This Week in Mortgage Sports 1/16/2009

Posted by Emily Ray-Porter Group on Friday, January 16th, 2009 at 11:32am.

This Week in Mortgage Sports


Embrace FHA

Embrace FHAWe in the Mortgage Industry are rediscovering an old friend who has been out of vogue for many years.  If your buyers loan amount is $271,050 or less there is a great possibility FHA may be a great solution. 

 
Conventional loans are wonderful, don’t get me wrong, but the NEW pricing module gives such tremendous hits (charges higher rates) as the FICO score steps down from 740 that it makes this loan much less savory the closer we get to a 620 score (ie. On Today’s pricing that would take the rate from 4.75% to 6.25% and we would have to charge 1.5% discount fee on top of the 1% origination).   

FHA loans do NOT tier their pricing based on credit scores.  In the scenario above someone with a 740 score and their neighbor with a 600 score would get the same great rate (5% w/ 1% origination today).   

Today’s FHA only requires 3.5% as a down payment which can be a gift from a family member.  Also FHA, has less expensive Mortgage Insurance (PMI) than a conventional loan in the long run.   

Finally, FHA loans are MUCH less expensive for the seller TODAY than they have been in past years.  The FHA costs for a seller today should be no more than $250 depending on the mortgage company you are using where as in the past these costs could exceed $1000.

 


 

Statistically, Owning a Home is a SMART Investment

Moving InOne of my ABSOLUTE favorite mortgage pundits makes a strong case for home ownership, even through this tumultuous period.  This is coming from a guy who writes for the Washington Post, one of the HARDEST hit areas in the country for value.  Good stuff...Read More  



God Bless Texas!

I am SO proud to be in this business, in this state, during these times.  We have a lot to be thankful for... Read More




green earth     Green Watch!

Tips for George Bush's New Home in Dallas - from Al Gore
Wouldn’t it be great to be a fly on the wall for this conversation...Read More

 

The LOHAS Lifestyle possibilities are endless…………………. 

 

 

Professional Service 
key to success
USE SHELTER MORTGAGE. 
NOW more than ever is it important that you have a Loan Officer who can navigate the industry changes.  A Trusted Advisor and Team Mate are essential to your Real Estate success.  Please give me a call so that we can discuss what we can do to help grow your business.


Have a great weekend!


30 YR. Fixed
w/1 origination fee

4.75%  WOW
 


30 YR. Fixed
w/no origination fee
 

5.25%
 


15 YR. Fixed
w/1 origination fee
 

4.625%
 


15 YR. Fixed
w/no origination fee
 

5.25%
 


 

Cheers!

C- 

Christian Johnson


  Christian C. Johnson
  Assistant Vice President
  214.445.6553 Dallas
  817.361.6133 Fort Worth
  Fax
800.835.1767
  christian.johnson@gbmail.com
 

Shelter Mortgage                        ©2008 Shelter Mortgageequal housing lender

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