Mar
8
Weekly Rate Update from Golf Savings Bank
Posted by Ken Poletski under For Buyers, For Sellers, For Realty Professionals, General Information
Current Pricing for Tuesday March 8th, 2010
FHA 5.00%
VA 5.00%
30 year Conventional 4.875%
15 year Conventional 4.25%
5/1 Arm 3.75%
Rates are subject to change at any time. Call me for quotes and more specific information on programs and qualifications
Product Information of the Week
FHA Changing Seller Contributions to 3% - Coming SOON HUD recently announced a proposed change to their Seller Contribution limit, reducing it from 6% to 3%. The proposed change is intended to reduce their risk on purchase transactions. FHA is concerned that appraised values are being inflated because sellers build these sales contributions into their salesprices. The policy change will be posted to the Federal Register for comment before FHA finalizes the rule and provides an effective date to lenders. They estimate that the rule will take effect this summer. We’ll let you know as soon as FHA issues their Mortgagee Letter with details and an effective date.
Mortgage Insurance Guidelines seem to be loosing up…660 credit scores allowed!
MGIC announced that they have dropped the minimum credit score to 660 in non-restricted markets. With the reduction of the credit score your customer must have 3 trade lines evaluated for 12 months. This is great news as FHA is raising upfront MI premiums. Make sure to ask us about Split MI.
Brad Seabaugh for any questions
Apply online www.bradseabaugh.com
8121 W Grandridge Blvd, Suite B, Kennewick, WA 99336
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