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Everybody Loves These Loan Programs

We wish everyone a happy and properous 2013. As we approach spring home buying season and interest rates continue to trend higher, the following programs may be beneficial to you or your friends & family. Some of these programs were specifically designed for those who don’t have 20% down for purchasing a house, currently own a house or investment property that you want to refinance but don’t have enough equity. Give us a call if you are thinking of refinancing or are looking at purchasing a home, we will provide you a no obligation free quote and Pre-Approval letter.

Fannie Mae HomePath:
HomePath is a program offered by Fannie Mae specifically designed to move REO (Real Estate Owned/Foreclosure) homes in Fannie’s portfolio. If you are in the market to purchase a home (primary, second, or investment) there are plenty of REO properties to choose from. Find HomePath eligible properties by visiting www.homepath.com

  • No PMI Insurance
  • No Appraisal
  • Down payments as low as 3% (own funds not gifted)
  • Upto 3.5% credit for closing costs

FHA Home Purchase Financing:
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) insures the loan, so we the lender can offer you a better deal.
Little as 3.50% down with minimum FICO of 620

FHA Streamline Refinancing
One of the easiest refinances to do is an FHA streamline refinance and we are well versed in the nuances of the program. If you already have an FHA Mortgage, streamline Refinancing is a quick, low-cost option to lower your interest rate and monthly payments.  Below are some advantages:

  • No appraisal required
  • No income verification (Use income from original application)

Home Affordable Refinance Program (HARP):
The goal of this program is to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices. Please call us so we can determine if you qualify for this program under Fannie Mae or Freddie Mac.

  • Unlimited LTV on primary homes (Zero equity)
  • Available for investment and second homes (Max LTV 105%)
  • No Appraisal

Private Mortgage Insurance Program (PMI):
This new program offers powerful qualifying tools for those who can’t afford 20% down on a home purchase. PMI makes more sense now more than ever as home prices and mortgage rates are still at historic lows, so you can afford more with less down. We have rare Platinum status with our PMI partner and offer 4 different PMI options. Here are some benefits.

  • Buy your home with as little as 3% down of your own funds
  • PMI premiums are tax deductible  

Mortgage Rates:

Investors appeared to be optimistic as strong housing data, a positive labor report, temporary easing of debt ceiling pressures helped the stock market close at five-year highs. Unlike down-to-the-wire fiscal cliff negotiations, which caused investors to hold back at the end of 2012, discussions of temporary debt ceiling extensions eased investors’ concerns thereby pushing interest rates higher.

 

Current Conforming Rates (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog on our website

Loan Program

Monthly Pmyt

Rate

APR

Points

30YF

$1122

3.50%

3.625%

0

20YF

$1417

3.25%

3.87%

0

10YF

$2385

2.75%

3.00%

0

15YF

$1696

2.75%

3.125%

0

5/1 ARM

$1020

2.75%

3.125%

0

7/1 ARM

$1037

2.875%

3.375%

0

FHA 30YF

$1105

3.375%

3.87%

0

FHA 15YF

$1696

2.75%

3.00%

0

 

Current High Balance Rates – Max Loan Amount $625,500 (Pmyts based on a avg loan amount of $550,000)

30YF

$2896

3.75%

4.00%

0

15YF

$4319

3.00%

3.87%

0

5/1 ARM

$2512

2.625%

3.00%

0

7/1 ARM

$2595

2.875%

3.25%

0

FHA 30YF

$2808

3.50%

4.00%

0

 

Disclosure: These are our current conforming and High Balance rates based on primary residences only, your actual rate could be higher depending on several “Risk Factors” such as credit score, LTV, Cash-out, Investment prop, 2nd home, zero cost etc. Please call us for an accurate custom quote including jumbo loans up to $2 million and beyond

The cornerstone of Trulending Mortgage is a fierce commitment to integrity, service and expertise and these core values have, thankfully, resulted in client relationships for life. We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Visit our testimonial section to see what our customers are saying.  Please pass this along if you think we can help any of your close friends or family.

 

 

 

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