There are continuing changes to the FHA programs. Please call your lender to verify the pre-approval before writing any offers.
FHA Financing Update:
New loan limits are supported and available to lock at $500K.
Down payment requirement is still only 3.5%.
Fico score is also the same, which is required to be a 620 Fico.
Call me regarding details for the two appraisal requirement.
Mortgage Bonds are near unchanged, but off the best levels seen earlier in the day. Stocks are starting the week on an upbeat note with Bank of America receiving a very strong buy recommendation by being put on Goldman Sachs conviction buy list. Lowe’s Companies posted positive earnings, also adding to the boost in Stocks.
Oil prices are moving higher in advance of the summer driving season. Unleaded gasoline has risen every day for the past three weeks and is now at $2.31 a gallon.
There are no economic reports set for release today, however there are several key reports this week, which include Thursday’s Initial Jobless Claims, that will give us a better look at the condition of the economy.
With prices in a sideways trend near the 25-day Moving Average, I recommend carefully floating for now.
I am never to busy for any of your referrals!