FHA Mortgage Rates Maintain 50 Year Low
On August 20, 2011 the FHA 3.875/1 Fifty Year Low was broken
QUALIFIED BORROWERS MAY FINANCE A $200,000 HOME
FOR as little as $1550.00 per month
PAY AS LITTLE AS 3% DOWN ON RESIDENTIAL
As your Licensed Connecticut Buyer Agent it is my responsibility to represent
your interests, not the seller. I consistently earn confidence being
objective, knowledgeable and attentive to your best interests.
Together we will contract the ideal property and/or investment at the best price
and terms, regardless of who offers it for sale.
FHA
Mortgage Rates Extend 50 Year Low
CHFA Still at 3.375%
Low
A 200,000 house is now about $1530/month with 3.75 FHA
FHA Maximum is 387,500 w/ 3.5% down on Dec 12, 2011
.....30 Year Fixed Mortgage Rate Line w/Points.....
Date---- Conv----FHA-----$200K FHA---CHFA----- 5/1
A.R.M.
01/04/12 4.125/0
3.750/0 880+650 3.375/1
3.250/0
12/05/11 4.125/0 3.750/1
880+650 3.375/1
10/22/01 4.375/0 3.750/1
898+650 3.500/1
2.875/0
09/30/11 4.250/0 3.875/1
913+650 3.625/1
3.00/0
08/20/11 4.250/0 3.875/1 913+650
3.750/1 3.625/0 >>>50YrLow<<
07/30/11 4.750/1 4.250/0 984+650
3.875/1
10/24/10 4.000/0 4.000/0 956+650
3.625/1
11/10/09 5.000/0 5.000/1 1074+650
4.750/1
10/09/08 6.500/0 6.500/0 1264+650
6.125/1
**Estimated Property tax $5100/year, Home Insurance $900/year, PMI
1500/yr=$625/month.
200K Cost is PITI (Principle + Interest + Tax + Insurance) for a FHA mortgage.
Remember, There are numerous types of loan programs -- so please make sure you have consulted a loan professional before asking the seller for a credit toward closing costs.
CONVENTIONAL MORTGAGES- When a Buyer is putting less than 10% down, the Buyers may be limited to three (3%) percent cap on contributions from the Seller. Contributions or credits must be put towards “actual costs” of the loan.
FHA LOANS: The Buyer must put down a minimum of 3.5% of the purchase
price.
The Buyer is limited by law to a six (6%) percent cap on contributions from the
Seller and those contributions must be put towards "actual costs" of
the loan.
Homeowner’s Equity Recovery Opportunity (HERO) encourages first-time homebuyers and existing homeowners to purchase and/or rehabilitate foreclosed Single family, 2-4 family detached properties, abandoned properties, and FHA-approved condominiums. Borrowers agree to occupy the home as their primary residence for at least 5 years. Existing homeowners are not required to sell their current residence to purchase a home through the HERO Program. Deed restrictions will be placed on the new property for a term of 5years
. CHFA allows the cost of renovation (of replacement, heating upgrades, plumbing, electrical) performed by a licensed contractor to be included in the loan as well. For more information on the HERO Expansion Program, contact Rose Holbrook at CHFA (860-571-4390) or your favorite lender.