July 2nd, 2016 9:36 AM by Anne James
MORTGAGE MATTERS
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 annermsinc@gmail.com. Anne has been in the mortgage lending business for 25 years.