Interest Rates continue to take a roller coaster ride with the stock and bond markets. Some days better, some not so much.
In general, there are 3 types of loans driven by the investment community and the federal government:
- FHA… allows lower down payments and traditionally ideal for the first time home buyer but lately appeals to a wide range of Miami and Miami Beach buyers due to conventional financing options tightening and Mortgage Insurance restrictions only being available to those with stellar credit scores. Rates in the mid 5’s
- Conventional Financing… perfect for someone putting 20% down or better and the only option for those buying a second home or investment property. You can put less than 20% down but only if you credit scores are mid 700’s. Rates in the mid to low 5’s
- Jumbo Financing… for those in need of a loan in access of $417,000.00..5/1 and 7/1 ARMs available and some occasional 30 yr fixed but opportunities are limited. As guidelines relax we will see the appetite for these loans return to the market but recently the options are few. Rates in the mid 5’s
Feel free to browse my website to learn more about me.
We are a correspondent lender which uniquely positions us somewhere between a broker and a traditional bank.
We have all the options afforded a broker that means I can “shop” your profile for the best rates and fees while maintaining the control a traditional bank would have because we underwrite and process our own files. Brokers often need to ship the file to underwriters out of state and traditional banks only have their programs and rates to offer you. So you can see that we have all the tools and opportunities to find you the best fit and the best rate.
Rates are at historical lows and home values are better now than ever before. I look forward to helping you through the buying process whether this is your first home or your last… and if it does happen to be your first let me remind you that you have till Nov 30th to buy and still avail yourself of the $8,000 Tax Credit …please call me for more details.
Brian Scott
