Orange County Mortgage Rate Update

Weekly Mortgage Rate Update or Orange County Home Buyer and Home Owners. Quoted rates include FHA, VA, Conventional Fannie Mae and Freddie Mac, as well as Jumbo Mortgage Rates.

Timothy Storm, CMPS
Sr. Mortgage Consultant
Frost Mortgage Lending Group
Phone: (888) 491-2001 ext 226
Fax: (949) 272-2363
tstorm@OCHomeBuyerLoans.com
www.OCHomebuyerLoans.com

Homebuyer Tax Credit Extended and Expanded

Great news for homebuyers! The Homebuyers Tax Credit has been extended into the first half of 2010…and it has been expanded to include benefits for current homeowners!Who Qualifies? First-time homebuyers may be eligible for the tax credit worth 10% of the purchase price of the home, with a maximum available credit of $8,000.

In addition, the program now gives current homeowners an additional reason to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Eligible Incomes: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, joint filers who earn $245,000 and above are ineligible.

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Monday, 16th November, 2009:

	Term	Conforming	APR	Payment per $1,000	Jumbo	APR	Payment per $1,000
30-Yr. fixed Conforming	360	4.625%	4.698%	$5.14	%	0.000%	$0.00
15-Yr. fixed Conforming	180	4.5%	4.628%	$7.65	%	0.000%	$0.00
5-Yr. Interest Only Conforming	360	4.25%	4.322%	$3.54	%	0.000%	$0.00
30-Yr fixed Agency Jumbo($417,000-$729,750)	360	5.125%	5.201%	$5.44	%	0.000%	$0.00
5 yr Jumbo – to $2 Million	360	%	0.000%	$0.00	5.375%	5.465%	$4.48
FHA 30 year Fixed ($417,000-$729,750)	360	5.25%	5.719%	$5.52	%	0.000%	$0.00
FHA 30 year Fixed (under $417,000)	360	5.0%	5.615%	$5.37	%	0.000%	$0.00

*Rates are subject to change due to market fluctuations and borrower’s eligibility.

Frost Mortgage is a local Orange County Direct Lender. We will process, underwrite, and fund Conventional, FHA, and VA loans.