are FHA 30 yr fixed rates really at 4.7% ???

marco, do you have a source? i saw that regular 30-year fixed-rate loans were a bit over 5% last week, but i didn't realize that FHA loans have lower rates, i just thought they were much easier to get with lower down payments.

What about JUMBOs?

definitely not jumbos..this says up to 417k. this is just barely going through google. ill talk with my person at chase tomorrow to get some real quotes.

http://www.amerisave.com/?source=2540&gclid=CIy12K295Z4CFag65QodPGAWJA

5/1 jumbo arms at 4.125%, 10/1s at 4.875%, up to $1.5m. 30 year fixed mortgages rarely make sense as most people don't spend anywhere near 30 years in their house/apartment.

http://www.astoriafederal.com/cgi-bin/nymort.pl

marco - 4.75% on an FHA is certainly possible. It depends on the scenario but with the volatility in rates you can probably catch it at 4.75%. Also, please remember that you cant do FHA in coops and most condos. Chase is probably the last place you want to go for an FHA loan. My friend works at Chase and refuses to get inovolved with FHA loans.

It is true astoria has some very aggressive rates but their underwriting guidelines are also very strict.
sunny.hong@bankofamerica.com

Shong: is Astoria doing jumbo loans in Manhattan? What kind of LTV?

I'm already looking at an FHA approved building. I was also prequailified for an FHA loan about a year ago through Chase. the girl im dealing with seems to specialize in them. Im open to all suggestions though.

Hey pass pass pssss. I got a little bird that wantz to be heard.

He is gently whispering in my ear 'buy this fucking 72 inch plasma screen tv right now!!!!!! For $50k and well throw in double miles on your credit card!!!!!!

Me thinkz the 4.7% is geitner's double miles program. But WTF do I know?

Im definitely a sucker for a low rate

Yes. It's real. That's why I'm thinking of buying a house in Stamford or Norwalk CT. Chase mortgage guy told me about great FHA rates this weekend.

There are some fha condos as well mostly in fringe areas harlem lic roosevelt island people are buying but with very little down dosnt this sound familiar fha loans remind me of just another extension of the bubble people buying properties with very little money down that they otherwise could not afford

However, if you CAN afford them ------------- it's an opportunity to pick up an extra property for a very low price AND low mortgage rate --------------. I'm talking investments, second properties, small houses for your children. The fha loans and the 6500 incentive are not earmarked for low income or anything ----- they're for anyone who wants to buy something in certain areas.
Good investment opportunity.

I am not familiar with all the details but isnt fha fo people with not so great credit that otherwise would have trouble getting a loan?

I still have to put down 10% for the deposit. but I hear ya..it is bubble like

I am refinancing a coop loan and getting 30 yr fixed (over 417K, under 729K) for 5 percent. Closing in 10 days.

I think borrowers should get the best rate they can and if an FHA loan was the best rate I would take it. That said, I wish the gov't would stop distorting the market for loans.

hfscomm1

One thing im confused about ..so u get a lower rate w fha but arnt there more fees associated w the loan then a conventional so in turn what is the advantage?

I use Chase for all my banking etc, but I have to agree their mortgage product is not competitive. I have found Wells to be not bad but painful to deal with, and right now have had good success with BoA on both fixed and floating rate options.

Well, it's a buyers' market and that includes shopping for mortgages -----
And if you've got decent credit, etc., they WANT you to be buying because there are so few buyers out there ....... I don't really see the down side of FHA loan; what is it?

nyc - I believe they do jumbos loans in nyc. Im not sure what astoria's products and guidelines specifically but you can probably find info on their website.

There's a misconception that FHA loans are for people with bad credit. People with good credit apply for FHA loans as well. The advantages that FHA has is that you can purchase with less than the conventional 20% down. With most conventional loans requiring a 720+ credit score for the best rates, FHA is a viable option. However, I usually wouldnt recommend FHA if your putting down 20% or more. As nina mentioned, there are costs associated with FHA loans, an upfront MI payment of 1.75% (which can be financed) and monthly MI (even if you put 20% or more down). I guess thats the downside to FHA loans and also its only for owner occupants and not investors.

I wouldnt say FHA loans are "bubble like." FHA guidelines require you to prove that you are capable of making mortgage payments based on your income and employment history. What's "bubble like" is the "no income check" type loans that were being offered and short term ARMs that many people werent eduacted about.
sunny.hong@bankofamerica.com

how can one major bank offer better fha loans than another?

3 - 4% is absolutely bubble like. Even in this thread we have people talking about how it makes for a great investment property. If the price drops, you are immediately underwater, time to walk.

I'm about to do the exact scenario shong is talking about ---- use an FHA to buy a second property in Stamford/Norwalk. I've got great credit and solid income, and I'm buying a place way under my ability to finance ----------- and I'm not going to put more than 10% down. I'm buying this basically as an investment but also so I can get to my Fairfield Co job during the week easily without massive commute.

You at least need to correct your word usage. FHA loans are only available for primary residences. A "second property" will not qualify. So what you mean is you are moving to conecticut and keeping a pied a terre in the city? Good thinking, because the income tax benefits of being a full time CT resident will be substantial.

Thanks, nyc sport. I knew I wasn't wording it correctly as far as tax legalese, etc., but I knew someone like you would step in and help me out with the wording. I'm a right-brain artist, but I bumble along actually doing very comfortably with my real estate transactions, such as they are on my very, very low end of the scale in relation to much of streeteasy chat.
Yes, I'm going to have two places -------- one in Stamford/Norwalk so I don't have to do the damn commute from Mon-Fri. And eventually I'll just give one to my college age son as part of his inheritance type thing ....
My point is that if you can finagle things to buy another property now when prices are down, then you might consider it.
Of course, the market hasn't hit bottom yet, but waiting for that to happen could be .............. a Holy Grail search but not so holy.

In response to dcorreale ---- this will only work if you don't over-extend yourself and if you buy a property that's already going at a near fire-sale price and well below assessed value. In some cases it might work very nicely. I think it's going to work for me. But I haven't pulled the trigger yet ...........

Solid income ususally does not mix well with 'artistic' types. Plz do tell me where my daughter can go into art and make solid income. She doodles like no other 6yo IMHO. I would love for her to draw doodles and make gobs of money.

Plz drink the sweet nectar of FHA loans. It tastes so so good going down. Just don look at your ever growing azz.

as nyc-sport confirmed, investment properties arent allow. And marco, on fha and conventional loans, rates are relatively similiar from lender to lender. But it can be different from loan officer to loan officer.

interesting comment shong
I have been dealing with BOA and they dont seem to offer a FHA rate that can match TD Bank. Unfortunately I locked with BOA before I became aware of TD Bank.
A couple of weeks back TD's rate even went down to 4.25% for a 850k loan on a 950k 3 family property
http://tdbank.mortgagewebcenter.com/CheckRates/GreatRates.asp?PID=23&r=1
You requested a loan amount of $840,000. The information below assumes you will finance the Upfront Mortgage Insurance Premium of $14,700 required for this transaction. This results in a total loan amount of $854,700.

FHA 30 Year Fixed Rate
Rate Points APR Payment Closing Fees Total Cost Apply
4.500% 1.000% 4.984% $4,678.07 $30,651.98
4.750% 0.000% 5.152% $4,806.07 $22,104.98

It would be interesting to know that you can match this or beat it

JoeD: great find. I just refi-ed and may have to refi again if it will save me more $.

joedavis - rates will vary from lender to lender and even from the same lender when dealing with 2 different people. Online rates are deceiving whether its from BofA or TDbank. Every loan situation is different and can only be accurately priced with ore specific info. However, with that being said, I can certainly see if we are around that range in rates tomorrow and get back to you.

good point shong -- will be keen to see what you come back with. My scores are as high as you can get and income/assets etc well above the corresponding limits for the TD example I sent

joe - rates are up across the board and across the industry this week. We are closer to about 5% with your scenario today but I couldve probably gotten you 4.75% last Friday. Rates have been very volatile lately. If you already locked in then theres probably not much that can be done at this point.

thx Shong i am locked at 4.5 at the moment

Hmmm, I didn't know that it would enlarge my butt if I got an FHA loan. I better re-think. My butt is fine and doesn't need to get any bigger. Thanks, W.67th for pointing out this possibility. Or is it just a theory of yours? I'm trying to follow your logic. Drink sweet FHA loan and get a big rear end ..........
Well, at least your six year old daughter has a parent with a sense of humor along with the garden variety philistinism.

My bad. Poorish, my colorful way of warning of the sugar high thAt is FHA.