Until the mortgage industry comes to grips with its capacity issues, the actual mortgage rates that most lenders offer will not fall further.
We do rate surveys every week, and many (if not most) lenders are actually offering higher rates than what they offered in July.
In addition, these rate movements are marginal at best; a move from an “average nationwide rate” of 2.88% to a “record low” 2.86% will never be seen in actual rate quotes.
10% DOWN JUMBO OPTIONS
10% down jumbo options mostly dried up during the peak of the COVID crisis, and many people still mistakenly believe they are still gone.
They have, however, returned with a vengeance and that is why I am blogging about it.
80/10/10s
This is our most popular option, particularly in coastal CA. With a $765,600 1st mortgage, and a $500,000 HELOC to 90% combined loan to value HELOC, buyers can purchase up to $1.4 million with only 10% down.
80/10/10s are open to anyone, including first-time homebuyers and they are relatively easy to qualify for from a credit and reserves perspective.
We currently do not have viable 80/10/10 options for TX.
10% DOWN SINGLE MORTGAGE (NO HELOC/2nd)
We also have 10% down single mortgage options.
We have options available in both California and Texas with loan limits that range from $1 million to $1.5 million.
But, the higher loan limits (above $1 million to $1.25 million, depending on program) prohibit first-time homebuyers in some cases and are much more restrictive with respect to debt ratio and reserve requirements.
