Buyers under $280,000 will see increased cost for FHA Loans.
FHA Announces New Premium Changes : FHA announced that the new implementation date for up-front and annual premium changes will be October 4, 2010. The upfront premium will decrease to 100 bps and the annual premium will increase to 85 basis points for loans with LTVs up to 95 percent and to 90 basis points for loans above 95 percent. Currently the upfront premium is 225 bps and the annual premiums are 55 bps for loans with LTVs greater than 95 percent and 50 bps for loans with LTVs less than or equal to 95 percent.
What are points and why would you pay them
Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends. If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months. Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance. When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.
Mortgage Interest Rates for Fixed and Variable Rate Mortgages*
Rates as of Thursday, 19th August, 2010:
Term
Conforming
APR
Payment per$1,000
Jumbo
APR
Payment per$1,000
Arm Reset Term
30-Yr. Fixed
360
4.125%
4.501%
$4.85
4.875%
5.339%
$5.29
-
15-Yr. Fixed
180
3.750%
3.969%
$7.27
4.625%
5.026%
$7.71
-
7-Yr. Fixed ARM
360
3.500%
3.620%
$4.49
4.375%
4.459%
$4.99
7
5-Yr. Fixed ARM
360
3.125%
3.368%
$4.28
4.000%
4.082%
$4.77
5
5-Yr. Int. Only
360
3.750%
3.620%
$3.13
4.250%
4.962%
$3.54
-
30-Yr. FHA
360
4.250%
4.375%
$4.92
9999%
9999.000%
$nan
-
30-Yr. VA
360
4.375%
4.501%
$4.99
5.375%
5.465%
$5.60
-
USDA 100% Financing
360
4.625%
5.131%
$5.14
9999%
9999.000%
$nan
-
10 Year ARM
360
3.875%
3.998%
$4.70
5.125%
5.213%
$5.44
10
*Rates are subject to change due to market fluctuations and borrower's eligibility.
This is not a commitment to lend. Credit and collateral subject to approval, other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. Envoy Mortgage, Ltd NMLS #6666, Richard Woodward NMLS # 217454, Licensed held by the State of Texas. Equal Housing Lender.
You are receiving this email as a result of your ongoing business relationship with Richard Woodward. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.UNSUBSCRIBE. In the unlikely event you decide that you would not like to receive this information, please reply to this email with "Remove" in the subject line.Claire VranaEnvoy Mortgage17440 Dallas Parkway Suite 118Dallas, Texas 75287© Copyright 2010. All About News, Inc.
Saturday, October 16, 2010
Sunday, September 12, 2010
VIP Realtyplatinum Homes
Visit: http://www.viprealtyplatinum.com
Attention: Fubara
FHFA Establishes New Housing Goals for Fannie Mae and Freddie
Mac Author: Communications
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011.
The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas. There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families.
The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
Attention: Fubara
FHFA Establishes New Housing Goals for Fannie Mae and Freddie
Mac Author: Communications
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011.
The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas. There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families.
The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
FHA Establishes New Housing Goals For Fannie
FHFA Establishes New Housing Goals for Fannie Mae and Freddie Mac Author: Communications
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011. The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas.
There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families. The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011. The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas.
There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families. The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
Wednesday, September 8, 2010
BP Gulf Claim Forms Fund
Breaking News
Breaking news ...Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, real estate activity on the Gulf Coast has been affected since April's Deepwater Horizon oil spill.These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.See the full story on TexasRealEstate.com.Download the special claim form for Texas real estate brokers and agents.Questions? Contact the Texas Association of REALTORS® Legal Department, 800/873-9155.
For other real estate related issues, including FSBO, buying and selling contact me at fubara@viprealtyplatinum.com
Breaking news ...Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, real estate activity on the Gulf Coast has been affected since April's Deepwater Horizon oil spill.These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.See the full story on TexasRealEstate.com.Download the special claim form for Texas real estate brokers and agents.Questions? Contact the Texas Association of REALTORS® Legal Department, 800/873-9155.
For other real estate related issues, including FSBO, buying and selling contact me at fubara@viprealtyplatinum.com
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