July 2nd, 2016 9:36 AM by Anne James
Fourth of July weekend
ended a six-day drop in rates we hope continues Tuesday into the month. 3.75%
became 3.5% for conventional loans and FHA/VA start at 3.25%. What does it mean
if you’re buying a home? 3.625% Fannie/Conventional might give you .875% (or $3,500
paid of your closing costs on a $400,000 loan amount). Not bad.
FHA and Veterans can
expect all closing costs paid at 3.625%--zero down for Vets, 3.5% for FHA
buyers. Something to jump on now there are a few more homes joining the
inventory in So. California.
While I have a buyer
looking with her agent for four months now, Diana Arnold’s Inland Empire buyers always get
their home within the first to second offer. In the eight years I’ve worked
with her, Diana and I have not lost one home or loan for her buyers. Don’t
forget first-time buyer programs like MCC, a tax credit that pays you back in cash
on tax refund, 20% of your annual mortgage interest. The best program out there
to help qualify for a little higher payment, offset that car payment or just
help your monthly budget!—Anne E James is CEO/Broker of Reliance Mortgage
Service and can be reached at 562-619-2058 or firstname.lastname@example.org. Anne has been in
the mortgage lending business for 25 years.