December 21st, 2008 Categories: Mortgage Update
There are two important changes in this week’s mortgage report.
- First, the conforming “jumbo” loans - those priced from $417,001 to $625,500 - are now being priced simply as conforming loans. For the past few months individual lenders have made price adjustmen to the conforming loan that yielded rates for the “jumbo” loans that were approximately 0.25% higher than the conforming. This has now changed and rates for a loan up to $625,500 are the same.
- Second, VA loans with no money down are now available for $625,500. The old scenario of needing 25 per cent of the difference between $417,000 and the sales price as a down payment has changed and no down payment is needed up to $625.500.
And for plain ‘ole conforming conventional loans? Try 5.125% with 0 points. For more information from Rob Clark at Preferred Mortgage click here.
Thanks for stopping by,