Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.5% and 6.5% depending on credit score and loan program. ARM pricing is still bad but it is getting better. The 7/1 ARM rates are about the same as 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before people will take it.
These programs are vanishing quickly. Freddie Mac pulled the plug, but Fannie Mae is still offering 100%. The problem is getting PMI for 100% programs. Most PMI companies have stopped offering coverage for anything above 97% financing.
These programs are rare but still exist. You must be self-employed, and the credit must be pretty good. Rates for these programs range from 6.125% to 7.00%. NO DOC loans are no longer available in N.C.
This market is hot and there is a ton of new investors out there trying to capitalize on the recent increase in foreclosures. You will need at least 10% down to purchase investment property, and existing loans can be refinanced for cash-out up to 85%. Rates range between 6.25% to 7.25% depending on credit, loan size and fees.
80/10/10 loans are big right now because you can avoid the PMI and the interest rates for the 10% 2ND mortgages are low. 80/10/10 stands for an 80% first mortgage, a 10% second mortgage and 10% down payment from the home buyer.
For more details contact…
Myers Park Mortgage