Rates remain relatively the same as last week as we approach the end of 2010. Trading in the bond AND stock markets will probably remain light, especially in view of the massive snow storms on the East Coast, as well as taking into account another holiday-shortened week.
1) The FHA 203K rehabilitation loan, which will allow an occupying buyer to add up to $35K in approved repairs into the purchase price — and borrow 97% of the combined purchase price and repairs. (If you have a seller whose home has deferred maintenance, this program may just be the ticket.)
2) A REVERSE MORTGAGE purchase – very cool for the borrower aged 62 or more. This is a low-documentation mortgage with NO INCOME QUALIFICATION, which allows the borrower to invest their down payment, then not have ANY mortgage payments for life (as long as they live in the home), although taxes and insurance are still annual expenses, as well as home maintenance. This is an easy program for seniors who want to sell their current home, downsize into a home which better fits their needs, but with no mortgage payment.
Call for more details on these and/or other programs. Thank you for your continued questions and scenarios. Have another wonderful Holiday week-end !! Ginger Sullivan at 505-995-8888
ANASAZI MORTGAGE RATES
FOR Primary Residence (purchase only)
As of 12/27/2010
Mortgages to $417,000
w/ 1 PointAPRw/ no PointAPR
30-YR4.75%4.899%4.875%4.937%
15-YR4.125%4.380%4.25%4.355%
Mortgages $417,001 – $500,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.00%5.125% 6.00%6.038%
15-YR4.875%5.089% 5.125%5.187%
Mortgages $500,001 – $600,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.00%5.125% 6.00%6.038%
15-YR4.875%5.089% 5.125%5.187%
Mortgages $600,001 – $1,500,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.625%5.754%6.00%6.038%
15-YR4.875%5.089%5.125%5.187%
Mortgages in excess of $1,500,000, ARM (Adjustable Rates Mortgage) & Interest Only programs are also available – Please call for Quotes.