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North County Real Estate News: Types of Mortgages for 2015

Posted by Tyson Lund on Thursday, January 22nd, 2015 at 5:12pm.

Types of MortgagesHave you decided 2015 is your year to become a homeowner? Mortgage rates are at the lowest they’ve been since June 2013 and we can help you find the option that works best for you. Our North County real estate, family-owned business has led people to the home of their dreams since 1982. There are several different mortgage options to choose from if you are considering buying a new home. Below are the types and rates of mortgages available as of January 14, 2015.

Conforming Mortgage

There hasn’t been a change to loan limits backed by Fannie Mae or Freddie Mac since 2006 and conforming loan limits remain unchanged for 2015. These two associations are legally restricted to purchase single-family mortgages with origination balances below a certain amount.

Current conforming mortgage rates:

  • 30-year fixed conforming mortgage is 3.65% for loan amounts under $417,000 with a 3.8% APR
  • 30-year fixed high balance conforming mortgage is 3.75% for loan amounts up to $546,250 with a 3.919% APR
  • 15-year fixed conforming mortgage is 3.0% with 3.36% APR

Jumbo Mortgage

When a conforming loan exceeds a local loan limit, it is typically referred to as a jumbo mortgage and these are offered through banks. Eligibility for a jumbo mortgage is usually stricter with requirements including higher down payments, income, and credit scores to qualify.

Current rate for a 30-year jumbo mortgage is 3.875% with 20% down at no points with a 21-day close guarantee.

FHA Mortgage

A FHA loan is insured by the Federal Housing Administration and may appeal to buyers who have lower credit scores and reduced minimum payments. FHA loan borrowers are required to pay mortgage insurance, which protects against loss for the lender, if the borrower defaults on the loan.

Current FHA mortgage rates:

  • FHA & VA 30-year fixed loan is 3.5% with a 3.52% APR
  • FHA $562,350 loan for 3.5% down

VA Mortgage

Potential home buyers who have served time in the military or are currently on active duty may be eligible for a mortgage loan through the U.S. Department of Veteran Affairs. Those who qualify may purchase a home with zero money down per conditions of the specific purchase price and closing cost information.

Current VA loan rates:

Loan options of $562,350 for $0 money down and loan amounts up to $1,500,00.

In addition to the four types of mortgages listed above, conventional and government loan limits are now up to $562,350. If you have questions about which type of mortgage is best suited for you, contact Jennifer Lund at Caliber Home Loans at (760)420-6670. Our team of Carlsbad realtors have beautiful homes ready for you to see today. Schedule a viewing appointment by calling The Lund Team at (760) 438-0800.

Tyson Lund
Broker Associate | 01385039

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