As of today the 2nd of December @ 1:29pmcurrent rates are:
30 year fixed rate - 5.500%
FHA fixed rate - 6.000%
5 yr. ARM Interest Only - 6.250%
Don’t forget that come January 1, 2009 FHA will be requiringa min. of at least 3.5% down, so make sure you have a fully executed purchaseagreement before Jan. 1 to allow your clients to stay at 3% down. FHAwill also allow home owners to refinance at 100% LTV (LOAN TO VALUE) when nocash is being taken out come January 1, 2009.
PS. Remember that a first time homebuyer may be eligible to receivea tax credit of $7,500 when purchasing a home. They can even get the$7,500 before buying a home to use as down payment. Contact me today for moredetails. 616-862-8304
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