Examples of lender rates in CT from November 23 through Dec 21, 2015
>Conventional: 30 Year Fixed – 3.875%* APR 3.966% 15 Year Fixed – 3.00%* APR 3.087%
SFR purchase with a $225,000 note, 20% down, escrows required and a credit score of 740.
>FHA: 30 Year Fixed – 3.50%* APR 4.928% SFR with a $225,000 loan , with MIP/FF $228,937 3.5% down, escrows and a credit score of 700.
>JUMBO:10% down payment on loans up to $750,000.
June 2015 Mortgage Rate comparable to August 2011 below 4%
FHA Mortgage Rates Just Above 51 Year Low in Spring 2014
In Aug 2011 the FHA 3.875 Fifty Year Low was broken
FHA 51 Year Low 2.875% in Oct 2012
QUALIFIED BORROWERS MAY FINANCE A $200,000 HOME
For as little as $1661.00 per month 0n Jan 10, 2014
PAY AS LITTLE AS 3.5% DOWN ON RESIDENTIAL FHA
Pay Less using 100% financing with CT Housing Finance Authority
As your Licensed Connecticut Buyer Agent it is my responsibility to represent your interests, not the seller. I consistently earn confidence being objective, knowledgeable and attentive to your best interests. Together we will contract the ideal property and/or investment at the best price and terms, regardless of who offers it for sale.
FHA 51 Year Low 2.875% on October 5 ,2012
See the 200 year Mortgage Rate History while considering current events in financial markets and world economy
200 Year Mortgage Rate History
Your rate is Annual Percentage Rate (APR) is subject to lender conditions and buyer qualifications.
On Jan 10, 2014 a $200,000 house was about 1661 a month
with a 30 year 4.125% FHA mortgage w/3.5% down.(up $90/ month from $1571/month in May 2013)
June 2015—30 Year Fixed – 4.000%* APR 4.068%
June 2015—15 Year Fixed – 3.125%* APR 3.251%
*assuming single family purchase with a loan amount of $225,000, 20% down, escrows required and a credit score of 740.
June 2015–FHA 30 Year Fixed – 3.75%* APR 4.752%
*assuming purchase with a loan amount of $225,000, with MIP/FF $228,937 3.5% down, escrows required and a credit score of 700.
…..30 Year Fixed Mortgage Rate Line w/Points…..
06/06/15 4.000/0 3.75/0
03/11/14 4.125/0 3.75/0
01/12/14 4.625/0 4.125/0
10/10/13 4.625/0 4.125/0 886+725
08/26/13 3.875/0 4.37/0 3.50/1-
05/11/13 3.35/1 3.250/0 846+725
12/04/12 3.37/0 3.00/0 833+725 2.75/1 2.75
10/05/12 3.25/0 2.87/0 830+725 2.75/1 2.65
09/06/12 3.62/0 3.25/1 846+725 2.87/1 3.12
07/03/12 3.75/0 3.32/1 852+725 3.00/1 2.87 <<50YrLow
10/24/10 4.00/0 4.00/0 926+725 3.62/1
10/09/08 6.50/0 6.50/0 1226+675 6.12/1
**Estimated Property Tax $6000/year, Home Insurance $900/year, PMI 1800/yr=$725/month.
**$200,000 Cost is Principle+Interest+Tax+Insurance.
Annual Percentage Rate (APR) is available at your free mortgage pre-approval meeting. The APR will increase the estimated rate if you add settlement fees.
Rates Subject to Lender Conditions and Buyer Qualifications.
FHA 2014 Maximum is currently 305,900 in New Haven County a $75,00 reduction from 2013. There are numerous types of loan programs — so please make sure you have consulted a loan professional before asking the seller for a credit toward closing costs.
CONVENTIONAL MORTGAGES- When a Buyer is putting less than 10% down, the Buyers may be limited to three (3%) percent cap on contributions from the Seller. Contributions or credits must be put towards “actual costs” of the loan.
FHA LOANS: The Buyer must put down a minimum of 3.5% of the purchase price. The Buyer is limited by law to a six (6%) percent cap on contributions from the Seller and those contributions must be put towards “actual costs” of the loan.
Homeowner’s Equity Recovery Opportunity (HERO) encourages first-time home buyers and existing homeowners to purchase and/or rehabilitate foreclosed Single family, 2-4 family detached properties, abandoned properties, and FHA-approved condominiums. Borrowers agree to occupy the home as their primary residence for at least 5 years. Existing homeowners are not required to sell their current residence to purchase a home through the HERO Program. Deed restrictions will be placed on the new property for a term of 5years. CHFA allows the cost of renovation (of replacement, heating upgrades, plumbing, electrical) performed by a licensed contractor to be included in the loan as well. For more information on the HERO Expansion Program, contact Rose Holbrook at CHFA (860-571-4390) or your favorite lender.
More inventory means more questions about comparable value, property selection, and owner equity over the short term. We will project how your specific needs and resources are relative to the property commitment you are considering. I think we are close to a significant point as housing affordability increases while consumer prices continue to rise.
I will review specific demand and supply of the specific style and location you are considering, creating the unique absorption rate. Renter Ratio is another method that employs your personal housing affordability index in relation to the property you are considering. When considering investment properties I will help you create a working proforma that addresses income and expenditures to project your return on investment.
News is national but your market is local. New Haven County is an attractive place to live, work, commute from and invest. Our region shows strong promise for the future and has weathered the recession better than many areas due to our strong mix of educational and medical anchors, our proximity to New York City, beaches, mountains, and world class recreational venues within 90 miles.
Finally, I appreciate sharing my website with your friends and colleagues who may desire expertise regarding this Connecticut Real Estate market. I appreciate your referrals and confidence in my commitment to your goals.
Sincerely, David Carr
Copyright 2015 by David Carr. All Rights Reserved
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