Interest Rate Update from Shane Cook at First Horizon
Published July 12, 2008 by Shane CookInterest rates have been dropping on a daily basis this week. However, the big news regarding Fannie Mae and Freddie Mac being in financial trouble is the pushing rates upward this afternoon (see link below.) Don’t forget to talk to your clients about the FHA jumbo loans that allow 97% financing up to purchase prices of $475,000 in DARE County for primary residences at amazing interest rates (6.25% today for a 30 year fixed.) You can also use FHA loans along with our Genesis down payment assistance program to allow for 100% financing and zero out of pocket at closing for primary residences up to purchase prices of $430,000. Remember FHA allows for credit scores as low as 585, and the down payment can be paid by a relative for you. Have a great weekend and call me anytime if I can help in any way. Always available 207-2665.
Treasury Debt Risk Rises to Record High on Fannie, Freddie Support Concern The cost of protecting against losses on Treasuries rose to a record on speculation any financial support for mortgage lenders Fannie Mae and Freddie Mac may cost the U.S. government its AAA rating.
Shane Cook
Senior Mortgage Specialist
800-256-7887/Cell 252-207-2665
“A pre-qualification you can trust”
Total Loan Denial Letters Issued After Pre-qualification 2005, 2006, 2007, 2008: 0
All quotes listed below only require 10% down, and have no private mortgage insurance (PMI), for qualified borrowers. Quotes listed below are for 30 day locks. Add .125% of a percent for Interest Only.
Conforming: loan amount less than $417,000
40 Year Fixed: 6.25% 1 Origination
30 Year Fixed: 6.0% 1 Origination
30 Year Fixed: 6.375% 0 Origination
15 Year Fixed: 5.625% 1 Origination
3 Year ARM: 5.25% 1 Origination
5 Year ARM: 5.375% 1 Origination
100% Financing Government Loans: Primary Residences Only
VA 30 Year Fixed: 6.125% 1 Origination
FHA 100% Genesis: 6.0% 1 Origination
FHA Jumbo: 6.25% 1 Origination
FHA 97% Financing: 6.0% 1 Origination
Farmers Home (USDA): 6.5% 0 Origination
Jumbo Loans: loan amounts greater than $417,000 (Primary and Second Homes)
Portfolio 5 Year ARM: 5.75% 1 Origination
Portfolio 7 Year ARM: 6.0% 1 Origination
****Rates change daily, and must be locked in before they can be guaranteed until they are locked in. First Horizon has an application fee of $300 for conforming loans and $370 for Jumbo loans. No hidden fees, or pre-payment penalties of any kind, and I have never changed a rate on a customer in my career as a loan officer once it has been locked in. First Horizon is an equal opportunity lender.
Shane Cook
Senior Mortgage Specialist
First Horizon Home Loans (For a little while longer)
(Office) 800-256-7887
(Cell) 252-207-2665
(Fax) 866-669-5871
Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.
Enter Your Comments Below
