Friday Mortgage Brief - Friday, July 22nd, 2011
The Friday Brief
Current Interest Rates
417K and below with 0 points 30yr fixed 4.500 FHA/VA 4.250 15yr
Fixed 3.750 5yr ARM 2.875 FHA 3.250
417-729k with 0 points 30yr fixed 4.500 FHA/VA 4.500 15yr
Fixed 3.750 5yr ARM 3.125 FHA 3.250
SunTrust Portfolio Affordable Loan Product-The comment I hear over and over....SOUNDS TOO GOOD TO BE TRUE 97% Financing with no MI for loan amounts up to 417K
I have closed 3 Portfolio Affordable Loans since the Lunch & Learn I hosted May 19th. This is a serious tool that is better than FHA if it fits your buyer.
A great option for First Time Homebuyers(but not limited to FTHB). This can be a huge tool for buyers, especially condo buyers! There is no investor ratio restriction. The condo can be over 49% investors. The monthly payment is LESS than FHA. Down payment is LESS than FHA. This is a SunTrust Community Reinvestment product. The property does have to be in a targeted area and there are income limitations.
-Primary Residence
-Loan amounts 417k and below
-Seller can give 4% and this can go toward the buyers down payment**Buyer must have $500. Into the deal and that's it.
-Gift funds are acceptable
-No rate adjustment for CONDOS
-No rate adjustment for credit score, minimum credit score is 620
From Bruce
Ah, summer, what power you have to make us suffer and like it.-- Russel Baker
Have a great weekend,
Bruce
Bruce Rosenberger
Chairman's Team
SunTrust Mortgage, Inc
Cell 703.850.1349
Buying or Selling a home in Northern Virginia? Contact Kim Darwaza of RE/MAX Allegiance for all of your real estate needs at 703-856-2254 or kim@kimdarwaza.com. To search the MLS please visit http://www.kimdarwaza.com.