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WEEKLY RATE – HIGHER CONVENTIONAL, VA, and FHA LOAN LIMITS FOR 2018

WEEKLY RATE – A RISE IN THE CONVENTIONAL, VA, and FHA LOAN LIMITS FOR 2018

I hope everyone is having a fantastic week!!

In this weekly rate, we discuss:

-Higher Conventional, VA, and FHA Loan Limits for 2018

-This week in interest rate pricing

-Rise in Income and Price Limit for Maricopa County’s Down Payment Assistance Program Home in 5

HIGHER CONVENTIONAL, VA, and FHA LOAN LIMITS:

CONVENTIONAL / VA 2018 LOAN LIMITS:

Fannie Mae released their higher conventional loan limits for 2018. The normal conventional loan limit of $424,100 was raised to $453,100.   VA followed suit mirroring conventional loan limits.

Some higher priced areas have a high balance conventional loan over the country wide $453,100 limit.

To check the loan limit in your area – please click the link below:

 

 

 

 

 

 

 

FHA 2018 LOAN LIMITS:

FHA also raised their loan limits.

The one I most directly deal with is Maricopa County, Arizona which raised the FHA loan limit to $294,515.

To check the loan limit in your area, please click the link below:

 

 

 

 

 

 

WEEKLY INTEREST RATE PRICING:

Interest rates have been mostly neutral over the past 2 weeks ahead of the FED Interest Rate Decision on Wednesday, December 13th.

I personally feel that the FED will raise the rate and with the stock market on a roll (which is usually bad for rates), I recommend locking your rate if you are debating.

Below are today’s interest rates.  Have a great week!!

MORTGAGE QUOTE / APPLY FOR A MORTGAGE:

For a no obligation mortgage quote, please go to:

 

 

 

 

 

 

To apply for a refinance or home purchase loan, please call me or go to:


 

 

 

 

 

 

Team Green is a top 1% originating mortgage team in the country. Everyone on our team has over 13 years of mortgage lending experience.

My team treats every transaction as an audition to earn your business for the rest of your life.

Have an amazing week and we’re always available if you need help with a new home loan purchase or refinance.

TEAM GREEN LINE: 480-704-4890

TEAMGREEN@FAIRWAYMC.COM

HOME IN 5 INCREASES INCOME AND PRICE LIMIT:

Maricopa County’s Down Payment Assistance Program Home in 5 made it easier to qualify for one of their products.

Home in 5 increased the income limit from $88,340 to $92,980

And

Home in 5 increased the purchase price limit from $300,000 to $371,930.

 

 

 

 

Have a great week!!

-Reggie

Reggie Green, Team Green, and Fairway Independent Mortgage in Scottsdale, Arizona, McCormick Ranch, Fairway Independent Mortgage McCormick Ranch is dedicated to providing all the best mortgage products and customer service to assist you in your home purchase or refinance in Arizona, California, Colorado, Washington, Georgia, Michigan and Virginia. Below are the products and Mortgage Rate Sheets we offer for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, HARP 3.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.  Fairway Independent Mortgage Corporation, Fairway Independent Mortgage McCormick Ranch,  Team Green.  Reggie Green.  FairwayAZ, Fairway McCormick Ranch, Fairway Mortgage.  December 12th 2017 30 year fixed rates, December 13th 2017 30 year fixed rates, December 14th 2017 30 year fixed rates, December 15th 2017 30 year fixed rates, December 16th 2017 30 year fixed rates, December 17th 2017 30 year fixed rates, December 18th 2017 30 year fixed rates, December 19th 2017 30 year fixed rates.

WEEKLY RATE – HIGHER CONVENTIONAL, VA, and FHA LOAN LIMITS FOR 2018

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Congratulations on Your Closing!!

This transaction was a fun one :).  So happy for our clients Mark and Kristine to finally be finished and owners to this beautiful new home.

It was fantastic working with 2 great agents:

Jeannine Mona at Mona + Mona Real Estate and Design – RE/MAX Platinum Living

and

Jeremy Lentine at The Gluch Group – RE/MAX Platinum Living.

Congratulations on your closing!!


#Jeanninemona, #monaandmona, #gregmona, #remax, #remaxplatinumliving, #phoenixrealestate, #phoenixrealestateagent, #phoenixhomes, #Scottsdalerealestate, #scottsdalerealestateagent, #Alhambra, #alhambraneighborhood, #alhambrarealestate, #alhambrarealestateagent, #alhambraphoenix, #alhambrahomes, #jeremylentine, #thegluchgroup, #gluchgroup, #phoenixmortgage, #phoenixlender, #phoenixmortgagelender, #reggiegreen, #fairwayindependentmortgage, #fairwayindependentmortgagemccormickranch, #teamgreen.

CONGRATULATIONS ON YOUR CLOSING

CONGRATULATIONS ON YOUR CLOSING

It was fantastic working with our clients and two awesome realtors on this investment closing in Peoria.

Congratulations on your closing!!


#congratulationsonyourclosing, #peoriarealestate, #peoriarealestateagents, #Peoriahomeloan, #phoenixrealestate, #phoenixrealestateagent, #peoriamortgage, #peorialender, #cleartoclose, #reggiegreen, #fairwaymortgage, #fairwayindependentmortgage, #fairwayindependentmortgagemccormickranch.

Congratulations on your closing!!

TEAM GREEN WATER BOTTLES

We have a few Team Green water bottles.  Let us know if you want some for your open houses / events.

REGGIE GREEN / 480-206-5577 / REGGIE.GREEN@FAIRWAYMC.COM


GREEN EGGS AND HAM

Is the law of attraction drawing you to call Team Green for your mortgage?

The secret.

Listen to the laws of the universe and contact us today.

480-704-4890 , teamgreen@fairwaymc.com


 

 

Major Change to Arizona Down Payment Assistance

See below announcement from AZ housing.

Currently, clients are utilizing down payment assistance programs to help get into their homes with little to no money down.   

Down Payment Assistance program utilize higher rates than a traditional mortgage to help offset the grant money being paid.

Many lenders are soliciting these borrowers right after closing to lower their rate.

This is a smart tactic, but it makes the program unsustainable as the higher rate is helping pay for the grant.

If they are immediately being paid off, the program is losing money.

Effective on all new Home Plus reservations after January 2nd – the grant will be a silent 2nd completely forgivable after 3 years.

This will create a combined loan to value likely over 100%, preventing lenders from coming in to immediately refinance the down payment assistance loans.

It will also create a higher mortgage balance between the two loans which will affect consumers trying to sell within 2 years.

HOW CAN YOU USE THIS TO YOUR ADVANTAGE:

Once the silent 2nd goes into effect, it will be difficult for borrowers using down payment assistance to refinance shortly after closing.

But, they can still do this if they act fast.

Once the silent 2nd goes into effect, borrowers will likely have to remain in a higher down payment assistance rate for a lot longer because of the higher combined loan to value and rate pricing is worse when you have 2 loans.

Speed up your home search and get under contract in December and you can still utilize the non repayable grant.

REGGIE GREEN / BRANCH MANAGER AT FAIRWAY INDEPENDENT MORTGAGE – MCCORMICK RANCH

480-206-5577 / TEAMGREEN@FAIRWAYMC.COM


 

 

 

 

 

 

 

The HOME Plus program will be making a change in the delivery of our down payment assistance.

Effective, January 2, 2018 on all new HOME Plus reservations the assistance provided will be in the form of a three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.

This change is being driven by our master servicer, US Bank.  And while this communication is strictly for the HOME Plus program, if you use other DPA programs in the State, serviced by US Bank, I expect you will receive similar communication in the near future.

The change will:

(1)     Provide you further protection from “poaching” lenders and any associated claw back or EPO issues.

(2)    Allow us to maintain our current lender compensation structure.

(3)    Hopefully increase our “approved eligible” decisions. Many of my peers in other States experienced an increase in approval decisions when they changed their assistance from a grant to a community second.

All supporting documents connected with the new soft second mortgage will be embedded in our HTS Emphasys-Lender Online system and accessed and generated in the same manner that our current program documents are.  We will require the deed of trust associated with the soft second mortgage to be recorded, which depending on the County is usually less than $75.  ALL other program fees will remain the same.

The HOME Plus process flow will not change.

Updated HOME Plus Program Guidelines and sample documents we be available in the next few days.  I will also keep the lines of communication open to insure a smooth transition into the new assistance method.

As always, I appreciate your interest in the HOME Plus program and value the partnerships we have cultivated.  If you have any questions, just let me know.

Dirk Swift

Program Administrator

Office 602.771.1091 | Cell 602.319.9620

Website https://housing.az.gov/general-public/home-plus

Lender Online https://lenders.housing.az.gov

Congratulations on Your Closing – Sarah Green

CONGRATULATIONS ON YOUR CLOSING – SARAH GREEN.

Extra proud of babe for closing her real estate transaction in Chandler. 

I wasn’t the lender but I had to make an ad to congratulate her anyways.

Congrats babe!!

#sarahgreen, #myhomegroup, #myhomegroupagent, #chandlerrealestateagent, #scottsdalerealestateagent, #cutewives, #congratulationsonyourclosing.

 

Congratulations on your closing – Schneider

CONGRATULATIONS ON YOUR CLOSING

Congratulations to our buyer who closed on his new home on Monday.   This was a fun one with drama right to the very end.  So happy for our friend John for this to close with a happy ending.

It was awesome working with Jay Johnson and Michele Wheeler at Vision Real Estate Services and Hender Adams at RE/MAX Professionals.  Great job everyone and Congrats on your closing in Parker, Colorado 80134.

#congratulationsonyourclosing, #jayjohnson, #michelewheeler, #visionrealestateservices, #henderadams, #remaxprofessionals, #remax, #parkercolorado, #parkercoloradorealestate, #englewoodcolorado, #englewoodcoloradorealestae, #parkercoloradorealestateagent, #coloradorealestate, #fairwaynation, #fairwayindependentmortgage, #fairwayindependentmortgagemccormickranch, #teamgreen.

MORTGAGE SHOP QUARTET – TEAM GREEN

Mortgage Shop Quartet – Team Green.

Our 4 team members have over 65 years of lending experience and we have the capability and know how to handle any lending situation.
Please call Team Green at Fairway Independent Mortgage – McCormick Ranch for all your home financing needs.

We would love to work for you.

TEAM GREEN / 480-704-4890 / TEAMGREEN@FAIRWAYMC.COM


#mortgageshopquartet, #barbershopquartet, #85258, #scottsdalemortgagelender, #phoenixmortgagelender, #arizonamortgage, #fairwayindependentmortgage, #fairwayindependentmortgagemccormickranch, #teamgreen.

MORTGAGE SHOP QUARTET   –   TEAM GREEN

WEEKLY RATE – RATES IMPROVE TO 2 WEEK LOWS

WEEKLY RATE – RATES IMPROVE TO 2 WEEK LOWS

Interest rates improved last week and are now at about 2 week lows – though rate pricing isn’t a ton different then it was 2 weeks ago.

The Mortgage Backed Security Market closed the week trading up + 46 bps, and closed Monday, November 6th, 2017 up + 9 bps.

There was a ton of news last week but not so much this week.

Jerome Powell was picked by President Trump as the new FED chair. He is generally looked at as a positive for bonds and rate pricing. Learn more about him in this article in the New York Times:

https://www.nytimes.com/2017/11/02/business/economy/jerome-powell-fed-chairman.html?action=click&contentCollection=Economy&module=RelatedCoverage&region=Marginalia&pgtype=article

The FED met and did not raise the Federal Funds Rate though they did change their classification of the economy as growing at a solid rate.

The Non Farm Payroll report came out on Friday and job creation came in at 261k versus an estimated 310k.

Republicans released their tax plan and if passed would be the biggest tax change since the 1980’s. Normally this one would be a positive for stocks and bad for rate pricing but there is skepticism that this will not pass without major revisions.

Not much news this week. Rate pricing is neutral right now with not much movement after a lot of major announcements last week.

Below are today’s interest rates.  Have a great week!!

TODAY’S INTEREST RATES:

30 year fixed:       3.99% – .99 points (4.2% APR),       4.25% – 0 points (4.29% APR)

20 year fixed:       3.875% – .8 points (4.03% APR),     4.125% – 0 points (4.18% APR)

15 year fixed:        3.5% –  .86 points (3.67% APR),        3.75% – 0 points (3.79% APR)

5/1 ARM:        3. 5% – .99 points (3.69% APR),     3.875% – 0 points (3.92% APR)    

30 year fixed FHA:        3.99% – .90 points (4.87% APR),     4.25% – 0 points (4.95% APR)

15 year fixed FHA:        3.875% – .99 points (4.37% APR),     4.125% – 0 points (4.42% APR),    

30 year fixed VA:        3.99% – .8 points (4.15% APR),     4.25% – 0 points (4.29% APR)

30 year Fixed Jumbo:     4.0% – .99 points (4.19% APR),     4.25% – 0 points (4.27% APR)

7/1 ARM Jumbo:        3.375% – .99 points (3.57% APR),     3.75% – 0 points (3.79% APR)

 

Have an amazing week and we’re always available if you need help with a new home loan purchase or refinance.

TEAM GREEN LINE: 480-704-4890

TEAMGREEN@FAIRWAYMC.COM

Reggie Green, Team Green, and Fairway Independent Mortgage in Scottsdale, Arizona, McCormick Ranch, Fairway Independent Mortgage McCormick Ranch is dedicated to providing all the best mortgage products and customer service to assist you in your home purchase or refinance in Arizona, California, Colorado, Washington, Georgia, Michigan and Virginia. Below are the products and Mortgage Rate Sheets we offer for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, HARP 3.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.  Fairway Independent Mortgage Corporation, Fairway Independent Mortgage McCormick Ranch,  Team Green.  Reggie Green.  FairwayAZ, Fairway McCormick Ranch, Fairway Mortgage.  November 8th 2017 30 year fixed rates, November 9th 2017 30 year fixed rates, November 10t11 2017 30 year fixed rates, November 11th 2017 30 year fixed rates, November 12th 2017 30 year fixed rates, November 13th 2017 30 year fixed rates, November 14th 2017 30 year fixed rates, November 15th 2017 30 year fixed rates.

WEEKLY RATE – RATES IMPROVE TO 2 WEEK LOWS

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