I’ve added two programs to “Friday’s Rates”: FHA’s 203(k) Rehab loan and USDA’s program. The 203(k) loan allows financing of certain repairs into the purchase price of the new home. USDA provides 100% financing in specific areas with income limits with no monthly mortgage insurance (there is an upfront funding fee, similar to VA or FHA, which can be financed into the loan amount).
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 30-40 day closing with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Pt: 4.625% (APR 4.762%). Same rate as quoted on last Friday’s rate post.
15 Year Fixed @ 1 Pt: 4.375% (APR 4.612%).
7/1 ARM 5/2/5 CAPS w/1 Pt: 4.25% (APR 6.112%)
Conforming High Balance Rates. Pricing is based on the same criteria above except where the loan amount is $417,001 – $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount. Note: still waiting for the revised 2009 High Balance Conforming loan limits of $567,500 to be available. Fannie Mae will start purchasing the revised 2009 loan limits on May 1, 2009 so we should start seeing pricing available anytime.
FHA. Pricing based on credit score of 620 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 4.875% (APR 5.698%).
FHA 203 (k) Rehab-Streamline. Pricing criteria same as FHA above.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.826%).
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.663%).
VA. Pricing based on credit scores of 620 or better based on loan amounts up to $417,000. VA loan amounts over $417,000 are also available.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.107%).
USDA Rural Housing. 100% financing with income limits and properties must be located within a specific area (this program is generally available in rural towns with populations of 10,000 or less). For eligibility, click here.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.316%).
Prime Rate (what HELOCs are based on): 3.25%
This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. Rates are as of Friday, May 8, 2009 at 1:30 p.m. and may change at any time. Available programs may change at anytime as well. Check out RCG’s Mortgage Info page for live rate quotes via my Twitter feed.