Mike’s Real Estate Show

Rates as of 3/9/07

Big changes this week!  Many lenders that previously offered 100% financing have either eliminated the product or increased credit score and documentation requirements.  Some have provided a maximum loan amount of 95%.  The market for higher risk secondary financing is shrinking, meaning the buyers for these loans are going away, and so the lenders have had to change their policies.  If you have someone who needs 100% financing, please be sure to get a pre-approval with underwriter confirmation.  Files will be scrutinized and borrowers that previously would have qualified for 100% financing, may find they don’t qualify today.

Conforming  fully amortized  interest only
30 year fixed 6.00 %    6.125%
3/1 ARM  6.125%   6.375%
5/1 ARM  6.25%    6.375%
7/1 ARM  6.25%    6.5%
10/1 ARM 6.25%    6.5%

   fully amortized  interest only
JUMBO – up to $650,000; add .25 point for loans up to $1mil
30 year fixed  6.375%   6.5%
3/1 ARM  6.25%    6.375%
5/1 ARM  6.25%    6.375%
7/1 ARM  6.5%    6.625%
10/1 ARM  6.625%   6.75%

100% financing: Due to the many changes in the 100% and 100% blended options, I recommend you contact me directly to inquire about rates and options.

Here’s the fine print:
Conforming limit is $417,000.00.  Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%.  Funds to be used for purchase.  Cash out refinances may incur higher rates.  Rats quoted with a 30 day lock.  Subject to qualifying borrowers and properties.  Rates quoted for fully documented loans.  Rates are as of 3/9/07 and are subject to change.  Rates are quoted WITHOUT points.  Borrowers may buy down the rate.  Each application is evaluated on an individual basis.  There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers. 
Alicia Hodenfield
Investors Trust Mortgage
(707) 284-2718 direct line
alicia@investorstrust.com
www.aliciahodenfield.com