Friday Mortgage Brief - March 18th, 2011
The Friday Brief
Current Interest Rates
417K and below with 0 points 30yr fixed 4.750 FHA/VA 4.500 5yr
ARM 3.125 FHA 3.750
417-729k with 0 points 30yr fixed 4.750 FHA/VA 4.625
5yr ARM 3.375 FHA 3.750
VA Buyers-What you need to know if your VA Buyer is looking at condos.
In what seems like the good old days, just about a year ago, it was pretty easy to purchase a condo using VA. Previously, if the condo had FHA approval it was a piece of cake, the FHA approval automatically transferred to VA. The condo could and still can, also be on the VA Approved Condo list.
Currently the FHA approval may or may not transfer to VA depending on when it was approved for FHA. FHA Approvals issued on or before
12/7/2009 will in most cases transfer to VA. VA will simply move the FHA approved condo to the VA approved list. If the FHA approval was issued after 12/7/2009 the approval will NOT transfer and the condo will need to go through the entire VA approval process.
This is one of the many things I am looking for to make sure your purchase goes smoothly form start to finish.
From Bruce
One today is worth two tomorrows. -Benjamin Franklin
I'm available this weekend if you would like my help with any new buyers!
Have a great weekend,
Bruce
Bruce Rosenberger
Chairman's Team
SunTrust Mortgage, Inc
Cell 703.850.1349