Sunday, November 20, 2011

Mortgage Update November 20th 2011

Mary Adams Citibank Mortage
Rates held at former levels: The zero point 30 year fixed conventional rate continued to bounce between 3.875% and 4%, spending most of the week at 4%., while the 15 year rate continues to hold at 3.25%. The FHA/VA 30 year rate still hovers at 3.875%.

Adjustable Rate Mortgage rates in review: ·
  • 10/1 ARM reached 3.375%
  • 7/1 ARM reached 2.875%
  • 5/1 ARM reached 2.75% 
We continue to recommend that borrowers lock…, or cautiously float!

There has been an increase in requests for investor financing over the past month. This is the time of year parents of University of Michigan students realize that purchasing a home or condominium for their college student to reside in is less expensive than paying rent. 

Under certain circumstances, a college student who has established his/her own credit is eligible to purchase an Ann Arbor home (1 – 4 family), as their primary residence, for as little as 3.5% down, utilizing FHA financing. If the student’s income is insufficient to qualify for mortgage financing on their own, FHA allows mom and dad to purchase the property jointly to provide income stability and to bring debt to income ratios in line.

Citi also offers financing for Foreign Nationals who wish to purchase a home to house their college student. .

For purchasers who wish to live in a multi family home, VA, FHA and 10% down Conventional financing is available; Citi offers non occupying investors mortgage financing with 20% - 25% down. All of these financing options require a minimum credit score of just 620! Our wide range of mortgage products, low costs and competitive rates make us an excellent choice! .

Mary Adams
Real Estate Relationship Manager
Citibank, N.A.
Cell: 231.437.0301.

About Mary Adams:

Mary Adams has originated over 5000 mortgages loans during her 20 year long career.  Mary maintains the highest level of customer satisfaction and welcomes the opportunity to help arrange your mortgage financing.

The mortgage process has never been so complex.  More than ever, it’s important to work with a seasoned loan officer; one who will take time to guide you through the entire loan process.  Whether you are a first-time homebuyer or are trading up, you owe it to yourself to work with a mortgage professional whose expertise you can rely on.

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