So – I just heard the word from my favorite mortgage broker, Monica DiPernaÂ about the new Government Sponsored 30 Year Fixed Mortgage Program.Â This will definitely open up more opportunities for first time homebuyers and those looking for a home that’s slightly below the range of median priced homes in San Francisco.Â
This is whatÂ Monica sent out yesterday:
The government has sponsored a program that allows homeowners with a loan amount above $417,000 and up to $729,000 to be able to refinance below market rates.Â Many of you have emailed me to ask me where these rates are currently.Â Today, you could refinance into a 30 Year Fixed Amortized Loan Program up to $729,000 and lock into a rate of 6.75% with no points and prepayment penalties.Â This may be a good opportunity for those that are thinking of remaining in their property for a longer period of time or those that have an interest only loan and want to start paying down the mortgage.ÂThe current rates for a Regular 30 Year Fixed Jumbo Loan are very high.Â They average 7.625% with all lenders.Â 6.75% is definitely a great rate for a Jumbo Loan these days.ÂIf you have any other questions, please don’t hesitate to contact me and we can put together a strategy that makes sense for your financial plan.
Today, the Government Sponsored rate has decreased to 6.375 if you have the following elements:Â
720 FICO SCORE
Loan amount of $728,000 or under
20% Equity in the property
NO CASH OUT
Rate and Term Refinance
Single Family Residence ONLY
Amortized loan ONLY
Must have 6 months of reserves in the bank (Your retirement account is sufficient)
All of your monthly debt must be 40% of your gross monthly incomeÂIf you are interested in shifting to an Amortized 30 Year Fixed Jumbo please let me know and I will email you a to do list.ÂHave a great day!