30 year fixed rates

If you shop around you can still find great deals. Pentagon Federal Credit Union offers unbeatable deals and you don't need to be in the military. ANYONE can join. They offer the same rates on jumbos as conforming loans. The only catch with the jumbo loans is they want you to have 20% equity. To me that seems reasonable considering the current mortgage crisis.

Today's 30-year fixed rate is 6.125%
https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp

In the past 2 weeks their rates have been as low as 5.75% on both jumbo and conforming. They fluctuate quite a bit on a daily basis.

If you shop around you can still find great deals. Pentagon Federal Credit Union offers unbeatable deals and you don't need to be in the military. ANYONE can join. They offer the same rates on jumbos as conforming loans. The only catch with the jumbo loans is they want you to have 20% equity. To me that seems reasonable considering the current mortgage crisis.

Today's 30-year fixed rate is 6.125%
https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp

In the past 2 weeks their rates have been as low as 5.75% on both jumbo and conforming. They fluctuate quite a bit on a daily basis.

Excuse my ignorance, but is that the same thing as a downpayment? If so, why is that a catch? That's how things were done in the old days.

If you shop around you can still find great deals. Pentagon Federal Credit Union offers unbeatable deals and you don't need to be in the military. ANYONE can join. They offer the same rates on jumbos as conforming loans. The only catch with the jumbo loans is they want you to have 20% equity. To me that seems reasonable considering the current mortgage crisis.

Today's 30-year fixed rate is 6.125%
https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp

In the past 2 weeks their rates have been as low as 5.75% on both jumbo and conforming. They fluctuate quite a bit on a daily basis.

Thanks Joe! I didn't know about these guys. Their jumbo rates are soooo low. I wonder how they do it? I'll be calling them tomorrow.

Just to compare...I was looking at a 5/1 Jumbo ARM for 6.625%. 30 yr Fixed Jumbo was over 7%. Going with Pentagon could save me a lot of money. Thanks again.

Excuse my ignorance, but is that the same thing as a downpayment? If so, why is that a catch? That's how things were done in the old days.

I used to think the same thing...but apparently, the last few years, people got used to putting very little money down when they bought a house.

So people with practically no savings were buying overpriced properties with adjustable rate mortgages set at initial teaser rates...

Correct, I do mean downpayment in the case of a purchase, equity in the case of a refinance.

I used to think the same thing...but apparently, the last few years, people got used to putting very little money down when they bought a house.

So people with practically no savings were buying overpriced properties with adjustable rate mortgages set at initial teaser rates...

;-)...I was playing a bit dumb there, sorry. That post astounded me, because when you see the mess we are in and the thought process that still lingers, I am scared for people. Can anyone get any kind of loan with less than 20% down these days?

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

Well, I am sorry, but that makes me say...PUCK! I guess it is better than 0%. :roll:

So, the American Dream used to be to own a home. It is now considered a RIGHT? Lord helps us all. Hello...did not most people save up to buy a home back in the "good old days"????? I am getting sicker by the moment. Deep breaths.

Well, I am sorry, but that makes me say...PUCK! I guess it is better than 0%. :roll:

So, the American Dream used to be to own a home. It is now considered a RIGHT? Lord helps us all. Hello...did not most people save up to buy a home back in the "good old days"????? I am getting sicker by the moment. Deep breaths.

Refinancings are the sticky wicket. If appraised value has dropped significantly and you are trying to refinance a jumbo loan, banks may want/claim to need people to bring 100K, 200K to the table just to refinance instead of working with a buyer who is making payments on time and has good credit. 30Ashopper is right ... combined with the high rates on jumbos, for our market, it's not good!

Kitty, it's true, but today, we have many expenses which weren't around in the "good 'ole days." Cable TV, Hi-speed internet, cell phone, gym memberships, Netflix, multiple autos, fun toys like boats, RVs and motorcycles, eating out often, movies/entertainment, etc. Those few things right there are your 20% down in a few years time.

When I bought the house I currently live in last August, the loan officer actually told me not to worry about 20% down, we should do something less. I said thank you but no thank you.

Thanks Joe! I didn't know about these guys. Their jumbo rates are soooo low. I wonder how they do it? I'll be calling them tomorrow.

Just to compare...I was looking at a 5/1 Jumbo ARM for 6.625%. 30 yr Fixed Jumbo was over 7%. Going with Pentagon could save me a lot of money. Thanks again.

http://home.ingdirect.com/products/products.asp?s=RatesandClosingCost i believe you'll need 700 ficos...ING will do 5.75 for 80 percent on jumbos, and no one has lower closing costs

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

I can only speak for myself. But here's my experience over the last few months. These were for Jumbo/Super Jumbo mortgages. My FICOs are good, and my income/debt ratios are well below average.

The big, national banks I have talked with all wanted 25%-30% down. And I have gone directly to the banks and through mortgage brokers. Only LOCAL banks have "allowed" 20% down, and they "had to get approval" before doing it.

Not only that but the spread between conforming and jumbo has consistently been at least 60 basis points or higher for jumbo.

Obviously not everyone's experience. But I wanted to share that.

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

Isn't the current Freddie and Fannie standard 15%? I thought banks followed what those institutions set.

I can only speak for myself. But here's my experience over the last few months. These were for Jumbo/Super Jumbo mortgages. My FICOs are good, and my income/debt ratios are well below average.

The big, national banks I have talked with all wanted 25%-30% down. And I have gone directly to the banks and through mortgage brokers. Only LOCAL banks have "allowed" 20% down, and they "had to get approval" before doing it.

Not only that but the spread between conforming and jumbo has consistently been at least 60 basis points or higher for jumbo.

Obviously not everyone's experience. But I wanted to share that.

Were these loans for condos or land in Florida?

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Were these loans for condos or land in Florida?

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Only one loan will be for property in SoWal. The other was a refi for a place in Colorado. Do you ski, Shelly?

Do you ski, Shelly?

Yes, but only the activities that don't involve strapping those boards to my feet and whizzing uncontrollably down a snow-covered mountain.

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Yes, but only the activities that don't involve strapping those boards to my feet and whizzing uncontrollably down a snow-covered mountain.

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Well anytime you want to ski barefoot, come on up! I'd love to see that.

Dunefrog, were these for non-primary residences?

Dunefrog, were these for non-primary residences?

Vacation homes. Not mortgaged as investment properties.

Then I think what I am hearing from everyone here is that there is still money out there for primary homes, if you come up with a 10% down payment, and have good credit. Sounds to me like a return to normal lending practices. This is exactly the guidelines we had to meet when we bought our last home in Georgia in 1997.

I know I sound as old as Kitty, but back in the day when I did mortgage lending (the 1980's), you absolutely had to have 25% down for anything that was not your primary residence. We just didn't have a lot of sources for that money, and this was in Colorado where second homes are not unusual at all. Second homes were underwritten more stringently than investment (income) property. Investment property was underwritten like a business loan, with income statements and proof of leases or prior rental history from the seller. It was not unusual for second homes to be cash purchases. Of course, a lot of those truly were "cabins" - and fairly inexpensive.

We would do second home loans for very good (bank) customers for whom we had already done their primary home