30 Year Fixed Rate Loan at Cost of One Point: 3.375%* (APR = 3.599%)
Jobless claims came out about as expected yesterday, and rates held. Little news and activity is expected today prior to the three-day Labor Day weekend.
We have a few corrections/reminders in regard to yesterday?s comments in regard to Seasoning Periods after a short sale.
We mentioned that Conventional Financing can be obtained as soon as 2 years after a short if a borrower has 20% of his own funds for a down payment. This seasoning period can actually be shorter if there are extenuating circumstances (job-loss, medical issues, etc.). The ?2 year rule?, however, only applies to loan amounts under $417,000. Loans over $417,000 are subject to seven years of seasoning after a short sale.
We also mentioned again that NO seasoning is required by FHA after a short sale if there were no late mortgage payments. We should have reminded everyone, however, that FHA still requires short-sellers to ?buy down?. They must buy a smaller and cheaper home after their short sale. In other words, borrowers are not allowed to ?short sale? their homes in order to take advantage of market conditions.
*The above rate quote has the following assumptions: $500,000 purchase; $400,000 loan amount; 20% down payment; credit score above 740; property is SFR; borrower has sufficient income to qualify; Estimated closing costs affecting the APR include $4,000 for Origination Fee; $995 for Lender Fees; $2,300 for Title Insurance (CLTA and ALTA), $800 for Escrow Fee; and $1,000 for Prepaid Interest.
Call Jay Voorhees or Heejin Kim at (925) 855-4491
Real Estate Broker, CA Dept of Real Estate, DRE# 01524255, NMLS# 335646
Source: http://www.jvmlending.com/rates-hold-short-sale-seasoning-7-years-for-high-balance-fha-buy-down
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