FHA Interest Rate Change: MHDC’s Cash Assistance Loan (CAL) is now 4%! (APR 4.93)
MHDC is raising mortgage interest rates offered to first-time homebuyers. First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.
Program Highlights
- 3% Cash Assistance Loan (CAL) can be used for downpayment and closing costs.
- CAL is forgivable after 5 years of occupancy.
- 30 Year Fixed Rate Mortgages & Competitive Rates.
- CAL can be used with FHA, VA and USDA Rural Development loan programs.
- First time home buyer requirement only applies to the last three years.
- Loan is assumable for an MHDC-qualified borrower in an FHA, VA or USDA-RD loan program.
- Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Homes.
The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-yearfixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy.
Learn more about the first time homebuyer “Cash Assistance” loan by going to www.mhdc.com or call me!
**MHDC Cash Assistance Loan/FHA financing 4.564% Annual Percentage Rate, loan-to-value 96.5%, 680 credit score, includes 1.0% UFMIP.MHDCCAL is a 3% forgivable, 5-year, 2nd mortgage. MHDC household income limits apply. Rates are subject to change.
St. Louis MORTGAGE INTEREST RATES for February 6, 2013:
- · Conventional 30-Year Fixed 3.500%/ 3.777%APR
- · Conventional 15-Year Fixed 2.875%/2.972%APR
- · Conventional 7/1ARM 2.875%/ 3.582%APR
- · FHA/VA 30 Year Fixed 3.25%/4.160%APR
- · Jumbo 5/1ARM 2.625%/ 2.426%APR
- · Jumbo 15 yr Fixed 3.000%/ 3.094%APR
- · Jumbo 30 yr Fixed 4.625%/ 4.719%APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720. Fees/rates may vary for different loan amounts and will affect the actual APR. Quoted rates are for 740 credit scores or greater with 80% LTV (Loan to value) or less. All pricing is dependent on applicant’s LTV, credit score, and state residence. Conforming rates are for a primary residence in the St. Louis MSA over $150,000 & under $417,000.
This information is provided to you for informational purposes only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Contact Paramount Mortgage to learn more about its mortgage products and your eligibility for such products. Program rates, terms and conditions are subject to change at any time.
Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com
For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
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