March 7th, 2007 . by Mike Kelly
Chicago Good Deals from our Keller Williams “windy-city” connection: Jon Sterling
“I spent a long day last week scouting the neighborhood in Chicago’s Washington Park. On April 14th, we learn if Washington Park will be the location of the 2016 Olympic Games. From what I saw on my tour, I can say with confidence there is a tremendous opportunity for growth and development in that neighborhood. There’s nothing like an infusion of hundreds of millions of dollars in improvements to a neighborhood, paid for by the city of Chicago. Just ask the folks who own places around Millenium Park how their property values are doing! If you’d like Washington Park market information, let me know and I’ll send it to you.
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March 7th, 2007 . by Mike Kelly
C.A.R. (California Assoc. of Realtors) reports entry-level housing affordability at 25 percent in California
LOS ANGELES (March 1) The percentage of households who could afford to buy an entry-level home in California stood at 25 percent in the fourth quarter of 2006, compared with 27 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Read the rest of this entry »
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March 5th, 2007 . by Mike Kelly
Big changes this week! Many lenders that previously offered 100% financing with Option ARMS have either eliminated the product or increased credit score and documentation requirements. 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. Freddie Mac also announced changes in their sub-prime loans and the need to tighten requirements.
Conforming fully amortized interest only
30 year fixed 6.125% 6.375%
3/1 ARM 6.0% 6.25%
5/1 ARM 6.125% 6.25%
7/1 ARM 6.125% 6.375%
10/1 ARM 6.125% 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 1st 2nd
6.5% (30 year fixed) 10.375% (HELOC)
(Based on conforming limits for the 1st – up to 80% LTV; up to 100% CLTV for 2nd
Blend 100% 7. 875% (NO Mortgage Insurance)
30 year fixed 660-679 FICO score – better FICO, better Rate
(Interest only and Adjustable rates available)
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 3/2/07 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
Posted in Interest Rate Update | Please post a response »
March 5th, 2007 . by Mike Kelly
It’s time to “spring forward” — a reminder to change your clocks early this year! Daylight savings begins March 11th — this year we are adding a month to daylight saving time, changing our clocks back the first Sunday in November..
Posted in Fun Stuff | Please post a response »
