Good News for Buyers!

You may be able to buy a new home only 12 months after a Foreclosure, Short Sale, or Bankruptcy.

The details:

 FHA is now approving mortgages for borrowers who have experienced an Economic Event* and can document that:

* Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower's control;
* The borrower has re-established satisfactory credit for a minimum of 12 months; and,
* The borrower has completed housing counseling.

* An Economic Event is any occurrence beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of twenty (20) percent or more for a period of at least six (6) months.

If you have specific questions about these new guidelines, just call or email Brian Yampolsky or Joe Ashton at Orion Mortgage.

Brian Yampolsky & Joe Ashton, Co-owners
Orion Mortgage Corporation
11120 N. Tatum Blvd, Suite 100
Phoenix, AZ 85028
602-912-0222 office
e-mail: info@orionmtg.com

Interest Rates Seem to Stabilize

VIP Mortgage Market Update

It's been roughly 2 months since the Fed announced that they would scale back Mortgage Backed Security (MBS) purchases later this year and then try to end their MBS purchases in 2014.  That announcement caused interest rates to quickly rise by more than 1%.  For now, rates have seemingly stabilized in the mid 4's on a 30 Year Fixed (although rates obviously vary based on loan program, fico, etc.).  The next big question is "what will happen next with rates?"  No one has that magical crystal ball but most experts agree that the lowest rates are likely behind us.  It seems that the only way that rates would drop back to their previous lows is if the Fed decides to reverse their plans and continue purchasing $85 Billion per month in MBS for longer into the future.  On the flip side, many experts think that we will see another bump upward in rates once the Fed scales back on their MBS purchases later this year and then likely another bump upward once they end their MBS purchases in 2014.  All of that being said, the Fed's plans are always subject to change based on economic conditions so any prediction for the future is just based on the information available today.
Interest Rates as of 8/1/2013

Rates based on a 200k Primary Residence Purchase (unless description below says differently), 740+ Credit, assuming 0% loan origination fee and 0% in buydown "points" (you can also choose to pay "points" and get a lower interest rate).  Please note, this information is intended for Real Estate Professionals.

96.5% FHA 30 Year Fixed = 4.25% (Requires MI)
80% 30 Year Fixed = 4.625%
95% 30 Year Fixed = 4.625% (Requires PMI)
97% 30 Year Fixed = 4.875% (Requires PMI)
80% 15 Year Fixed = 3.75%
90% 2nd/Vacation Hm 30 Yr = 4.625% (Requires PMI)
80% Investment Property 30 Yr Fixed = 5.375%
75% Investment Property 30 Yr Fixed = 5.125%
100% USDA/Rural 30 Yr Fixed = 4.75% (No PMI required)
100% VA 30 Year Fixed = 4.375% (No PMI required)
80% 5 Yr Jumbo ARM = 3.0%
80% 30 Yr Fixed Jumbo = 4.75%

Conventional and FHA Refi's are also available for underwater homeowners

Courtesy of:

Russel Gundlach
Loan Officer
V.I.P. Mortgage, Inc
3131 E Camelback Rd; Ste 224
Phoenix, AZ 85016
Phone: 480-580-9073 | Fax: 602-288-7726 | russelg@vipmtginc.com