Current Jumbo Mortgage Rates and Guidelines
Sunday, January 31st, 2010Current Mortgage Rates and what you need as far as credit scores and down payment to get these.
(Keep in mind rates move daily and this is a snapshot of rates) Ok so Jumbo Mortgages as you know if you have one or are shopping for you know or will know the differnce between rates and guidelines.
Lets look at ARMS, which are becoming more popular for Jumbo purchases. One bank in particular we are able to broker out to has the best rates in the nation. Down payments for this program are higher but the rate is worth it if you have the down payment. Condos have lower 5% lower LTV and new construction has a 15% lower LTV.
Credit Scores of 680 are needed for the programs listed below. These rates are good for purchases only. Refinances are not allowed in Texas.
LTV Requirements are:
75% LTV up to 850K
70% LTV up to 1.5M
65% LTV up to 2M
55% LTV up to 2.5M
50% LTV up to 3.0M
Rates for a 5/1 ARM are 4.25%
Rates for a 7/1 ARM are 4.625%
There are several other banks who have good pricing but not this good. Below is lender who has a program for 10 and 15% down purchases. This program is amazing because there is no mortgage insurance. Credit scores can go as low as 680 but these rates are based on a credit of 720+ . Rates for the 30 year fixed program here are not great, but only a few banks in the country have a 10% or 15% down payment program with no MI.
90% LTV up to 500K
Rates for a 5 year ARM are 5.6%
Rates for a 7 year ARM are 6.3%
Rates for a 30 year Fixed are 7.35%
85% LTV up to 800K
Rates for a 5 year ARM are 5.4%
Rates for a 7 year ARM are 6.2%
rates for a 30 year Fixed are 7.15%
Moving on to 80% LTV and 75% LTV for ARMS and Fixed purchases and refinances. This pricing comes from Envoy Bank and is sold directly to Chase. Chase happens to have amazing pricing for 80% LTV and 75% LTV rate/term refinances and purchases. A credit score of 720 is needed for these mortgages. 1-4 unit properties are allowed
80% LTV up to 1M
75% LTV up to 1.5M
70% LTV up to 2M
Rates for a 5 year ARM are 5.0%
Rates for a 7 year ARM are 5.25%
Rates for a 30 year Fixed are 5.75%
As always if you have any questions, please feel free to call, email, or send a smoke signal.