Interest Rate Update from Shane Cook at First Horizon
Published May 24, 2008 by Shane CookHappy Memorial Day Weekend! I hope to see some of you at the Beach Music Festival on Sunday. One big change that came down this week is Fannie Mae has changed their rules pertaining to the number of financed property a borrower can have. The number of financing properties a borrower can have has changed from 10 properties per borrower to 4 properties per borrower. The only exception to this rule is if they are buying another primary residence. If this is the case then there is no limit to the number of properties a borrower can have financed. So as you can see this is going to affect some of our buyers that own multiple properties and are buying a Second Home or Investment Property. There are creative financing ways around this, so please call me if you run into one of these situations.
While you are out and about with clients this weekend, make sure you mention the FHA 100% financing Genesis program to them. Especially if they are trying to do 100% financing on a primary residence. This program is an FHA loan that allows for low credit scores (585 or higher), and is very easy to qualify for and allows for 100% financing (possibly zero out of pocket at closing.) The borrower only has to have $500 in the bank to qualify for this program and we can go up to purchase prices of $420,000. FHA has had a bad reputation throughout the years for being labor intensive and hard on the realtors and sellers. However, FHA has been totally revised and there are no longer any restrictions on appraisals, Realtors, sellers, etc. This is a very stress free and easy loan to get approved and in today’s mortgage market there is no better program out there for 100% financing on a primary residence. We are quoting 6% with no points and no origination fee on 30 year fixed Genesis loan today. We can also do a 3 year ARM at 5.125% no points and no origination fee for this program as well.
Have a great weekend and call me if I can help in any way. I will be available all weekend at 252-207-2665
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: 6.125% 1 Origination
30 Year Fixed: 5.75% 1 Origination
30 Year Fixed: 6.0% 0 Origination
15 Year Fixed: 5.25% 1 Origination
3 Year ARM: 4.875% 1 Origination
5 Year ARM: 5.0% 1 Origination
100% Financing Government Loans: Primary Residences Only
VA 30 Year Fixed: 6.0% 0 Origination
FHA 100% Genesis: 6.0% 0 Origination
FHA 97% Financing: 6.0% 0 Origination
Farmers Home (USDA): 6.0% 1 Origination
Jumbo Loans: loan amounts greater than $417,000 (Primary and Second Homes)
Portfolio 5 Year ARM: 5.125% 1 Origination
Portfolio 7 Year ARM: 5.5% 1 Origination
30 Year Fixed: 7.25 1 Origination
15 Year Fixed: 6.75% 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
(Office) 800-256-7887
(Cell) 252-207-2665
(Fax) 866-669-5871
Enter Your Comments Below
