Mortage Rates Attractive Once Again

Although there is still uncertainty about the economy as a whole, the government’s decision to bail out Fannie & Freddie has certainly had an impact on rates.  Since the markets opened Monday I have locked more loans, opened more escrows, and seen more movement on formerly slow-moving short sales than I have in the past six months.  Low prices have been around here in San Diego, but now that they are combined with low rates and quick moving REO’s instead of snail-paced bank negotiators things are finally moving along.  Here’s what rates look like this morning…

30 Year Fixed, Fully Amortized
1 point: 5.375%
2 points: 5.125%
15 Year Fixed, Fully Amortized
1 point: 5.00%
2 points: 4.75%
5 year ARM, Fully Amortized
1 point: 5.875%
2 points: 5.375%

Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.

Broker ID# 01807122. Mortgage rates are specific to each
individual’s financial scenario. These estimates are based on scenario
with a conforming loan amount, FICO of 780, 20% down, full
documentation, reserves, owner occupied, 30 day lock. To complete a request for your individual estimate click HERE.

Down Payment Assistance

Good News San Diego 1st Time Home Buyers!!!! A new down payment assistance program is available to help. Check out their website below.

www.GetDownPayment.com

Information from their website:

“Thanks to The Nehemiah Program ^®, more than 250,000 individuals and families now own homes.

Let us help you achieve the American dream:

• Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs
• Gift funds for both first time and repeat homebuyers
(Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
• Gift funds for both new construction and resale homes
• No repayment of gift money
• No income or asset limits
• No geographical restrictions

If you are a qualified homebuyer using an eligible loan program, such as an FHA loan, you may be able to move into your new home with zero cash out of pocket! The Nehemiah Program can help you become a homeowner!”