This entry was posted on Monday, March 31st, 2008 at 4:41 pm and is filed under Mortgage Programs, Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Sacramento Mortgage Rates: Below 6% Again
Freddie Mac reported that 30 yr fixed rates had dropped to an average 5.875% with one-half point last week. Today was a fairly quiet day devoid of economic news that would sway the markets. The big news of the week comes Friday with March’s employment numbers. Economists surveyed expect a net loss of 70,000 jobs, exceeding February’s 63,000 loss.
CalHFA Pulls Back Max LTV
CalHFA has cut back its maximum loan-to-value in “declining markets” from 100% to 95%, following a long processional of lenders and programs that have recently said goodbye to 100% finanincing. FHA (97% LTV) is all that is left, but if you add a twist of Nehemiah you can get to 103% of the purchase price. Again, there are no income limits for FHA or Nehemiah, and the maximum FHA loan limit has been increased to $580,000 for the Sacramento MSA.
Need help with an FHA loan? Don’t trust your future to someone who has only just started doing these. Call me.