North Texas Real Estate and Homebuying Guide Located In "Stonebridge Ranch"
Based in Stonebridge Ranch within the city limits of McKinney Texas, the Stonebridge Realty Group has developed ways to have a very positive real estate experience with little effort from our clients. Our goal is to provide useful and accurate information through technology distribution. We believe that our clients should have the information they need, when they need it. We also hope to provide you with information that will inspire you on a personal level from time to time.Wednesday, March 17, 2010
Mortgage Rates Still Look Great
Rates on the attached rate sheet are based on a 700 credit score. Rates are 100% credit score driven in the current market. Credit scores above & below 700 will have different rates.
The minimum credit score for FHA and Conforming loans is 620.
The minimum credit score for VA loans is 660.
Non-Conforming Loan amounts require a 20% down payment and a minimum credit score of 720.
REMINDER: April 30, 2010 is the last day for first time homebuyers to execute a contract on a house to qualify for the $8,000 tax credit. I MUST have an executed contract by April 1 in order to ensure a smooth and timely closing on April 30th
Tax Credit Extended & Expanded: There is a $6,500 tax credit for other primary-home purchasers and qualifying income limits have been raised to $125,000 for single taxpayers and $225,000 for joint taxpayers. Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, 2010, but they will have until June 30, 2010 to go to settlement.
FHA Loans
Effective April 5th with new case numbers issued on this date Upfront MIP will increase to 2.25%.
What does this mean for your buyer’s? In order to get the current 1.750% Upfront MIP, we will need an executed contract no later than April 1st so that we will have time to order the FHA Case# before April 5th.
MaryAnn Comparin
12900 Preston Rd.
Suite 1050
Dallas, TX 75230
P: 972-392-0924
F: 972-239-5378
C: 817-729-0036
Interest rates are only locked in when there is an executed contract or a verbal agreement with the seller.
Interest rates are property specific. The rate on a preliminary gfe does not determine that your rate is locked in.
A rate lock agreement must be signed at the time the rate is locked.
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