 |
  |
 |
 |
|
 |
|
15 Yr Fixed – 4.375%
20 Yr Fixed – 4.875%
30 Yr Fixed - 4.875%
3/1 ARM – 3.750%
5/1 ARM – 3.750%
7/1 ARM – 4.125%
15Yr Jumbo– 5.500%
30Yr Jumbo- 5.875%
30Yr FHA & V/A - 4.875%
FmHA 30 Yr - 5.000% (Rural Housing)
Rates Updated 10/30/2009
10:45am CST
This info is not an advertisement to extend credit as defined by Reg. Z 226-24. APR varies with loan amount These rates are subject to change, quoted at par with no discount points. Points may be
purchased to buy down the rate on request. Prices and rates may change without notice. Some restrictions may apply.
|
|
|
 |
|
 |
|
|
| |
| Conventional Loans |
| FHA |
| VA Loan |
| Imperfect Credit Loans |
| 100% Financing |
| Stated Income Loans |
|
Conventional Loans
Conventional loans are those loan products that comply with the investor guidelines of the secondary market. Conventional loans can be a fixed-rate or adjustable rate program.
|
 |
FHA
This program allows a first time home buyer who might otherwise not qualify for a home loan to obtain one because FHA insures the loan for the lender.FHA loans are available to anyone, whether your first or fifth home and can be used to purchase a home or refinance a home.
The standard fixed rate loan for 1-4 family owner occupied houses and only requires a minimum of 3% from the borrower. This loan also permits 100% of their money needed for down payment and closing costs to be a gift from a relative, non-profit organization, or government agency among others.
The main advantage to a FHA home loan is that the credit criteria for a first time borrower are not as strict as Conventional Loans. Someone who may have had a few credit problems or no traditional credit should be able to obtaining FHA financing. The monthly mortgage insurance premium is cheaper for an FHA loan verses a conventional loan with 3% down.
The greatest disadvantage of FHA home loans is that FHA limits the loan size that a borrower can borrower. Some may try and convince you that the FHA upfront mortgage insurance premium (MIP) is a disadvantage. However this amount makes just a very small increase in the borrower's month payment and may be partially refundable in certain cases.
FHA definately deserves a look and may be the right loan for you.
Maximum Amount: $271,000
|
|
VA Loan
There are many advantages to choosing a VA Loan instead of a conventional or FHA loan. A few of the many benefits of purchasing your home with a VA loan are: No down payment required, No monthly mortgage insurance, easier qualification standards, reduced credit and income standards, No prepayment penalties.
The VA Loan is a great benefit for those who have served our country. The VA loan allows the borrower to finance 100% of the purchase price of the home and allows the seller to pay all of the buyer's closing costs. When compared with conventional loans, a VA Home Loan can save borrowers several hundred dollars a month.
Unlike most conventional loans, poor credit may not stop you from qualifying for a VA Loan. Although your credit history is a factor, it is not the only thing used when determining if you qualify for a VA Mortgage.
|
|
Imperfect Credit Loans
Once upon a time, those with imperfect credit were unable to qualify for home ownership. Thankfully, those days are long gone! Today, there is a loan program available for most every individual to allow them to get into the home of their dreams!
|
|
100% Financing
This program is the perfect loan for those first-time homebuyers! Typically, this program allows a buyer to avoid paying Private Mortgage Insurance by combining a first and a second mortgage.
|
|
Stated Income Loans
These programs are best suited for those that are self-employed and have outstanding credit. Usually, a lender will allow a borrower to put down a higher down payment in exchange for requiring less documentation.
|
|
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
|
|
|
|
|
|