WASHINGTON - Sept. 14, 2011 - Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) loan limits shrink a bit starting on Oct. 1, though the Florida impact will be felt mainly in high-cost home areas.
The U.S. Department of housing and Urban Development has a searchable database for loan limits, both FHA and Fannie Mae/Freddie Mac, on its website. To see statewide numbers, select only "Florida" and "county" for a search. Change the dates under "Limit Year" to see either the current rates or the rates effective after Oct. 1.
https://entp.hud.gov/idapp/html/hicostlook.cfm
For the record the National Association of Realtors has protested this potential mortgage limit change.
Thursday, September 15, 2011
Wednesday, September 7, 2011
LOW MORTGAGE RATES
The Florida Keys real estate market continues to improve. Inventory has reduced and prices have remained consistant for the past few months.
Cash sales are plentiful but if you are thinking of buying and need a mortgage, interest rates are at or near historic lows. The following article should be of interest to you.
You can check listings and get all kinds of information on my website www.robskeel.com
LOW MORTGAGE RATES
Recently reported data regarding U.S. jobs is having a negative
impact on global markets throughout the world. As stocks have suffered, the sluggish economy is keeping low mortgage rates in place as investors continue to choose safe assets.
Freerateupdate.com's daily survey of wholesale and direct lenders show that mortgage rates have remained stable for the past week as a result of uneasiness that continues to flood the markets. Current 30 year fixed mortgage rates are at 3.875%, 15 year fixed mortgage rates are at 3.250% and 5/1 adjustable mortgage rates are at 2.625%. On the bright side, the majority of consumers are employed and, with good credit, can take advantage of these historical low mortgage rates. With housing prices down, this can be a win-win situation for many and an opportunity that may never happen again. These low conforming rates are available with 0.7 to 1% origination point to well qualified borrowers who can meet lender guidelines to receive approval.
FHA mortgage rates also continue to be low. Many consumers choose FHA mortgage loans because they are consumer friendly since it is goal of FHA to promote homeownership. FHA 30 year fixed mortgage rates are at 3.750%, FHA 15 year fixed mortgage rates are at 3.500% and FHA 5/1 adjustable mortgage rates are at 2.750%. Despite FHA's higher closing costs (APR), which is due to the upfront mortgage insurance premium and other FHA fees, borrowers find FHA's benefits assist in making the overall transaction affordable. A down payment of 3.5% is accepted with a credit score as low as 580, but FHA mortgage rates are not affected by low credit scores. FHA also allows borrowers to use gifts that meet the guidelines, as well as housing grants to reduce FHA mortgage loans.
The only change this week was with jumbo 30 year fixed mortgage rates which are at 4.625%, a decrease of .125%. Jumbo 15 year fixed mortgage rates are at 4.375% and jumbo 5/1 adjustable mortgage rates are at 3.250%. Since jumbo mortgage loans are not government insured, borrowers must have excellent credit in order to receive lender approval. These are the lowest jumbo mortgage rates available with 0.7 to 1% origination fee to well qualified borrowers.
Rob Skeel e-Pro -- YOUR FLORIDA KEYS REAL ESTATE CONNECTION
Century 21 Schwartz Realty
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