Mortgage Update from Real Living Mortgage Consultant Lisa Coffey

Current mortgage rates:
30 yr fixed, 1% orig. = 6.000%
30 yr fixed, no orig. = 6.250%
15 yr fixed, 1% orig. = 5.625%
15 yr fixed, no orig. = 6.125%
FHA 30 yr, 1% orig. = 6.250% (only 5.250% for the first year with our FREE 1-year Buydown!)
VA 30 yr, 1% orig. = 6.375% (only 5.375% for the first year with our FREE 1-year Buydown!)

News you can use:

National City Bank sold: On Thursday last week, PNC Financial Services Group Inc. reached agreement to acquire National City Bank in a $5.58 billion cash and stock deal. Meanwhile, PNC also announced that it plans to sell $7.7 billion in preferred stock and warrants to the U.S. Treasury, making it one of the first banks to participate in the government's $250 billion injection of capital into banks. Essentially, what is occurring is that the government's capital is being used by PNC (a "strong" bank) to buy NCB (a "weak" bank), and you can probably expect similar consolidations to occur in the weeks and months ahead. How does this affect you? For one, with all of the uncertainty and changes occurring, it's good to know that your lending partner, Real Living Mortgage, is under the "strong bank umbrella" as an affiliate of Wells Fargo Home Mortgage. Our products, programs, and strength remain ready to serve you and your customers both now and in the future, and you can be confident that by partnering with us, you are partnering with a lender who will be with you for the long-haul.

Did You Know that the following buyers can still get standard, low interest rate mortgages from Real Living Mortgage?
Low down payments: 3% down for FHA, 5% down for convention loans!
Not perfect credit: Conventional loans with credit scores as low as 620, FHA loans even lower than that (still with low rates!). Mortgages are also available if your buyer doesn't have much established credit at all!
High debt ratios: We can still approve borrowers, in different situations, with debt ratios at 50% or higher.
The point is, your buyers don't have to be perfect to work with us. Encourage your buyers to look into their options with us, and we'll work with you to help them buy a home now!

Thanks Lisa !