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Jumbo Loans Easing/ Down Payments Recently Being Lowered

August 4th, 2015 by Michael Oliver

Banks are starting to get more comfortable with lending in the jumbo loan market compared with just a few years ago. Currently JP Morgan just released a statement stating they would now look at 15% down payments for their jumbo loans. (A Jumbo loan is a mortgage over $417,000. Prior JP Morgan required at least a 20% down payment.)

On top of the lower rate JP Morgan also plans to start offering jumbos to mortgage borrowers with FICO (credit) scores as low as 680 from the current 740 standard. That would only apply to owner occupied mortgages and second homes/ refinances of them. This easing of credit in the mortgage market should fuel the already warm Tucson luxury home sector.

Mortgage Rates Jump

June 8th, 2015 by Michael Oliver

As an update to what is ongoing in the Tucson real estate markets; Mortgage rates jumped up on Friday and remain a decent amount higher this week than just a few weeks ago. Mortgage rates right now on average in Tucson are running just over 4% for a 30 yr fixed.

Just a few weeks ago the average was closer to 3.625%. While that’s not a huge difference the speed of the change is what is impacting the market. Homes that were affordable a few weeks ago are still affordable today however the extra $20-$40/ month takes a bite out of purchasing power if you are on the fringe of the upper end of your borrowing range. While mortgage rate moves of this size are rare if it were to continue the real estate markets in Tucson could see home buying demand pull back.

3% 30 Year Fixed Rates Now Being Offered By Some Tucson Home Builders!

January 23rd, 2015 by Michael Oliver

Lennar Homes Now Offering A 3% 30 Year Fixed Mortgage As An Incentive To Buy Their Homes. One Of The Best Incentives In Tucson Right Now In New Homes

In Tucson some new home builders are getting aggressive on incentives with one builder offering 30 year fixed mortgages at 3.00%! Lennar Homes one of the largest home builders in America is now offering a 3% mortgage as an incentive to buy their homes.

Mortgage Rates 2015 Starting Out Low Should Push Demand In Market!

January 3rd, 2015 by Michael Oliver

"tucson luxury home for sale"

Low Mortgage Rates Along With Increased Out Of State Demand Is Looking To Push Up The Market In Tucson In 2015

The first mortgage rate sheets of 2015 came out yesterday and the mortgage rates being offered are as low as I have seen since mid 2013 (which lasted about 2 weeks).  Right now here is what I have seen for rates (obviously all kinds of criteria must be meet however this is always the case when looking at mortgage rates)

 

30 Year FHA Fixed: 3.25%

 

30 Conventional Fixed: 3.625%

Lower Interest Rates Equal More Demand For Homes In Tucson

October 24th, 2013 by Michael Oliver

Interest rates are down a decent amount from this summer (rates in August saw rates as high as 4.75% on a 30 year FHA) when we started to see the Tucson real estate market cool from the demand side slightly. Currently a buyer can get a 30 year FHA mortgage starting around 3.75% and a 15 year at 3.25%. Since FHA accounts for a majority of the financing used in today’s market this is what influences many purchasers. On the higher end conventional rates are also similar to FHA rates with 30 year mortgages under 4% and ARM’s in some cases touching 3.00%. Mortgage rates at these levels allow for home prices to rise since most buyers buy based on amount qualified for on the monthly basis. As we saw this summer however if mortgage rates increase quickly; home prices can weaken slightly as fewer buyers qualify for the higher rates at the same price levels.

Lower Rates This Week Will Push Tucson Market

September 20th, 2013 by Michael Oliver

This week mortgage rates went down by roughly 1/2% on a 30 year fixed. Such a large drop is not common but due to the federal reserve staying the corse with bond buying the markets responded accordingly. Anyone that has been looking for a home this summer has seen an unrelenting increase in rates weekly with rates going from low to mid 3% range in April to up until last week was almost 5%.

 

Mortgage Rates Are The Lowest I Have Seen In 9 Years

October 4th, 2011 by Michael Oliver

Rates to buy a home are as low as I have ever seen due mostly to several things all equating to investors buying bonds that in turn push down mortgage rates (it pushes down the rates of anything that has to do with interest being calculated actually).

Right now a 30yr FHA fixed (fixed for 30 years) mortgage (3.5% down payment) in Tucson (different regions of the country have different mortgage rates) runs right now: 3.75%

VA Jumbo Loans $417k-$700k Mortgages With No Down Payment Required 620 Minimum FICO

March 10th, 2011 by Michael Oliver

I had a lender call me yesterday with some news about a VA Jumbo loan program that to be honest few people know exists (not even a lot of mortgage lenders). The details with this loan are pretty simple Jumbo Mortgages (mortgages over $417k) are tough to get and if you can qualify for one generally you will be required to put down 20% minimum, you also pay a higher interest rate as the risk of loaning larger sums of money is higher to the lender generally the difference is about 1/2 a point (.5% of the interest rate). However with a VA Jumbo Mortgage at only 10% down (your not required to put money down but putting some down gets you a better rate) will currently get you about a 30 year fixed mortgage rate of 5%…

Second Mortgages (Known As Piggyback) Are Starting To Come Back Again

February 24th, 2011 by Michael Oliver

In more news that the real estate financing industry is starting to thaw out from the deep freeze 2007 through 2010 had brought to the mortgage finance world. 2nd mortgages known as “piggyback loans” are now starting to become available again. A Piggyback loan is a loan that acts as a second loan so that borrowers don’t have to pay for mortgage insurance on their mortgage when they place less then 20% down. Mortgage insurance is expensive and can increase your payment but without it lenders generally will not lend money in today’s market (until now). Some lenders currently have are willing to do what’s called a 80/10/10 loan how it works is a borrower places down 10%, receives a loan for 80% of the purchase price and then a 2nd loan for the remaining 10%.

3% Down Conventional Financing Available In Arizona! Mortgage Standards Starting To Thaw In Arizona

February 2nd, 2011 by Michael Oliver

After what feels like a lifetime the banks are starting to loosen up on what types of mortgages they are willing to make in Arizona. Most people don’t know this but mortgage programs, rates, and other terms differ state to state as lending risk changes with the different areas of the country. Arizona as many realize has been one of the riskiest mortgage markets for banks to lend money in.

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