You know in every situation, there is always some type of blessing. In this post, I am happy to share some recent updates for your in interest rate.
The interest rates are still at all time low. Do you know what that means for you if you want to buy a home? Here you go…
MONEY IS CHEAP RIGHT NOW….
Let me share this with you. It’s NOT going to last forever like this. Low interest rates is a way for the Federal reserve to steer the economy out of recession.
Just in case you don’t know things are getting better with the economy. It may not be at the ideal place right now but it’s definitely better than 2009.
With these interest rates below, it’s going to get even better. However, the better it gets, the more expensive financing your next will be.
Check out these updates I just received from the mortgage bank.
You can now secure a conventional 30 year fixed mortgage up to $417,000 Loan Amount at an interest rate 3.875% to 4.25% depending on your on credit score and LTV.
If you are a first time home buyer, there are even better and more flexible options for you.
You can secure an FHA loan of 30 year financing of up to $625,000 loan amount at rates 3.875% to 4.25% based on credit score. FHA can even grant finanacing for credit score as low as 580.
Here are some other opportunities available:
Jumbo Loans up to 3 million
- 30 year fixed 3.875%
- 5/1 arm is at 3.25%
- 7/1 arm is at 3.375%
- 10/1 arm is at 3.625%
The following programs are also available- USDA, VA, Renovation Loans including luxury items, Piggy Back Loans, FHA Multi Family, Jumbo loans 15% down no PMI. Condo financing with only 5% down.
All of these are options for any one to capitalize of this market with so mych great deals and cheap financing. Cheap financing will save you million of dollars LITERALLY.
Take advantage of this market.