Mortgage bonds continue to swing up and down but over the last several weeks we have seen very little movement in fixed rates; maybe an 1/8 swing. Our monitoring service has warned us bonds are oversold and due for a correction. This week, I have locked in several high credit score customers at 4 ½% with no origination fee on 30 year fixed mortgages and in the 3s with 5 year ARMs. This is the best it’s EVER been, period.
Additionally we have been using the government program, “Making Homes Affordable”, to help people who owe more then the home is worth. We can currently do up to 105% of value, for a refi, not a purchase.
We just became authorized to do Fannie Mae HOMEPATH loans. These loans can be used in conjunction with many foreclosed homes owned by Fannie Mae. HOMEPATH works when the borrower is outside some of the normal finance program guidelines and can be used for primary, second homes and investment property purchases. There is no appraisal, so value becomes a non-issue. These loans have no MI but the rates are somewhat higher then standard financing. Of course, when there no other way to get the deal done, something is always better than nothing. Your Realtor can probably get Fannie Mae to pay some closing costs and “ease the pain” a little. Go to my MORTGAGE NEWS site for more information or call me at (910) 352 6562. Vince Bacchi, Senior loan officer Union Mortgage Group.
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