Are you looking to apply for a mortgage? You can simply apply by clicking this link to take you to the application. If you have any friends, family, or co-workers who are purchasing a new home or refinancing their existing home, please forward this email to them or reply back to this email with their contact information. I very much appreciate your referrals. I'll take excellent care of them!
Today, I've got a handful of important things to share with you.
First, Fannie Mae just released a new 3% down product. With this, you can buy a primary residence, if you're a first-time home buyer, with 97% loan-to-value. This is an alternative to the FHA loan and is meant for potential home buyers who can afford to make the payments on a home, but don't have the money for a down payment. Additionally, if you're a homeowner with a Fannie Mae loan, you could potentially refinance up to 97% loan-to-value.
Secondly, county limits for VA loans are changing January 2015. As of next year, VA no longer has the authority to set their own county limits, but have to follow FIFA limits. Not FIFA soccer, but the Federal Housing Finance Agency, who set their own county limits. In San Diego, our county limits are going to rise to $562,350, in Riverside it stays the same, and in LA County it goes to $625,500. This rise is great news for these areas, as other parts of the country have seen a decline!
Right now, interest rates remain low. They're hovering around 3.5% and 3.75% for 30-year fixed loans. I believe rates are going to remain where they are for the first quarter of 2015. It's looking like the market is going to be pretty stable throughout all of next year, as we're seeing average appreciation rates, around 5%, nationwide. If you're buying or selling, there a lot of opportunities out there, and you can rest assured knowing your real estate transaction is a safe investment.That's all we have for today. If you have any questions about market conditions or qualifying for a loan, don't hesitate to give me a call or shoot me an email. I would love to help!
Thanks, and have a safe and blessed New Year!
