FHA Mortgage Insurance Premiums UPDATE

 

The new FHA MORTGAGE INSURANCE PREMIUMS go into effect for CASE NUMBERS
assigned on or after 10/4/10

NOW is the time to contact your potential FHA buyers & clients (especially
those possible FHA streamline refinances) and get word out. If they want a
choice of options, they need to get a purchase contract and/or a loan
application in NOW. The new MIP has merits in that it will be a lesser loan
amount financed and therefore less loan to pay off when people sell their
house. However, it causes a HIGHER PITI payment that may not be appealing
to people.

Current upfront mortgage insurance premium – 2.25 bps ~ On or after
10/4/2010 – 1.00 bps ~ LOWER!

Current monthly MIP – .55 bps ~ On or after 10/4/10 – .90 on LTV’s > 95%
~ HIGHER!

Take a look at the attached analysis here: FHA_Premium_Changes_Analysis[1] to see the significant difference this
change will make on a $150,000 purchase price. You will notice the lower
UMIP will mean an $1800 lower loan amount. But, the much higher monthly MIP
would increase the monthly payment $32! This is going to have an impact on
borrowers and their financing options. Call or email me with questions! We
are closing FHA loans in 30 days!

Courtesy of Kathy Lamb Union Saving Bank

Published in: on September 10, 2010 at 02:04  Leave a Comment  
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Market Update: Interest Rates

It sounds like a broken record…but rates continue to stay at record levels with no sign that rates are going to increase anytime soon!

30 year fixed rates are averaging 4.75% with no points and approximately 4.50% with an origination fee (which is the rate quoted on a national basis).

The 10 year fixed w/ 30 year amortization is a great program to consider with rates at 4.25% on average! How many home buyers stay in a home or mortgage longer than 10 years?

Fixed rates are hard to pass up in this market, however this 10 year program is a great alternative to a lower monthly payment…

Have a great weekend!

Published in: on July 18, 2010 at 08:21  Leave a Comment  
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Interest Rates at a all time low in the Tri-state!

Courtesy of Kathy Lamb

With rates holding this percentage, buyers moving into the market or sellers being freed up to buy must recognize NOW is the moment to move! The speculation for interest rates to move up is inevitable, and this is your opportunity to move. Seller should also be aware that low-interest rates are a great marketing piece to move their homes!

Contact Kris Cooper @ 513-519-3912 for neighborhood data along with any questions about the process of buying or selling right now.

30 YR – 4.75%

20 YR – 4.625%

15 YR – 4.25%

5/1 ARM – 4.25%

Union Savings Bank has the lowest costs in town – purchases and refinances!

Spread the word!!!

FHA – 4.75%

Kathy Lamb

Mortgage Consultant

Union Savings Bank

8534 E. Kemper Rd

Cincinnati, OH 45245

(513) 310-3301  Direct

(866) 871-1907  Fax

Published in: on June 23, 2010 at 02:46  Leave a Comment  
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Tax credit closing date EXTENDED!!!!

U.S. Senate passed yesterday (60-37) an amendment that would extend the homebuyer tax credit “Closing Deadline” from the current June 30 date to September 30, 2010.

The amendment (introduced by Sens. Harry Reid, Johnny Isakson and Chris Dodd) is now part of a much larger emergency spending bill – which includes extension of certain unemployment benefits, increasing Medicare payments to physicians and flood insurance – to name a few.

Timing

Senate Majority Leader Harry Reid will likely file cloture today which means the Senate could vote on the entire emergency spending bill early next week (week of June 21st).

The U.S. House of Representatives would then need to approve the extension, likely to occur by the middle to end of next week (week of June 21st).

Assuming the House approves the extension, it then would go to President Obama for his signature, at which time it would become law.

What does this mean?

All indications are that the extension of the Closing Deadline is likely to occur.

However, as with any piece of legislation being considered by Congress, there are no guarantees until the final votes occur.

In the meantime

If you have a pending closing(s) for “tax credit” buyers, it would certainly be in your best interest to continue to work to complete them by the existing June 30 deadline.

We will provide updates on this issue as they occur. If you have any questions or need additional information, please contact me at 513-842-3014 or mquarry@cabr.org.

Take Care,

Mark

Mark J. Quarry

Director of Government Affairs

Cincinnati Area Board of REALTORSâ

Published in: on June 18, 2010 at 09:00  Comments (1)  
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Market Update: Interest Rates

HFN Partners with Kathy Lamb at Union Saving Bank to make financing this attractive and this easy.

4.875% 30-YEAR FIXED

LIMITED TIME ONLY

NEW BORROWERS ONLY

PURCHASE OR REFINANCE

Closing Costs As Low As $250 Refinance* / $500 Purchase*

*Costs vary based on LTV, credit score and cash out

CLOSE WITHIN 30 DAYS!!!

Call Me Today To Discuss Details!

Kathy Lamb
Mortgage Consultant
Union Savings Bank
8534 E. Kemper Rd
Cincinnati, OH 45245
(513) 310-3301 Direct
(866) 871-1907 Fax

Published in: on June 3, 2010 at 16:20  Leave a Comment  
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Market Update: Interest Rates

Mortgage rates continue to remain at record levels…30 year fixed rates averaging 4.875% at week’s end!

Product of the week…FHA 7 Year ARM @ 4.125%

Purchase with as little as 3.5% down payment and lock into a rate for 7 years at 4.125%…great product for first time home buyers or those looking to move up with minimal down payment!

Have a great holiday weekend.

Published in: on May 31, 2010 at 05:08  Leave a Comment  
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The Improving Mortgage Rates at a closer glance

We can all breathe a bit easier going into the weekend after we saw the stock market bounce back late Friday and end on a positive note after watching the market sell off dramatically all week!   The good news to us in the Real Estate profession when the stock market sells off, investors look for safety in treasuries which allows for mortgage rates to improve.  

30 year fixed rates were averaging 4.75 to 4.875%, on Friday (average because final rates are based upon loan program, loan to value and credit scores).

With the senate passing there version of financial reform…it looks like we could see a bounce in equities this week which could push rates back to those 5.00% levels once again.

One thing that is very clear with the senate’s version are the days of qualifying for mortgage loans with little to no documentation could be over for good.   They made it very clear that lenders must consider an applicant’s income, assets and credit history when determining whether someone can qualify for a mortgage loan!   Seems to make sense, however this was clearly stated in the bill.

Over-all rates continue to remain low and do not look to increase dramatically anytime soon…so this will allow for buyers to purchase homes at historically low rates, even though the tax credit has expired!

Have a great weekend.

Published in: on May 23, 2010 at 15:11  Leave a Comment  
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Market Update: Interest Rates

Keeping a close eye on the ever moving Mortgage Rates:

See the rates from all the local banks here in Cincinnati

In addition Union Saving is offering rates that look like this:

30 YR FIXED RATE IS AT A 2010 LOW – BACK TO 2009 LOWS!!!

4.875% – 0 points

20 YR FIXED – 4.75% – 0 points

15 YR FIXED – 4.375% – 0 points

Closing costs as low as $250* for refinance and $500* for purchases

(plus, $100 recording fee)

*Costs may vary based on credit, LTV & cash-out

These rates are below 5% for the first time since 2009. These rates are a welcome gift to all current buyers looking to move up or move out.

Published in: on May 21, 2010 at 06:58  Leave a Comment  
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Interest Rate deal of the Week!

How about 5% 30 yr fixed with closing costs as low as $500 on a purchase
($250 refinance)?

Or, 4.875% on an FHA loan??

Rate sheet is here Rates_Union_Savings_0510[1]for your reference over the weekend! I will be
available and accessible all weekend long, so never hesitate to call or
email me! ENJOY!

HFN partners with Kathy Lamb at Union Savings for these type of deals!

Kathy Lamb

Mortgage Consultant

Union Savings Bank

8534 E. Kemper Rd

Cincinnati, OH 45245

(513) 310-3301  Direct

(866) 871-1907  Fax

Published in: on May 14, 2010 at 16:33  Leave a Comment  
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Weekly Mortgage Rate Update

Just a quick weekly update from your Mortgage Partners:

Rates
30 year fixed 5.125%
15 year fixed 4.50%
7/1 ARM 4.25%
5/1 ARM 3.75%
FHA 5.125%
Jumbo Fixed 5.85%
Jumbo 5/1 ARM 4.15%

Market News
Stocks are trading higher this morning based on last Friday’s positive Jobs Report, which was released when the market was closed for the Easter holiday. The boost in Stocks is applying selling pressure to Mortgage Bonds.

In today’s news, Pending Home Sales saw an 8.2% jump during February, which is a good sign for the housing market.

With Mortgage Bonds already under selling pressure and with another Treasury auction due this afternoon, I recommend locking loans at this time.

Published in: on April 8, 2010 at 15:59  Leave a Comment  
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