Fannie Mae is releasing an update to their underwriting system on 11-16 – some good changes, and some not so wonderful. The 97% conventional mortgage program is going away (but a 97% FHA program will still be available). Fannie has been pretty hard-lined on 45% maximum debt ratios (“DTI”), but supposedly are going to allow even up to 55% DTI, competing with what is current available with Freddie Mac.
Also of interest is that ALL funds at a 95% LTV level can be gift funds, so the borrower doesn’t have to come to closing with any of their own funds. If Fannie Mae or Freddie Mac gives an automated underwriting decision allowing the gift, a mortgage insurance company will accept the loan. WHO gives the gift, though, may be further defined by the mortgage insurance company. So if you have a buyer in your past who just didn’t have the required down payment, now may be a time to re-visit with them. Lastly, we are seeing lower credit score requirements.
Easier DTI terms, allowing 100% of the down payment from gift funds, and lower credit scores are all opportunities in this market. We always appreciate the opportunity to be your trusted mortgage source. Call with questions or scenarios – for your buyers or sellers – without obligation.
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ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 11/05/2013 *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 |
4.00% |
4.124% |
4.25% |
4.290% |
| 15-YR |
3.125% |
3.340% |
3.25% |
3.319% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.50% |
4.607% |
5.125% |
5.146% |
| 15-YR |
3.75% |
3.933% |
4.375% |
4.411% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
2.625% |
5.820% |
3.00% |
6.084% |
| 7/1 ARM |
3.125% |
5.745% |
3.50% |
6.092% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.125% |
6.270% |
NQ |
— |
| 10/1 ARM |
4.125% |
5.991% |
4.50% |
6.337% |
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Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
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