THDA 30 Year Fixed

Great Choice First Mortgage:  3.99% / 1 + .250 / 5.71% APR 

 Great Choice Second Mortgage:  0%, 15 year term--NO PAYMENTS; FORGIVEN AFTER 15 YRS

(offers 4% of sales price in Down Payment Assistance)   

  

THDA Homeownership for the Brave (for our VETS)

FHA OPTION:  Great Choice First Mortgage:  3.49% / 1 + .250 / 5.20% APR 

VA OPTION: Great Choice First Mortgage:  3.49%  / 1 + .250 / 3.92% APR

Great Choice Second Mortgage:  0%, 15 year term--NO PAYMENTS; FORGIVEN AFTER 15 YRS

(offers 4% of sales price in Down Payment Assistance)

 

**FYI: THDA waives the first time homebuyer requirement for Veterans.

Qualified Vets get a 1/2% interest rate reduction! 

(some restrictions apply) 

 

Conventional 30 Year Fixed 

3.625% / 0 + 0 / 3.70% APR

3.5% / 0 + .375 / 3.60% APR

 

ASK ABOUT OUR LENDER CREDIT ON ALL LOANS

 

Conventional 15 Year Fixed

2.75% / 0 + .625 / 2.98% APR

2.875% / 0 + 0 / 3.02% APR

 

Conventional 5/1 ARM

2.75% / 0 + 1 / 2.97% APR with CAPS 2/2/5

 

JUMBO

For loans over $417,000.00 please call for a quote.  

  

FHA/VA 30 Year Fixed

3.25% / 0 + 0 / 4.81% APR

*ASK ABOUT LENDER CREDIT!*

 

FHA 15 Year Fixed

2.75% / 0 + 0 / 3.85% APR

  

Rural Housing 30 Year Fixed

NOW AVAILABLE FOR ALL OF WILSON COUNTY

3.5% / 0 + 0 / 4.21% APR

  

Reverse Mortgages 

Available to clients over 62 years of age, no credit qualifying

 

All rates quoted are for purchases, large loans, can vary under individual circumstances, and are subject to change without notice.  Also note, Rates & PMI rates when applicable will vary with credit score.  For Conventional loans, assume 20% down payment. 

Three big things
      

The Federal Housing Administration is reducing annual mortgage insurance premiums by 50 basis points, from 1.35% to .85%.  That would save a family buying an average home about  $900 per year (that is the equivalent of lowering the interest rate a half a per cent).  THIS IS EFFECTIVE JANUARY 26TH!

 

From the Tennessee Association of Realtors:   

1. Mortgage Rates Fall to Lowest Level Since 2013!

 

Mortgage interest has dropped to levels not seen since May 2013, according to Freddie Mac. The company reports that average interest on 30-year fixed loans landed at 3.73 percent this past week compared to 3.87 percent the prior week and 4.51 percent a year ago. The 15-year fixed rate, meanwhile, slipped to 3.05 percent from 3.15 percent the previous week and from 3.56 percent at the same time in 2014. Despite the persistently low borrowing costs, many would-be home buyers remain on the sidelines due to the inability to cobble together a down payment or qualify for financing.

 

Note: this may include discount points

2. NAR Predicts Sales To Rise By Nearly 7 Percent in 2015

 

In a newly released video on his 2015 housing market expectations, National Association of Realtors (NAR) chief economist Lawrence Yun forecasts that resales will rise about 7 percent this year thanks to three factors: a strengthening economy, solid job gains, and a healthy increase in home prices.

 

In the video, Yun states, "Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a down payment towards their next home purchase." He also expects first-time buyers to slowly move from the sidelines, especially as new mortgage products are made available to them with low down payments and private mortgage insurance.

 

On the downside, Yun cites three areas of concern -- a likely rise in interest rates, lenders' slow pace in easing underwriting standards back to normalized levels, and homeowner unwillingness to move due to comfort with an existing low interest rate -- that could slow the pace of sales in 2015.