Fed announced a third large purchase of bonds on Thursday in an effort to bring down long-term interest rates and spur growth. In addition, Fed said it intends to keep the benchmark short-term interest rate, the federal funds rate, at nearly zero until mid-2015. Fed said it would buy mortgage-backed securities at a pace of $40 billion per month. Unlike QE1 and QE2, no dollar amount or time-limit was placed on the program. US stocks surge after Fed announces QE3, the mortgage rates keep the same for ARM programs, very slightly improved on all the fixed programs.

On August 31, 2012, the Federal Housing Finance Agency (FHFA) announced that it has directed the Mortgage Government-Sponsored Enterprises (GSEs) to increase Guarantee Fees (G-Fees) effective November 1, 2012, which means mortgages closed after 11/1/2012 will be subject to higher G-Fees in result of higher rate. Now it should be the best time to take actions to grab the low rate and close by the end of October.

There is one lender currently offering special rates on all Jumbo programs, this will only last for short period. DTI can be up to 45%, easier underwriting. The min credit score needs to be 700, for over 800 credit, and < 65% LTV, Bay Area county properties, you will be able to get the best rates as below.

Current no point, no fee best rates for qualified OO borrowers:

                                    5/1 ARM           7/1 ARM           15 yr fixed          30 yr fixed

Conforming                2.5%                   2.6%                  2.75%                   3.375%

up to $417k

Super Conforming     2.75%                2.875.%              2.75%                   3.375%

up to $625.5k

(Qualifications: LTV <= 60%, FICO score >= 740, high loan amount, impound, no subordination, <= 4 loaned properties)

Jumbo                      2.625%-3%      2.75%-3.125%      3.6%-3.8%        4.125% -4.5% 

up to $2million ( DTI < 45%, FICO > 800 to get the best rate, min 700, LTV < 65%)

Rate varies based on loan amount, loan to value ratio, FICO score, program and terms, etc. Please feel free to call or email to get your best quotations.

Special Programs You May Need:

Jumbo Loans: up to $3 million loan amount, up to 80% LTV

Investors: up to 10 properties, no 2 year landlord history, cash out, no cost refinance for fixed rate.

Special Programs: Unlimited LTV HARP 2 for under water properties, 97% LTV conventional loan, 96.5% LTV FHA loan, Self-employed, 1 year working history, foreign income. reverse mortgage.

 We Are Here To Help !

Yours Truly,

Diane Sun
Mortgage Broker
Direct: (650) 213-0063
Cell: (408) 202-9460
Fax: (650) 475-1802
DRE License Number: CA-DRE #01796457 / #01525888, CA-DI #0G92726, NMLS #344577 / #324384
wiserealty@gmail.com
diane@gotowise.com
http://www.gotowise.com
Wise Financial Services & Realty Inc.

Your Satisfaction Is My Top Priority.