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 Today's Mortgage Rates and FHA Update
By: Darin "Sid" Cameron, CRS
Fri, Nov 2nd, 2007 6:00 pm

Here are today's mortgage rates from Bill Nass at Gershman Mortgage.  Bill also sent over this update on FHA.

"FHA will continue to recognize down payment assistance programs through Nehemiah Corp. and AmeriDream as acceptable sources for gifts funds.  At this time, Nehemiah has been granted acceptance with contracts dated before April 1, 2008 and AmeriDream before March 1, 2008.  We will continue to accept these as acceptable sources of down payment until then.

There are two major changes pertaining to FHA loans that we anticipate being in place by the end of the year.  It is proposed for the maximum FHA loan limit to increase to $271,000 in the St. Louis area.  It is also proposed for the minimum down payment be reduced from 3% to 1.5%.  We will keep you apprised as these changes are approved."


Today's Mortgage Rates:

•     30 Year Fixed 5.875%

•     15 Year Fixed 5.375%

•     30 Year Fixed Jumbo 6.5%

•     Interest Only 30 Year Fixed Jumbo 6.5%

•     Interest Only 5/1 ARM Jumbo 6.00%

•     30 Year Fixed FHA/VA 5.875%

For Self Employed Stated Income & Assets

•     Interest Only 30 Year Fixed SISA 6.375%

•     Interest Only 5/1 ARM SISA 5.875%

•     Interest Only 30 Year Fixed SISA Jumbo 7.125%

•     Interest Only 5/1 ARM SISA Jumbo 6.75%

Rates posted 11/01/07 and are subject to change without notice.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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