Interesting news in the FHA markets: An initiative was released by HUD to help “recovering” borrowers to become homeowners again. This includes encouraging homeowners who suffered a recent history of BK, foreclosure, short sale, judgments, loan modification or even deed –in-lieu. Some of the eligible circumstances are:
Ø Borrower or co-borrower lost his/her job and was off work for at least 6 month, and household income decreased by 20% or more; but borrower/co-borrower is now gainfully employed
Ø Borrower/co-borrower overtime/bonus income was reduced, resulting in at least a 20% loss of income, even though he/she kept his/her job
Borrowers must have reestablished credit since the event, and are gainfully employed. Also, borrowers with credit issues prior to the event that caused the income reduction will be more closely scrutinized. Lots more information available, so call with questions.
We appreciate the opportunity to be your trusted mortgage source. Call with questions or scenarios – for your buyers or sellers – without obligation.
|
ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 09/03/2013 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
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| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.375% |
4.501% |
4.625% |
4.667% |
| 15-YR |
3.50% |
3.717% |
3.75% |
3.820% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
5.00% |
5.11% |
5.375% |
5.397% |
| 15-YR |
4.125% |
4.310% |
4.875% |
4.911% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.25% |
4.633% |
3.75% |
5.036% |
| 7/1 ARM |
3.625% |
4.774% |
4.125% |
5.477% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.375% |
4.474% |
NQ |
— |
| 10/1 ARM |
4.25% |
4.862% |
4.625% |
5.450% |
|
Mortgages up to $2,000,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
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Ginger Bowe Sullivan
ANASAZI MORTGAGE
1000 Cordova Pl, #56
Santa Fe, NM 87505
Phone: 505-995-8888
Toll-Free: 800-995-8888 (if calling outside Santa Fe)
Fax: 505-995-8885