HomeStreet Bank, Bellevue, WA
Rates as of August 5, 2011
| Program | Conforming
Up to $417k |
| 30 year Fixed | 4.125% / 4.72% APR |
| 15 year Fixed | 3.25% / 3.95% |
| 5 yr ARM | 2.875% / 2.99% |
| FHA / VA / USDA 30 yr | 4.125% / 4.97% |
| FHA / VA 5 yr ARM | 3.50% / 4.30% |
| Program | High Balance
up to $567,500 |
| 30 year Fixed | 4.375% / 3.31% APR |
| 15 year Fixed | 3.625% / 4.04% |
| 5 yr ARM | 3.125% / 3.32% |
| FHA / VA / USDA 30 yr | 4.25% / 5.09% |
| FHA / VA 5 yr ARM | 3.50% / 4.28% |
Provided by HomeStreet Bank
Mary Black
Loan Officer, HomeStreet Bank
mary.black@homestreet.com
www.homestreet.com/mblack
CURRENT MORTGAGE NEWS
NEW – HomeStreet Bank Escrow Holdbacks
A Purchase & Sale doesn’t have to fall apart due to repairs that come up during the inspection or appraisal with Short Sales, Foreclosures, or other restrictions.
Borrowers may not have to do a 203k or FNMA Renovation loan if items come up during the inspection or appraisal that may derail your sale.
HomeStreet will hold the funds in an escrow account, not the escrow company. Borrowers need to provide 1-2 bids depending upon the scope of work. Great for REO’s or, Short Sales that have inspection or appraisal issues, or need a little TLC.
Fannie Mae is planning to decrease the loan limits for conventional loans for High Balance loans. The current “High balance” limit in the greater Seattle – Bellevue area (King, Pierce & SnohomishCounties) is $567,500, but is set to expire September 30th.
The new loan limit is set to be reduced to $506,000 for loans after October 1, 2011. Loans over this amount will now be priced as ‘Jumbo’ with higher rates, lower LTVs (loan-to-value) instead of current conforming. This change will impact buyers and sellers alike.
- For Fannie Mae loans the new (lower) High Balance loan limits will be in effect for loans that close on or after October 1, 2011. For King, Pierce and SnohomishCounties, the new limit is $506,000—that’s a drop of $65k. KitsapCounty will be hit with the biggest drop with their loan limit being reduced to $307,050 from $475,000. Loans over $506,000 will now be priced as “Jumbo” loans –with lower LTVs and higher pricing.
- Fannie Mae Loans using current High Balance loan limits ($567,500) must close by September 30th, 2011 even if their lock expires after September 30th.
· HUD has yet to announce the effective date for the change in FHA High Balance loans, but the effective date is expected to be based on case numbers issued on or after October 1, 2011. We expect them to be lowered to the old “HERA” loan limits of $506,000 for King, Pierce and Snohomish Counties.
FHA Corner:
New Monthly mortgage insurance premiums went into effect April 18th.
30 yr fixed loans over 95% LTV rose from .85% to 1.10% /month.
On FHA Loans, if the borrower is retaining their current residence which has a FHA loan, then borrowers need to document ’NEED of Housing’: relocation, vacating a jointly owned property (divorce), growing family.
If the number of dependents has increased note borrowers will need to pay down the outstanding FHA balance to 75%, OR purchase with a conforming loan.
97% Purchase loans
Only 3% down. HomeStreet Bank is one of only a few banks offering this Fannie Mae Loan product which may be a less expensive option than FHA for those First Time Buyers with good credit.
No Upfront Mortgage Insurance premium is added to the loan amount. Conforming product up to $417,000 loan amount, 700+ credit score, single family residence only, no condos or duplexes (need 5% down). Owner occupied only.
