fitting right in with the other industry and technology news they have for Realtors. I love me some technology! If your looking for some great real estate info start there.
Today I want to address something that I just heard from an agent friend of mine. She was following up with a buyer from last year that was waiting until Spring, but when she called them they said they are no longer in the market because it is to hard to get a mortgage. I know lending has tightened, but these home buyers got some bad information.
I respond in today’s video:
The people in today’s episode had great credit and money set aside for a down payment. They should have no problem getting a mortgage. There are a ton of loan programs out there especially for first time home buyers:
- FHA – 620 score required and 3.5% down
- USDA – 620 score required and 0% down
- Conventional financing – 680 score required and 5% down
- FHA 203(k) – 620 score required and 3.5% down, but you can get money at closing to rehab the house.
You can get financing on just about any home!
If you go to your local credit union they will not have all these options. Sorry small bank USA. It’s the truth.
You need to find a lender that will give you options and you will quickly discover that it’s not as hard as you think. You just need the right person to show you your options.
Today’s rates with NO lender fees are 4.75% on a 30 year, 4.0% on a 15 year and 3.125 % on a 5/1 ARM. These are best rates I found today with NO lender fees.
Mortgage Bonds are a down a bit this morning from yesterday and are at a ceiling of resistance going into the Holiday weekend. The bond market is closing early today and closed all of tomorrow in observance of Good Friday. That means no video tomorrow. I know you will miss me!
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See you tomorrow!!
To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.
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