Gerry Phillips With Stonegate Mortgage December 29th Interest Rates

Dated: December 29 2014

Views: 1039

Gerry Phillips, Mortgage Advisor (NMLS #505678) with Stonegate Mortgage is always available to answer your questions.

Stonegate Mortgage

573-480-1978  (mobile)

866-302-2942  (fax)

www.stonegatemtg.com/gphillips


We are your source for borrower’s needing NO to LOW down payment requirements:

·         100% USDA/RD** –

o   0% down

o   NO max on SPCC** (determined appropriate by appraiser… market accpectance… typically 6% of PP**)

o   income limits apply… but are generous for out areas

·         100% VA** –

o   0% down,

o   SPCC** to 6% of PP**

o   NO MI**

·         97% Agency -- 

o   3% down… can be a GIFT

o   SPCC** to 3% of PP**

o   must be FTHB**

·         96.5% FHA** -- 

o   3.5% down… can be a GIFT

o   SPCC** to 6% of PP**

·         96.5% FHA** + MHDC** silent 2nd** –

o   effectively about 99.5% financing

o   follows FHA** guidelines

o   income limits apply… but are generous for out areas

o   must be FTHB**.

 

**KEY:

·         SPCC – seller paid closing costs & prepaid items (negotiate every time on FIRST offer)

·         PP – purchase price

·         FTHB --  first time home buyer (no ownership in real estate for past 3 years)

·         MHDC – Missouri Housing Development Commission

·         MI --  mortgage insurance (due to <20% down payment… not homeowners/hazard insurance)

·         FHA – Federal Housing Administration

·         USDA/RD – United States Department of Agriculture/Rural Development

·         VA – Veterans Administration

·         Silent 2nd --  2nd mortgage made by MHDC, forgiven 1/60th every month until fully forgiven (5yrs)… no monthly payment required

 

 AND… I work with borrowers on credit correction and building… no charge.

AND… we SERVICE the each loan after closing.

  

Product

Rate

Discount Fees/Lender Credit

APR

30yr Fixed Agency

4.000%

None

4.122%

15yr Fixed Agency

3.250%

None

3.457%

5/1 ARM Agency

 

3.375%

None

6.189%

30yr Fixed VA

3.750%

-.250% Lender Credit

(~$250 on $100,000 loan)

4.010%

30yr Fixed FHA

3.625%

None

5.224%

30yr Fixed USDA/RD

(Recommend 45-day lock/close date)

3.750%

-.500% Lender Credit

(~$500 on $100,000 loan)

4.380%

 

Criteria for rate matrix: 

·         30 day lock

·         loan amount of $100,000

·         740 credit scores

·         20% down, 25% down with condominium (2nd home)

·         Escrow insurance and taxes

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Kathy Beeler

Kathy Beeler is a trustworthy Lake of the Ozark Realtor, who is reliable and knowledgeable when it comes to buying or selling properties in Lake of the Ozarks area. If you are in need of a professiona....

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