Hard to believe that 2011 is already upon us. We at Crystal Clear Mortgage hope you had a great 2010 and hope 2011 is going to be even better! We would like to thank all of our customers, referral partners, and business associates for helping make our 2010 our best ever. In a down year for a lot of mortgage companies we were on the up side! We ended the year with a 51% purchase portfolio and a 49% refinance portfolio. We are truly your purchase money specialists and look forward to a great 2011.
Speaking of purchase money, let's recap some of the down payments requirements currently in place if you are thinking of purchasing a home in 2011. Veterans (VA) and USDA purchase loans are still zero down loans. FHA currently has a 3.5% down payment requirement (can be a gift from a relative) and most conventional loans have a 5% down requirement. If you are extremely well qualified you can do conventional loans with only a 3% down payment. The cost of PMI has continued to rise to you will want to get the low down on that from us.
For those seeking second homes you must have a 10% down payment and if you want to buy an investment property you must have a minimum of 20% down, with the best rates coming at 25% down.
Jumbo financing (loans over 417K) need a minimum of 20% down and will come with a higher rate.
Rates started to move up quickly in December 2010. When looking at historical rate charts, current rates are still at some of the lowest levels in history even though we have pulled off of the all time lows of 2010.
If you are in the market to buy or refinance your home please call us to discuss down payment scenarios, closing costs, and rates. We can have you pre approved in minutes!
Happy New Year!
Crystal Clear Mortgage
888-634-6911
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