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Advantage Mortgage Consulting Award Ceremony 2005

Buyers should take advantage of mortgage rate decline

“After nearing 3 percent just two weeks ago, 10-year treasury rates finished yesterday 15 basis points lower at 2.83 percent,” Hale said in an emailed statement.

“This has helped keep mortgage rates, which are more closely aligned to longer-term 10-year rates, roughly steady. In fact, Freddie Mac data today showed a slight decline to 4.55 percent, from 4.57 percent last week.”

Much like Khater, Hale says buyers should enjoy these declining mortgage rates. But she said buyers need to be cognizant of future hikes and keep the full picture in mind.

“Mortgage rates could continue to move lower if concern that tariffs will hamper economic activity persists,” she said. “However, continued evidence of strength in the U.S. economy, like we might see in next week’s jobs report, could cause treasury rates to resume climbing. If so, it wouldn’t be long before mortgage rates followed back up.”

“Homeshoppers should enjoy these slightly lower moves, but be aware that rates are still 67 basis points higher than one year ago,” Hale concluded. “Coupled with listing prices that are 9 percent higher year-over-year, monthly payments for principal and interest alone are 18 percent higher on the typical home listing.

Fannie Mae makes mobile home loans cheaper to boost affordable ...

Fannie Mae is lowering down payment requirements and lender fees on manufactured housing loans to improve affordable housing access.

Mortgage lenders can immediately start submitting the new manufactured housing loan product to Fannie Mae, according to a selling guide update. The new MH Advantage loans require a 3% down payment, down from 5% in Fannie's existing manufactured housing loan offerings. In addition, Fannie is not charging the 50-basis-point loan-level price adjustment that typically applies to manufactured housing loans.

MH Advantage loans give lenders more leeway to fund loans secured by manufactured housing that have higher loan-to-value ratios. To qualify for a MH Advantage loan, the manufactured home must be "designed to meet specific construction, architectural design and energy efficiency standards," Fannie said. The new offering builds off of Fannie's existing HomeReady program, which allows borrowers to get a mortgage with a 3% down payment.

Advantage Florida Mortgage would like to know how many days can the approval process take?

Advantage Florida Mortgage would like to know how long does the approval process take?

Approval process today takes prox., 2 weeks, or from 10-14 working days. Banks taking there times today. Good Luck!