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I hope you are having a beautiful Day
We just closed another loan with 10% down using 12 months of bank statements. The client had money in the bank and his deposits were good, but he showed no income on his taxes. We require just 6 months of reserves after the close and the buyer was able to get a $1,100,000.00 house! Yes you can do a Bank Statement Loan with 10% down with loan amounts up to $1,500,000.00. You pay a higher interest rate, but you get a house with 10% down. A lot of our clients show less income than they make so being able to use 12 months bank statements is a wonderful way to make the American Dream happen.
Interest rates have dropped again, YAY! the way rates are coming out is a little whacky so what I put below is not the usual:
- 30-year fixed conventional 1st Mortgage with 20% down - 4.375% (4.433 APR) 0 Points. Loan amounts up to $484,350.00 = $2418.29 / with .250 points you can have 4.250% (4.318APR) $2382.71
- 15-year fixed conventional 1st Mortgage with 20% - 3.875% (3.977 APR). Loan amounts up to $484,350.00 = $3552.41/ With 1 Point 3.50% - (3.622APR) $3462.53
- 5/1 ARM 1st Mortgage - 20% down - Fixed for 5 years and then becomes variable - 3.500% - (3.510 APR) Loan amounts up to $3,000,000.00 = $13,471.34
- 7/1 ARM 1st Mortgage - 20% Fixed for 7 years and then becomes variable - 3.625% - (3.724 APR) Loan amounts up to $3,000,000.00 = $13,681.53
- 10/1 ARM 1st Mortgage - 20% Fixed for 10 years and then becomes variable - 3.750% - (3.844 APR) Loan amounts up to $3,000.,000.00 = $13,893.47
- 30-year fixed 1st Mortgage FHA loan 3.50% down - 4.000% (5.409 APR). Loan amounts up to $484,350.00 = $2352.83 + $349.08 PMI = $2701.91
- 30-year fixed 1st Mortgage VA loan 0% - 4.125% (4.233 APR). Loan amounts up to $484,350.00 = $2347.40
- 30-year fixed 1st Mortgage Jumbo loan 20% down - 4.250% (4.277 APR). Loan amounts up to $3,000,000.00 = $14,758.19
All of the above are based on a 740 credit score with 25% down on conventional and Jumbo Loans. Rates are subject to change without notice, your mileage may vary!
So rates are good and getting better! Yay! I will be around all weekend and I will look forward to hearing from you. My cell # is 661-714-6258 and my office line is 661-260-2970xt2222. Please call me with questions or anything you need!
Sincerely,
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