Financing Update: Considering a loan for your Northern Ohio Real Estate?

Here is a fresh update (yes I cut & pasted it) from our resident Mortgage Consultant regarding loans. I'll try to post updated info as often as possible - crazy financial times and all.

Current mortgage rates:
30 yr fixed, 1% orig. = 6.125%
30 yr fixed, no orig. = 6.500%
15 yr fixed, 1% orig. = 6.000%
15 yr fixed, no orig. = 6.375%
FHA 30 yr, 1% orig. = 6.500% (only 5.500% for the first year with our FREE 1-year Buydown!)
VA 30 yr, 1% orig. = 6.625% (only 6.125% for the first year with our FREE 1-year Buydown!)

News you can use: Mortgage credit availability still plentiful: Along with all of the swings in the stock market and all of the other national news, I am often asked about how much the availability of mortgage credit has tightened. Several people have told me that they heard that buyers now need 20% down payment and high credit scores. This is not true!

Here is just a brief sample of programs still offered through Real Living Mortgage:

0% down first-time buyer programs
3% down FHA loans
5% down payment conventional loans
Programs for borrowers with credit scores at or below 600

Sure, "Liar Loans" where incomes were fictitious and credit scores were awful are (thankfully) gone, but that is all good and reasonable. For most of your customers, however, great programs are still available, lots of homes are available, and it is a great time to buy a home! Don't take the national headlines at face-value…Tell your buyers to look at their options with Real Living Mortgage today!

Interest rates up a bit: While interest rates increased in the latter part of this week, keep in mind that an increase of even one-half of a percent doesn't necessarily have to be a deal breaker for a homebuyer. For instance, on a $150,000 loan, an extra .500% means a little over $60/month extra in interest. When your customer finds the right home and is already prepared to spend about $1,300/month, that small increase should be kept in perspective, along with the fact that rates are still historically excellent.

OHFA rate changes: Rates offered through the State of Ohio's first-time buyer program increased to 7.000% this week (7.500% with down payment assistance). Real Living Mortgage will do better than that for first-time buyers! Our normal FHA rates are much lower than that already, and our FREE 1-year buydown helps even more. Have your First-Timers call me now!!!

Lisa A. Coffey
Mortgage Consultant Real Living Mortgage, LLC MAC M6974-011
32713 Walker Road Avon Lake, Ohio 44012
Work - (440)527-0190 FAX - (440)527-0190
lisa.a.coffey@reallivingmortgage.com
Please visit my web site at: www.Lisacoffeyonline.com

Thanks Lisa