Mortgage Programs:

Fannie Mae HOMEPATH Loan


- Minimum 660 middle FICO score required
- Appraisals are NOT required
- Great for first time homeowners AND Investors
- 97% LTV Primary Residence
- 90% LTV Investor (5 plus properties financed limited to 75% LTV)
- No monthly Mortgage Insurance payments
- Owner Occupied AND Investment Property
- Down payment can be 100% gifted
- Property must be listed for sale with the Fannie Mae HOMEPATH program
- NO declining market restrictions


Federal Housing Administration Loans - OK to 580 scores

- Minimum 580 minimum middle FICO score required
- Great for first time homeowners
- 30 Year Fixed Rates Only
- Low, government sponsored, monthly Mortgage Insurance payments
- Owner Occupied Only
- 12 months verified rent history required
- Down payment MUST come from borrowers own funds
- Gifts allowed for all closing costs
- Compensating factors required for 580 scores
- NO declining market restrictions

Federal Housing Administration Loans - 100% Gifts Allowed for Down Payment

- Minimum 620 FICO score required
- Great for first time homeowners
- 3.5% Down Payment can be a gift from relatives, employer, city grant
- VERY LOW 30 Year Fixed Rates
- Low, government sponsored, monthly Mortgage Insurance payments
- 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
- Owner Occupied 1-4 unit only
- NO declining market restrictions

USDA Loans - 100% No Money Down for Qualified Properties

- Minimum 620 FICO Score - buyer(s) must have “reasonable” credit history
- Great for low to moderate income and first time homeowners
- Household Area Median Income Limits Apply
- LOW 30 Year Fixed Rates
- No monthly Mortgage Insurance payments
- Owner Occupied Only
- Property must be located in a USDA defined market

Veterans Administration Loans - 100% No Money Down for Active and Veteran Military

- Minimum 620 FICO score required - buyer must demonstrate ability to pay
- True No Money Down Financing for qualified buyers
- Low 30 Year Fixed Rates
- NO Monthly Mortgage Insurance payments
- No Income Limitations
- Loan Amounts from $75,000 to over $417,000
- Owner Occupied Only
- No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) - 100% Gifts Allowed for Down Payment

- Minimum 700 FICO Required
- Great for the established buyer looking to leverage through financing
- 3% Down Payment can be a gift from relatives, employer or city grant
- LOW 30 Year Fixed Rates
- Median income limits apply (only income from borrower on loan used to qualify)
- Loan amounts up to $417,000
- Owner Occupied Only
- Monthly Mortgage Insurance payments required
- Declining market restrictions apply

Last Rates of 2008 - as of 12/29/2008

Mortgage Rates as of 12/10/2008
30-year conventional: Loan $130,000-$175,000---5.00-5.375%
Loan $175,000-$230,000---4.875-5.25%
Loan $230,000 to max ($417,000) --- 4.75-5.125%

30-year FHA: Loan $90,000-130,000 --- 4.75--5.125%
Loan $130,000-170,000 -- 4.75-5.125%
Loan $170,000 to max -- 4.75-5.125%

15-year conventional: Loan $130,000-175,000 -- 4.875-5.25%
Loan $175,000-230,000 -- 4.75-5.125%
Loan $230,000 to max -- 4.75-5.125%

40-year conventional: Loan $130,000-175,000 -- 5.375-5.75%
Loan $175,000-230,000 -- 5.25-5.625%
Loan $230,000 to max -- 5.125-5.50%

30-year conventional jumbo: $417,000-$650,000 -- 5.875-6.25%
15-year conventional jumbo: $417,000-650,000 -- 6.00-6.375%

5/1 Arm cap 5/2/5: $130,000-175,000 -- 5.00-5.375%
$175,000-230,000 -- 5.00-5.375%
$230,000 to max -- 4.875-5.25%

3/1 Arm cap 2&6: 417,000-$650,000 -- 6.125-6.50%
5/1 Jumbo Arm - cap 5/2/5: $417,000 -- 6.25-6.625%

Conventional Limit for Jumbo Mortgages

Many of you may already know this, but congress is looking at increase the conventional limits somewhere between $600,000 and $700,000 from its current limit of $417,000. I will let you know when this happens and the new amount.

More good news . . . . . and thanks to those of you who have been trying to get me referrals! I really appreciate it. Marina

What Mortgage Programs are available now? (Part I)

1. There are still lender out there who lend their own money
2. 100% Financing is still available-with one loan and $500 contribution
3. 80/10/10 still available for Jumbo and Conventional
4. States Income/Stated Assest still available-10% down payment
5. Low FICO Lending still available (patience is required)
6. FHA/Utah Housing (currently 5.5%, in more details tomorrow)
7. Why Mortgage Insurance (MI) is good (in more details tomorrow)
8. no MI loans available up to 100% on conforming and 90% on Jumbo-I will try to show you that not only interest rate is important when you get estimates from broker
9. new Rehab loan for buyers
10. Interest Abatement