Here’s my brief commentary on the mortgage industry in Tucson for the month of April, 2009. Refinancings are going strong with record interest rates. Applications have really picked up! As I write this, most of my borrowers have come to the realization that you have to pay an origination fee or 1% of the loan amount as well as closing costs to get a rate under 5% for 30 year fixed rates. I am also in the process of helping a couple of borrowers with their Fannie Mae loans that fall under the new “Marking Home Affordable Program” for folks who owe more than 80% of the value of their homes, but less than 105%. To see if you qualify, go to www.fanniemae.com and enter your address into the form. If Fannie Mae owns your loan, I can help you! The rate will depend on your credit score and loan-to-value ratio (LTV). Your credit score and LTV will also determine your rate for traditional refinances.

For purchases, the lowest down payments are available for FHA loans and USDA loans. FHA loans have a maximum limit for a single family residence in Pima County of $316,250. The minimum down payment is 3.5% of the sales price. The USDA Rural Housing has increased their income limits to $73,600 for a household with 1 to 4 persons and $97,150 for a household of 5 to 8 persons. The loan program features a ZERO down payment with NO MORTGAGE INSURANCE! The properties must be within geographic boundaries that are considered rural, but that would include Marana, Vail and Sahuarita.

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