Given that rates are at all time lows, many buyer’s have asked me whether first time home buyer’s can qualify for these rates. So today I want to help buyer’s understand the various programs that are available, what rates might be offered, what down payments they may need and whether mortgage insurnace would be required.
As Congress lets the temporary increase in conforming loan limits expire October 1st, we have received word that some investors will require that all loans affected by these limits close on or before September 30, 2011. FHA Loan limit reductions will hit Massachusetts very hard. See charts for impact.
The Japan Quake and Aftermath – Impact on Mortgage Rates. So what does this mean for mortgage rates? In the short term rates should stay low. Yesterday’s Best Execution for well qualified borrowers for FHA was 4.75%. Best Execution for conventional loans was about 4.875%. Today’s rate sheets will be better, the question is how much, because we just don’t know how long this flight to safety will continue for US treasuries.
My advice is is that if you missed the refi boom, you may have one more shot so call your loan officer and see where rates are today for tomorrow they may be higher.
2012 Massachusetts Housing Outlook
2012 Massachusetts Housing Outlook – So what will 2012 bring? A slight improvement in unit sales, and perhaps a bottom in home prices (I hope!). Here are my reasons for this conclusion: Job creation, Continued Low Interest Rates, Helping Underwater Homeowners, Homebuilder Sentiment.