Interest rates over the last week improved then settled back to levels we’ve been seeing over the last few weeks. Stock markets have been putting pressure on the bond market keeping the rates in check. That is not to say that they are high…not by a long shot. When we see rates in the mid 5’s that can’t be confused with high rates.
FHA continues to lead the pack when it comes to down payment requirements… 3.5% Down. Only available on primary home purchases for sales prices in the 435,000 range and lower when utilizing the lowest down payment options.
Conventional Loans have challenges when putting less than 20% down, and it’s not Fannie and Freddie ….it’s the Mortgage Insurance companies with very high credit score requirements.
Miami Condo Financing is the where most of the challenges exist. High delinquencies and litigation issues make financing in condo’s difficult but interesting enough there are many FHA approved condo’s that do not have many of the issues that plague most condominiums. Combine this with very aggressive low sales prices and you’ve got some very interesting values hidden in FHJA approved condos.
Conventional Rates: 5.375% 30 yr Fixed
FHA : 5.5% 30 yr Fixed
Jumbo : 5.25% 5/1 ARM
Brian Scott
