Time is fast running out for the $8,000 First Time Homebuyer's Tax Credit, which expires on November 30, 2009. It has NOT been extended as of today. You must close escrow by this date to be eligible for the tax credit. Given today’s market conditions, you should allow 30- 45 days to close escrow. This means you want to be in contract by October 15, 2009.
That’s only 20 days to find a house.
Another positive factor to consider buying now is the very affordable interest rates. See below for the most up-to-date mortgage rates, courtesy of one our preferred lenders Aaron Gordon from Bank of America Home Loans. Aaron is reminding those who are seriously considering buying a house that the conditions are in your favor. Interest rates are steady, and rates remain at a three-month low. The Fed has slowed the purchase of mortgages amid signs of an improving economy. Fifteen-year mortgages are at their lowest since 1991.
Here’s a round-up of today’s rates (subject to change until locked):
4.875% (APR 5.129) FOR A 30 YR FIXED CONVENTIONAL LOAN (OWNER OCCUPIED OR SECOND HOME) with 1.125 points, NO ORIGINATION FEE!
4.250% (APR 4.626) FOR A 15 YR FIXED CONVENTIONAL LOAN (OWNER OCCUPIED OR SECOND HOME) with 0.750 points, NO ORIGINATION FEE!
4.875% (APR 5.139) FOR A 30 YR FHA / VA LOAN, WITH 1.250 POINTS, NO ORIGINATION FEE!
4.250% (APR 4.682) FOR A 15 YR FHA / VA LOAN, WITH 1.125 POINTS, NO ORIGINATION FEE!
5.500% (APR 5.763) ON A 30 YR JUMBO LOAN OVER $417,000 with 1.125 POINTS, NO ORIGINATION FEE!
5.000% (APR 5.244 ) ON A 5 YR JUMBO ARM OVER $417,000 with 1.000 POINT, NO ORIGINATION FEE!
5.875% (APR 6.133) ON A 30 YR INVESTOR (NON-OWNER OCCUPIED) LOAN UNDER $417,000 WITH 20% DOWN with 1.000 POINTS, NO ORIGINATION FEE (720 mid score)!
5.375% (APR 5.603 ) ON A 30 YR INVESTOR LOAN (NON-OWNER OCCUPIED) UNDER $417,000 WITH 25% DOWN with 0.750 POINTS , NO ORIGINATION FEE (720 mid score)!
NO ORIGINATION FEE ON ANY OF THE LOANS ABOVE. NO PROCESSING FEE. NO UNDERWRITING FEE. NO ADMIN FEE. You can contact Aaron at tel. 702.283.2333, fax 1.866.905.7922, or email at aaron.gordon@bankofamerica.com.
These rates assume your credit history is in good standing. This is not a credit decision or a commitment to lend; credit is subject to approval. The actual terms of your loan will vary depending on factors such as your credit history when you apply. Until you lock your rate, rates and terms are subject to change without notice. Additional programs are available.
Unless otherwise noted, these rates are based on an Owner-occupied residency in Nevada.
For adjustable-rate mortgages, rates are subject to increase after the initial fixed-rate period. A 30-year loan term applies to adjustable-rate mortgages.
Mortgage insurance may be needed, which could increase the monthly payment and APR.
We hope you find the above information valuable. We at The Dulcie Crawford Group make every effort to be on top of our game, so we can serve you the best way possible. If you have any questions or need sound advice – whether you’re thinking of selling your home or buying one – please call us at 702.285.1990.
