May 9, 2008
Mortgage Interest Rates For First Time Home Buyers-Fixed Rates
|
| TERM |
Annual Percentage Rate (APR) |
POINTS |
|
|
| 30 Years |
5.625% / 5.717% APR |
0% |
|
|
| Estimated monthly payment of $5.76 per $1,000.00 borrowed. |
| 15 Years |
5.375% / 5.528% APR |
0% |
|
|
| Estimated monthly payment of $8.10 per $1,000.00 borrowed. |
Underwriting Guidelines for First Time Home Buyers
|
| Joint Gross Yearly Income cannot exceed $36,700.00 |
| Low Down Payment |
| Qualifying ratios are Front End -- 33%; Back End -- 38%. |
| MAXIMUM LOAN AMOUNT -- $47,500.00 |
| There is a discount on legal fees through First Federal Savings Bank's approved closing attorney. |
Fixed Rate Mortgages Purchase-Refinance-Construction-Conforming
|
| TERM |
Annual Percentage Rate (APR) |
POINTS |
|
|
| 30 Years |
6.00% / 6.05% APR |
0.00% |
|
|
| Estimated monthly payment of $6.00 per $1000.00 borrowed. |
| 15 Years |
5.75% / 5.832% APR |
0.00% |
|
|
| Estimated monthly payment of $8.30 per $1000.00 borrowed. |
| The above rates are for the PURCHASE, CONSTRUCTION AND NEW FINANCE of OWNER OCCUPIED SINGLE FAMILY DWELLINGS. |
| Loans with Loan to Value in Excess of 80% require PRIVATE MORTGAGE INSURANCE. |
|
 |
