Current Interest Rates:
Conventional Purchases - 5.5% 30 Yr Fixed ($200K loan, 20% down, 5.65% APR)
FHA Purchases - 5.625% 30 Yr Fixed ($144,750 Base Loan, 3.5% down, 6.3% APR)
Jumbo - Hot! Hot! Hot! 5.0% on 5/1 ARM ($525K Loan, 25% down payment, 4.51% APR)
*** NEW *** Loans For Foreign Buyers
70% Financing up to $1 Million (Higher loan amounts available)
Rates in the Low 7%'s
Full Documentation Required
Can hold title in a Corporation Name
Established Condo's and Townhouses Available up to 65% LTV
NEW Condo's available on Case-by-Case Basis (must have 60% of units already closed)
In The News:
U.S. 30-Year Mortgage Rate Dropped on Monday
Thomson Reuters, By Julie Haviv
June 15, 2009
Interest rates on U.S. 30-year fixed-rate mortgages fell to 5.52 percent late Monday after hovering at 5.67 percent on Friday, according to real estate Website Zillow.com.
That is down sharply from a week earlier when the mortgage rate was around 5.72 percent, according to Zillow Mortgage Marketplace.
The lower rates reflect a fall in yields on U.S. government bonds, which are linked to the mortgage market.
The rate, however, is sharply higher than the roughly 5.00 percent level seen at the end of May and at the beginning of this year, Zillow said.
The move higher in mortgage rates recently collapsed home loan refinancing activity.
The worst of the U.S. housing market's meltdown, however, may be over.
Michelle Meyer, an economist at Barclays Capital in New York, said the housing market's deep recession has started to bottom with a leveling off in home sales.
Builders have slashed construction, so that inventory of new single-family homes is falling at a record pace, with starts at or close to the bottom, she said in research published Friday.
The last element to bottom probably will be home prices, with national home prices expected to fall a cumulative 40 percent from the peak through the second half of 2010, she said.
The battered U.S. housing market, which is in the midst of its worst downturn since the Great Depression, is both the source of and a major casualty of the credit crisis.
A setback for the market could hamper a turnaround of the U.S. economy.
With 84% of past homebuyers saying they prefer a one-stop shopping experience, we have already positioned ourselves to succeed. It's a competitive advantage we can certainly leverage to close more deals.
You can always count on The Keyes Company&Miami Best Realtor Team to provide the best possible service. We'll be there for you in all the ways that count.
"Viva Miami"
Income Information
- 30 days' pay stubs (all jobs/borrowers), Federal tax returns (1040s) , W-2s
- Written explanation if employed less than two years or gap in last two
Credit Information
- Most recent two months' asset statements (ex: checking, savings), Landlord contact information, if applicable
- Judicial decree for any obligations due to legal action (ex: child support)
- Credit explanation letter for late payments, collections, etc., if applicable
- Documents for any large deposits outside of payroll or gift funds
- Payments for utilities, rent and car
Business Information (if applicable) If Self Employed
- Last two years' complete federal tax returns (both personal and business)
- Year-to-date profit and loss statement List of all business debts
Other Information
- Copy of driver's license
- Copy of Social Security card
