RATES REMAIN THE SAME: The bond market finished last week 6 points down – not a huge difference, rates have basically stayed the same. 30 year fixed rates are still at 4.75%. I still feel the best loan on the market is a 15 year fixed at 4.25% with 0 costs – availabe for most customers.
FHA STEAMLINES WITH NO INCOME OR CREDIT – Borrowers can now qualify for an FHA streamline (lowering rate with no appraisal), without proving income – but you must prove you have a job for 12 months. Also, no credit requirements will be looked at besides the mortgage history – a customer must not have had a mortgage late in the past 12 months.