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By Andre' Shambley | Agent in Miami, FL

Miami's Monthly Mortgage Digest

Miami Best Real Estate Team's 

   Mortgage Digest  
brought to you by J. F. Shambley, Access e*Mortgage

Mortgage Rates Hit the Lowest Levels of a Lifetime

Break out the champagne!  Of all the depressing economic news, mortgage rates isn't one of them.  Freddic Mac now reports interest rates for 30-year fixed rate mortgages now average 4.25 percent just under 4 percent for a 15-year fixed.  Mortgage rates haven't been this low since the 1950s!
It is very interesting to see mortgage rates at this level because many analysts felt that rates would start to move much higher as the economy recovered.  While the economy is in the process of recovering it seems that mortgage interest rates remain low.
For many Americans it is very difficult to lock in to mortage interest rates at this level because of bad credit issues.  Through the recession Americans had to greatly cut back because they lost their job or got paid much less for the same job they were doing.  With this being the case some Americans neglected personal loan and credit card payments.

By not paying on their credit cards they likely saw a drop in their credit score.  With a bad credit score lingering it is much harder to lock in to today's lowest mortgage interest rates.  Fortunately, bad credit mortgage rates seem to be at relatively attractive levels as well.  Please note that bad credit borrowers will not receive interest rate offers under 5%.

With most mortgage lenders reporting mortgage interest rates below 5% it should come as no surprise to see many Americans looking to refinance today.


New 97% Financing Program for Condos 
The new program dubbed Regions Affordable 97 allows condos to be financed with only 3% down and they do not have to be on the FHA's approved list.  This is a portfolio loan that Regions will keep and not sell off to Fannie Mae or Freddie Mac therefore they can set their own guidelines and make underwriting decisions on their own.
This is a great program for individuals who are first time buyers and have the income that doesn't exceed certain limits that can buy condos that aren't on FHA's short list because they don't have the 20% down payment required.
If the specific property is approved or has recent conventional Fannie Mae/Freddie Mac closings - this program should be an easy conversion and a great deal for the buyer with no PMI like FHA has!
Below are the guidelines. Contact me to see if you qualify.

· 97% LTV - Seller can pay up to 6% concessions towards buyer's closing costs

· Income for borrower cannot exceed 80% of HUD median income limits

· Non-traditional credit accepted

· Mortgage Insurance / PMI (not required)

· No Minimum Reserves

· Builder Assistance Programs Option available

· Pledged Asset permitted (3% pledge may be gift or borrower's own funds)

· Regions Declining Market Policy does not apply to these products

· DPA programs available when on Regions Active/Approved DPA list

Keep in mind that non warrantable and special asset condos are not eligible for the FHA product adding to the benefit of the Regions Affordable 97 product.

 Close your next real estate transaction with Jacinta Shambley, Access e*Mortgage and Miami Best Real Estate Team/ERA Herman Group and we will refund your appraisal fee at closing.  Or we can make a donation to a charity of your choice on your behalf.   
Coupon is Transferable! 
 Jacinta Shambley, Loan Specialist Direct: (786) 379-5626   Email: eloansource@aol.com

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