bestflatratemortgage.com

The Best Flat Rate Mortgage

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When shopping for a new mortgage, whether your a first time home buyer or a seasoned pro, what you want is a great deal and great service.

At Best Flat Rate Mortgage, that is what we offer. I will take the time to educate you about all of your options as well as the mortgage process.

I will take you by the hand and walk you through the complicated maze that real estate financing has become. 

I realize that a mortgage will be arguably the largest financial and emotional transaction you ever make and I will treat you and your mortgage accordingly.

You may be asking yourself if this just applies to certain types of loans and the answer is no.

I offer the same great services and rates for Conventional Mortgages, FHA Mortgages, VA Mortgages, USDA Mortgages, Jumbo Mortgages & New Home Construction Loans!

If you have any questions or you would like to get pre-approved for a new mortgage, please feel free to fill out the form below or call us at (877)228-9069

  

Contact Us.

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Today’s Conforming, Fannie Mae/Freddie Mac Mortgage Rates.

May 6, 2010

*Please note that Fannie Mae Rates are subject to change, sometimes several times per day.*

*All Fannie Mae Rates assume a credit score of at least 740.*

*All Fannie Mae Rates posted are based on 30 day locks. *

*Please note that the Fannie Mae Rates posted are subject to adjustments for the following criteria*

1) Loan amount.

2) State specific adjustments.

3) Property type

4) Occupancy

5) Loan to value


Conforming 30 year fixed

With 1.375 point – 4.50%! – APR of 4.696%

With 0 points – 4.750%! – APR of 4.827%


Conforming 15 year fixed.

With 1 points – 4.00% – APR of 4.218%

With .250 points – 4.125% – APR of 4.294%


Conforming 3/1 year ARM

With .50 point – 3.25% – APR of 3.451%

With 0 points – 3.375% – APR of 3.446%


Conforming 5/1 year ARM

With .125 point – 3.25%! – APR of 3.330%

With 0 points – 3.375%! – APR of 3.446%


Conforming 7/1  year ARM

With 1 point – 3.50%! – APR of 3.592%

With 0 points – 3.625%! – APR of 3.697%


Contact us for free, no obligation customized quote for today’s Conventional Mortgage Rates.

Compare Today’s Conventional Mortgage with our USDA Rates, Today’s FHA Rates and Today’s VA Rates


Information provided is solely for use by licensed real estate agents, builders and consumer use but not for distribution. Rates and APR are accurate as of date shown above and subject to change without notice. *APR and rates are based on $200,000 loan amount with 5% down and 30 day rate locks.

New Private Mortgage Insurance Changes!

We finally have some good news in the mortgage industry!

95% loan to value is now available on conventional mortgages in California, Arizona and Nevada.

(Not available in Florida)

Here are some of the program guidelines.

- 740 credit score required for California and Arizona.

- 760 credit score required for Nevada

- 720 credit score for all other approved states (not available in Florida)

- 45% debt to income ratio.

- Maximum loan amount is $417,000.00.

- Single family residence and detached planned unit developments.

- 720 credit score for all other states.

- 45% debt to income ratio available – all credit scores (41% in Florida)!

- 90% loan to value also available with a 680* score , maximum debt to income ratio of 41%

up to $417,000.00 (* minimum 720 score in California, Arizona, Nevada and Florida).

Feel free to contact us for more information or a customized rate quote.

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Residential Construction Loans Are Making A Comeback!

Residential construction loans are staring to pop up again which is great news!

We can offer the following residential constructions loans.

The Owner Builder Program:

Build a new home.

For borrowers constructing their primary residence.

Owner-builder and contractor built are both acceptable!

Here are some of the guidelines for new home construction loans.

1) For Owner Occupied:

- Maximum loan to value is 70%.

- Term of loan – 6 months.*

- Minimum credit score of 700.

2) Non-owner occupied.

- Maximum loan to value is 60%

- Minimum credit score of 700.

- Term of loan – 9 months.

Other new home construction loan parameters:

Property:

Single family residence – stick built only. 1-2 units acceptable for non-owner occupied.

Appraisal based on a maximum of 5 acres with close, recent and similar sold comparables; non-rural.

Loan limits:

$50,000.00 to $400,000.00

Credit and credit scores:

Use the lowest mid-score of all applicants.

Five year seasoning on all bankruptcies.

No reporting foreclosures, short sales or deeds in lieu of foreclosure.

Terms:

All loans for construction term only, not permanent.

Interest only payments based on gross loan amount, due monthly.

Subject to:

Builder approval and construction budget approval.

General notes:

No land payoff, subordination not allowed. Land value not included in cost calculations (LTC).

Add 1% to fee for completion requests (no debt payoffs). All non-owner occupied requests require

a satisfactory business plan. Construction industry related borrowers must qualify using non-owner

occupied guidelines. Stated income available for non-owner occupied programs.

4506 tax form required.

The Spec Program:

Build a new home

Spec financing for builders constructing a home they will sell.

Please see the guidelines for non-owner occupied restrictions.

*3 month extension option available*

Lending in the following states:

Alabama

Hawaii

Maryland

New Jersey

Alaska

Idaho

Massachusetts

New York *

Arizona

Illinois

California

Indiana

Colorado

Kentucky

Georgia

Maine

Michigan

Missouri

Minnesota

Nevada

North Carolina

Ohio

Oregon

Pennsylvania

Tennessee

Texas **

Utah

Virginia

Washington

Owner occupied program is not offered in

Indiana, Maine, Minnesota, New Jersey, North Carolina or Ohio

*Consumer loans in New York require a minimum loan of $300,000.00*

** Owner occupied self-build projects in Texas require existing home ownership in Texas**

Contact us for more information.

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We Have A New Jumbo Mortgage Loan Program Available In All 50 States!

This unique Jumbo Mortgage Loan offers one thing that you’ll be hard pressed to find anywhere else and that is financing up to 90% of the appraised value even in a declining market! That’s right, this program is available in declining markets like , Nevada, Arizona, California and Florida to name just a few.

This program does require Private Mortgage Insurance for any loan over 80% of the appraised value but it is possible to add a second mortgage to avoid the Private Mortgage Insurance.

We offer this Jumbo Mortgage with the following terms:

3/1 ARM

5/1 ARM

7/1 ARM

30 Yr. Fixed

15 Yr. Fixed

Here a few of the guidelines for this Jumbo Mortgage Loan.

* Maximum DTI (debt to income) ratio is 40%

* Cash-Out – Maximum of  75% LTV

* No Power-of-Attorney if doing a Cash-Out refinance

* Escrows Required – Escrows waived as an exception with .25% fee

* Self employed borrowers must have 2 yrs. Business & Personal Tax Returns including all schedules.

* Reserves – Minimum of 12 months non-retirement PITI for Jumbo loan amounts up to $1,000,000.

* Reserves – Minimum of 24 months non-retirement PITI for Jumbo loan amounts over $1,000,000.00.

* Mortgage Insurance Required for loans over 80% loan to value.

If you have any questions or you would like more information about this great Jumbo Mortgage Loan program, please feel free to fill out the form below or call us at (877)228-9069

Please remember to check your spam folders for important emails from us!

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HomePath

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HomePath Conforming Product

Some hi-lights of this program are:

• Eligible properties must be owned by Fannie Mae (as a result of foreclosure or other similar action such as deed-in-lieu of foreclosure), sold by Fannie Mae to the borrower(s), and designated by Fannie Mae as eligible for a HomePath Mortgage.


• Lender must document the file with the appropriate pages printed from http://www.homepath.com showing that the property was eligible for HomePath Financing.


• DU approve/eligible or EAI/Eligible required


• NO MI is required, regardless of LTV or DU findings requiring MI


• Conforming Fixed (15 & 30 yr terms), 5/1 Libor 7/1 Libor


• Temporary Buy-downs available


• 5/1 ARM: qualify at greater of note rate or fully Indexed Rate


• Debt ratio determined by DU


• Eligible Occupancy; 1-4 family owner occupied, 1 unit 2nd home. 1-4 unit non owner


• LTV/CLTV as follows:


• Primary residence Purchase; 95% LTV no secondary financing


• 1-2 unit – 660 Fico 90% LTV with secondary financing; max CLTV 95%

• Primary residence Purchase; 80% LTV no secondary financing


• 1-2 unit – 620 fico 75% LTV with secondary financing; max CLTV 80%


Contact us for 2nd homes & and Investment properties


• PUD/Condo must be Fannie Mae Warrant-able


• Ineligible property types: co-op, condotel, manufactured housing


• Non Occupant co-borrowers allowed


• EAI min fico 620


• No mortgage or rental lates allowed last 12 months


• No Short pay off last 7 yrs


• Participation in restructure of mortgage due to delinquency requires 48 months re-established credit


• Age of BK determined by DU


• 5% down must be from borrower’s own funds for HomePath financing (exception is owner occ or 2nd home with 80% or less LTV


• Reserves: second home requires 2 months, investment property requires 6 months (additional may be required when borrower owns multiple properties)


• HomePath financing does not require an Appraisal in any state except for TX which requires full appraisal


If you have any questions about the HomePath mortgage program or you would like to get pre-approved for a new mortgage, please feel free to fill out the form below or call us at (877)228-9069

Please remember to check your spam folders for important emails from us!

Contact Us.

* indicates required field


Today’s Conforming, Fannie Mae/Freddie Mac Mortgage Rates.

October 29,2009

*Please note that Fannie Mae Rates are subject to change, sometimes several times per day.*

*All Fannie Mae Rates assume a credit score of at least 720.*

*All Fannie Mae Rates posted are based on 30 day locks. *

*Please note that the Fannie Mae Rates posted are subject to adjustments for the following criteria*

1) Loan amount.

2) State specific adjustments.

3) Property type

4) Occupancy

5) Loan to value

6) Declining market


Conforming 30 year fixed

With 1 point – 4.75%!

With 0 points – 5.0%!


Conforming 15 year fixed.

With 0 points – 4.375%


Conforming 3/1  year ARM

With 1 point – 3.75%

With 0 points – 4.0%


Conforming 5/1  year ARM

With 1 point – 3.625%!

With 0 points – 3.875%!


Conforming 7/1  year ARM

With 1 point – 3.8755%!

With 0 points – 4.375%!

Contact us for free, no obligation customized quote for today’s Fannie Mae Rates