30 year fixed rates for FHA loans continue to fall to 45-50 year lows. The 30 year fixed rate is in the low 5% range. Did you you know that if you have a FHA loan you can do a streamline refinance without an appraisal, income documentation or credit report? For a very low cost you could drop you rate into the 5% range and fix it for 30 years.
Also, if you need to pay off any high rate bills, car loans, etc…you can do a FHA cash out refinance and pay off all these higher rate bills and put them into your mortgage at a 5% range 30 year fixed rate. And now the interest becomes tax deductible.
Give me an email today at rob@affinity-financial.com and we can analyze your situation today.
A little known home loan program available today is 100% zero down financing on rural properties. This is a true zero down program. The qualification is similar to an FHA loan or any other type of conventional loan based on your income and credit. Your credit does not have to be perfect. You can use this loan on a single-family home, manufactured home, condo, townhouse and more.
Some areas in Southern California that qualify.
San Diego County:
- Ramona
- Alpine
- Valley Center
Riverside County:
- Coachella
- Desert Hot Springs
- Winchester
- Idyllwild
San Bernardino County:
Imperial County
…and much more.
We can handle 100% financing on any rural property throughout the state of CA. There are hundereds of towns that qualify all throughout the state. Give us a call or email and we can discuss. Rob 858-922-7899, rob@affinity-financial.com
Today brings the release of existing home sales, new home sales, and housing price data. All mortgage news that is not expected to excite investors or economist about recovery in 2009. However, Wednesday’s Mortgage Bankers Association’s mortgage applications data is likely to be a ray of hope with mortgage rates trending downward.
Those who think that the credit crisis put the brakes on mortgage lending this year may be surprised to see mortgage levels deteriorate even more in 2009. Many experts expect to see the pace of both commercial and residential mortgage loan activity grow even more sluggish next year.
President-elect Obama says he has his team working on a bold plan to create 2.5 million jobs by January 2011.
Many critics-especially those who stand to lose money when mortgage restructuring occurs-say that loan modifications may only be delaying inevitable foreclosures. They argue that loan modification can mask problems temporarily, but can’t make those troubles go away.
The first lesson of personal finance is to budget your income and spend wisely. The second lesson is to get even more conservative about your spending when recession is knocking at the door.
The Federal Reserve and Treasury, faced with growing challenges and public outcry related to urgently needed bailout plans, are now attacking high mortgage rates. By doing so, they hope to help thaw credit markets, revive the dying real estate sector, and boost the overall economy.
US bank regulators continue to report escalating re-default rates on mortgage loan modifications. Data being assembled by bank regulators is showing a steady trend of rising month-over-month loan work-outs falling back into delinquency within six months.
Finally, the feds may have made a strong move to start thawing the credit markets. The FDIC’s TLGP is giving financial institutions the power to raise cash by issuing low-risk debt securities.
