As Congress is making moves to eliminate Fannie Mae & Freddie Mac, both agencies are trying to survive by making changes to their underwriting guidelines (in most cases tightening). Here are some of the changes scheduled for release in mid-November 2013:
- Elimination of the interest-only loan feature
- Elimination of loan terms in excess of 30 years (40-yr amortizations are currently available)
- Points and fees, in most cases, cannot exceed more than 3% of the loan amount (may be tough to achieve with loan amounts in the $100K or less range)
- Lender responsible for showing “borrower’s capacity to repay the mortgage”, tightening the scrutiny of future cash flow
- Although NM doesn’t allow prepayment penalties, Fannie Mae will eliminate ANY prepayment penalties for their loans in ANY state.
Also, watch for more (probably significant) changes to the HUD-1 settlement statement, perhaps coming out in early 2014, although no date has been announced as of yet.
We always 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 09/10/2013 *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 |
4.50% |
4.627% |
4.625% |
4.667% |
| 15-YR |
3.625% |
3.843% |
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 |
4.25% |
4.436% |
5.00% |
5.037% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.25% |
4.633% |
3.875% |
5.083% |
| 7/1 ARM |
3.75% |
4.835% |
4.25% |
5.559% |
| 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% |
4.75% |
5.531% |
|
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