Buy and Rehab Using an FHA Loan; St. Louis Mortgage Rate Update

Paramount Mortgage Company - St Louis

The FHA 203K rehab program is intended to promote and facilitate the restoration and preservation of existing homes.  It enables borrowers to finance the acquisition and rehab of a property in one step; the loan value is based on the projected value of the home at the completion of the rehab.

Eligibility and Project requirements include:

  • Must be owner-occupied.Up to 4 family unit
  • Minimum of $5000 in rehab work
  • Minimum must be used for health/safety of occupants

For further information about the 203K program, please click here.

St. Louis Mortgage Rates for January 12, 2011

Conventional 30-Year Fixed                 4.750%
Conventional 15-Year Fixed                  4.250
Conventional 5/1 ARM                               3.750%
FHA/VA 30 Year Fixed                               4.750%
Jumbo 5/1 ARM                                                3.625%
Jumbo 15 yr Fixed                                          4.375%
Jumbo 30 yr Fixed                                         5.500%

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

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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