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Jeff Hutchison's Blog

By Jeff Hutchison nlms#97046 | Mortgage Broker
or Lender in Chicago, IL
  • VA streamline refinance rates - NO APPRAISAL - todays VA loan rates from banks, credit unions, lenders, broker

    Posted Under: Financing in Virginia  |  June 20, 2012 8:03 AM  |  2,738 views  |  2 comments

    VA streamline refinance rates 

    UPDATE 08/23/2013: Are you looking for a VA streamline with NO appraisal? and the lowest VA loan rates? Rates have moved off all time lows but still low on VA streamlines. Compare VA loan rates from banks, credit unions, lenders, and brokers.


    UPDATE 02/26/2013: Are you looking for a VA streamline with NO appraisal? and the lowest VA loan rates? VA streamline IRRRL rates have dropped again and We still offer the VA streamline IRRRL with NO APPRAISAL. Get a quote from an experienced loan professional at Emery Federal Credit Union today with no social security number.


    UPDATE 01/29/2013: Pricing is changing on the VA streamline IRRRL refinance loan. Investors are cutting off financing for some lenders offering the VA streamline with NO appraisal. We still offer the VA streamline IRRRL with NO APPRAISAL. Get a quote from an experienced loan professional today. 


    Update 11/09/2012: Pricing improves on VA Streamline Rates with NO APPRAISAL

    Update 10/17/2012: 30 year VA streamline IRRRL fixed rates with 0 costs and additional wholesale lender credit towards property taxes at 3.25% a.p.r. and no income verification.




    Update 11/15/2011: VA streamline refinance rates drop to 4.0% 30 year fixed 0 closing costs. Check current VA streamline refinance rates from VA approved lenders and banks at http://current-mortgage-rates.net/compare-mortgage-rates/va-mortgage-rates/va-streamline-refinance-rates/ and/or http://mychartermtg.com/mortgage-rates/va-mortgage-rates/va-irrrl-rates/ and/or http://fha-rates-today.com/mortgage-rates/va-mortgage-rates/


    UPDATE: 05/06/2011: VA streamline refinance rates 4.50% 30 year fixed 0 points 0 lenders fees.
       
  • Fannie Mae HomePath loan guidelines and rates

    Posted Under: Home Buying in Virginia, Financing in Virginia  |  June 15, 2011 8:30 AM  |  2,288 views  |  No comments




    Update 11/14/2011

    30 Year fixed rates 4.0% on the Fannie Mae HomePath loan for primary residences with excellent credit.  5/1 and 7/1 arms available with 3% down and NO PMI.  Get guidelines and rate quick quotes at
    http://www.mychartermtg.com/fanniemae-homepath.html


    Update 06/15/2011

    30 Year fixed rates 4.5% on the Fannie Mae HomePath loan for primary residences and great credit.  5/1 and 7/1 arms available with 3% down and NO PMI.  Get guidelines and rate quick quotes at http://www.mychartermtg.com/fanniemae-homepath.html



    Update 06/09/2011

    We are still able to offer investment financing on the HomePath loan program only (not the renovation loan) with 15% down and NO PMI.  Most companies able to offer Fannie Mae HomePath financing are now requiring a  20% - 25% down payment on investor properties.

    Restrictions are:  may not own more than 4 properties including the property to be financed.  Must have a 620+ credit score.


    ****ALSO offering expanded level approvals with Debt to Income ratios up to 50% on primary residence and second home.  Expanded level approvals at 80% max ltv and 620 minimum credit score.  Fixed rate only.
      

    ****ALSO offering loan amounts up to the high balance limit in high cost/high balance areas.  Up to 90% ltv (10% down) with 700+ score, up to 75% ltv with 660+ score.  75% max ltv with 680 score on ARM products. 

    Can lend in all 50 states.  Direct lender and Better Business Bureau A+ rated National Bank.  

     




    Update:  03/02/2010


    We are still able to offer investment financing on the Fannie Mae HomePath loan program with only 10% down and NO PMI.  Most companies able to offer Fannie Mae HomePath financing are now requiring a  20% - 25% down payment on investor properties.

    Restrictions are:  may not own more than 4 properties including the property to be financed.  Must have a 660+ credit score.

    Can not be a renovation property, must not need renovation financing per homepath.com

    Thousands of properties available for investors with only 10% down, NO PMI, and NO appraisal.  All properties financed through us come with a warranty. 

    All loan terms are available:  30 year fixed, 20 year fixed, 15 year fixed, 5/1 arm, 7/1 arm, 10/1 arm.  Rates are near all time lows now.  Contact a Senior Loan Officer for Details.
     
     


    Press Release:  02/01/2010 - Fannie Mae is now contributing 3.5% of the purchase price towards closing costs and/or energy efficient appliances on all Fannie Mae REO's.  Our agents have typically been able to get Fannie Mae to pay all costs to avoid PMI with only 3% down payment. 

    Adjustable rate mortgages are now also being offered on Fannie Mae Homepath rates with loans fixed at periods ranging from 5 years to 10 years.  This will give buyers a lower mortgage rate and payment while providing a safey net for the 7 year and 10 year fixed rate period on the adjustable rate mortgages. 

    Example:  7/1 fannie mae homepath arm rate is 4.25% fixed for first 7 years.  Fannie mae pays 3.5% towards costs.  Buyer has a rate fixed at 4.25% for 7 years with NO PMI while putting only 3% down on the property - This is available on a Primary Residence Only at 3% down.
     


    The Fannie Mae HomePath loan program is a very specific loan program developed by Fannie Mae to make financing easier for purchasers of Fannie Mae Real Estate Owned Foreclosures.  It is available only on Fannie Mae REOs and allows borrowers to put only 3% down with no PMI, and no appraisal is necessary on Primary Residences or 2nd Homes (2nd home buyers are required to put down a minimum of 5%).  The entire down payment on a primary residence can be a gift from a relative.  UPDATE 11/6/2009:  We require 10% down payment on 2nd homes. 


    This financing is also available for purchasing a Fannie Mae REO as an Investment property but does have some limitations.  There is only a 10% down payment required when the total number of properties financed by one buyer is 4 or less, and includes the borrower's primary residence.  Once a borrower exceeds 4 financed properties the required down payment on the Fannie Mae HomePath loan program goes to 20% for investment properties. 


    We can allow Fannie HomePath financing with credit scores down to 580 (minimum 20% down payment which can be a gift from a relative).  The minimum score required to waive PMI is 660 and in some cases 680. 


    There are two types of Fannie Mae HomePath loans.  One is atraditional type of conventional loan and the other is a renovation style loan program.  The renovation loan allows for repairs to be escrowed into an account held by the attorneys for repairs to be completed by a licensed contractor.  The monies held in the escrow account are distributed based on completetion dates for the various renovation projects on the property. 


    The closing documents must be in the attorneys office no later than 48-72 hours prior to closing (depending on the attorneys closing the loan) for Fannie Mae HomePath financing.  This is because the settlement statement and deeds have to be signed off on by an authorized agent of Fannie Mae at one of their corporate offices.  It is crucial that the delivery meets these time frames.  This is partialy why we are a recommended provider of this relatively new program.
      


                                

    We have been able to assist the real estate agents in getting fannie mae to pay the fees to eliminate PMI for the purchaser.  Rates and costs for Fannie Mae HomePath financing are based on credit scores and ltv.For example:  at 95% ltv with a credit score of 720+ there is a 2.5% fee to waive PMI.  With lower scores the fee to waive pmi will be higher but can be absorbed.  At 97% the fee is 3.625% of the loan amount to waive PMI.  Fannie Mae typically pays for this.


    We have closed Fannie Mae HomePath loans at 3% down (which can be a gift from a relative) with no PMI at 5.0% 30 year fixed. There were no appraisals or appraisal fees.

    Get a quick quote on the Fannie Mae HomePath loan with no social or personal information - or apply online for the best rate and terms you will find anywhere.  You will save in finance charges and closing costs with a lower wholesale rate vs. our competition. 




    Fannie Mae HomePath rates
  • FHA streamline refinance rates 0 points 0 lender fees - compare fha rates from banks, credit unions, lenders, brokers

    Posted Under: Financing in Virginia  |  October 26, 2010 2:30 PM  |  1,126 views  |  1 comment
    fha rates - fha lenders - fha loans

    FHA streamline refinance mortgage rates update 03/31/2014:  FHA mortgage rates drop at Allied First Bank.  Our  FHA mortgage rates are among the lowest in the country.  We are FHA loan experts.  Get a current  fha streamline refinance mortgage rate quote at:   
    http://www.alliedfirst-mortgage.com/ 


    Update 08/23/2013: FHA streamline refinance rates stabilize after recent upward trends. FHA rates still near historical lows with no appraisal on fha streamline refinance loans. Click link above for fha streamline rates from banks, lenders, credit unions, and fha mortgage brokers.



    Update 02/26/2013: FHA rates improve on the fha streamline refinance. Have you streamlined your existing fha loan yet? Get quotes from fha lenders and banks and lock in your fha streamline rate.


    fha rates - fha streamline rates - fha lenders - fha loans


     


    Update 01/29/2013: 30 year FHA streamline refinance rates with 0 costs, skip a mortgage payment, and additional wholesale lender credits towards your new escrow account for property taxes and home owners insurance.


    Update 11/08/2012: Obama re-election bad news for the stock market, good news for the mortgage bond market. Check FHA rates from lenders and banks.

    Update 10/17/2012: 30 year FHA streamline refinance rates with 0 costs, skip a mortgage payment, and additional wholesale lender credits towards your new escrow account for property taxes and home owners insurance.




    Update 04/10/2012: FHA mortgage closing costs decrease. FHA mortgage insurance increases. FHA streamlines on current FHA loans originated prior to June 1st 2009 will have a mortgage insurance decrease.


    Update 11/14/2011:  FHA 30 year fixed streamline refinance rates back down to 3.75% with 0 points and 0 lenders fees!  Compare FHA streamline refinance rates from FHA approved Lenders and Banks at http://fha-rates-today.com/mortgage-rates/fha-mortgage-rates/fha-streamline-refinance-rates/


    Update 10/26/2010:  FHA 30 year fixed streamline refinance rates drop to 4.0% with 0 points and 0 lenders fees!


    Update 10/06/2010:  MIP has changed from .55 to .90 for fha streamline refinance loans.  FHA Up front mip has been reduced to 1.0% from 2.25%.  Loan fees reduced for 3.875% 30 year fixed fha streamline refinance.  30 year fixed 4.25% with 0 closing costs. 


    Update 09/20/2010:  FHA MIP is increasing from the current monthly factor of .55 - .90 effective October 1st, 2010.  The new upfront mortgage insurance premium will be reduced from 2.25% to 1.0%.


    UPDATE 08/14/2010:  FHA streamline refinance rates drop to 4.0% 30 year fixed.

    UPDATE 07/31/210: FHA streamline refinance rates 4.0% 0 points, 0 lender fees.

    UPDATE 07/18/2010:  FHA streamline refinance rates remain at 4.25% 0 points, 0 lenders fee, lender credit towards 3rd party fees.

    UPDATE 07/05/2010:  FHA streamline refinance rates 4.25% 0 points, 0 origination.

    UPDATE 06/23/2010:  FHA streamline refinance rates drop again to 4.25% 0 points. 
    UPDATE 06/16/2010:  FHA streamline refinance rates fall to all time lows.

    http://www.fha-rates-today.com/fha-streamline-refinance-rates.html


    FHA 30 year fixed Streamline Refinance Rates are at ALL TIME low 30 fixed FHA rates at 4.00%.  Now is an excellent time to capture FHA Streamline rates under 5.0% with out an appraisal - while rates are still low. 

    ****UPDATE 02/16/2010 -  HUD is increasing the amount of mortgage insurance charged on FHA loans both upfront, and monthly.  The FHA Up Front Mortgage Insurance Premium is currently 1.5% on FHA Streamline Refinance Loans and is increasing to 2.25% with all case numbers assigned on or after April 1, 2010.  The monthly FHA PMI will be increasing to a factor of .75 from current factor of .55   If you are thinking about an FHA streamline visit our site for more info. 

    ****UPDATE 12/29/2009 - FHA Streamline Refinance Guideline and Program change from FHA - Maximum loan amount calculation has changed for FHA streamline Refinance Loans.  New maximum loan amount is the principal balance on existing loan less any FHA refund of paid up front mortgage insurance premium on current loan, plus the new FHA up front mortgage insurance premium on the new loan.  

    ****UPDATE 12/24/2009 - FHA Streamline Refinance Guideline and Program change from FHA - Any cash required at closing must be sourced from customers own funds and seasoned for 60 days in customers own account.

    ****UPDATE 11/26/2009 - FHA Streamline Refinance Guideline and Program change -There has been a change and the minimum credit score for the FHA streamline refinance loan is 640. 
    FHA streamline refinance rates for a 640 credit score are extremely low now and the FHA streamline refinance loan enables many borrowers to refinance to a lower rate with no appraisal or appraisasl fees. 


    Mortgage payments over the last 6 months must have 0 payments that have gone over 30 days late.  The 6 months prior to that can have 1x30 day late payment max in order to be able to refinance under the FHA Streamline Refinance program.


    Current FHA Streamline Refinance Rates.
    640 minimum credit score required on all FHA streamline refinances



    30 year fixed FHA Streamline Refinance Rate -  3.75%
    5/1 Arm FHA Streamline Refinance Rate - 2.75%

    30 year fixed JUMBO FHA Streamline Refinance Rate 4.25% 0 closing costs 720+ score.  

    *****Click on Rates above for quick quote by state and county
     - No Social Security Number or personal information required for quick quote on an FHA Streamine Refinance Loan. 




    FHA Streamline Refina
    ncing:
    FHA does not place any limitations or restrictions on the amount of times you can refinance under the FHA Streamline Refinance Program as long as it makes sense and benefits you. 

    Since there is very little paperwork and NO credit qualifying, NO debt to income ratios, and NO appraisal it is very simple and easy.  This makes any savings worth while on a new lower 30 year fixed FHA Streamline Refinance Rate.

    FHA limits the new loan amount on the FHA Streamline refinance to the balance of the loan being refinanced + the new up front mortgage insurance premium - any refund of the old up front mortgage insurance premium.  The maximum loan amount on the new FHA streamline refinance is easily determined by the professionals at www.mychartermtg.com/fha-streamline-rates.html

     


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    With home values plummeting over the last 3 years the FHA Streamline Refinance is an excellent option for many home owners with current FHA loans.  Taking the appraisal out of the equation eliminates not
    only time and money ($400 - $450) for an FHA appraisal, but also valuation issues that arise due to lack of comparable sales or even an overabundance of foreclosure sales in the immediate area.








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    This is an excellent time to lock in your savings on the FHA Streamline Refinance while FHA Streamline Refinance Rates are at an ALL TIME LOW. 
 
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