More good news from the mortgage industry -----
Super Jumbo loan programs are back!!
Loan amounts to $2 million and Loan To Valuss to 80%. Available in 30-year fixed, 5-year ARM and 3-year ARM.
680+ FICO score will loan up to $650,000
700+ FICO score will loan up to $1.5 Million
720+ FICO score will loan up to $2 Million
Today's rates for example:
up to $1 Million, 30-year fixed, at 6.125% interest; or a 5-yr ARM at 5.25% interest
up to $1.5 Million, 30-year fixed, 6.0% interest; or a 5-yr ARM 5.125% interest
And don't forget-------conventional, conforming purchase requires 740+ FICO score, 80% Loan To Value, with a 30-yr fixed, is only 4.50% interest!!!!
First-time home buyers still get the federal tax credit up $8,000
and our new State incentive to purchase a new home (never lived in) will get $6,000.