Did you know? FHA allows 6% seller concessions? The 6% can be used to cover the closing costs, the 1.5% FHA fee and building the escrow account. But keep in mind, the maximum LTV is 97% unless you use a down payment assistance program.
The 30 year fixed mortgage is at 5.875% today before adjustments, if any.
Mortgage/Economy news:
It never fails to amaze me how the news reporters will try to make such a big deal out of nothing. I guess they wouldn’t have much to talk about otherwise. Weekly jobless claims were about 5000 less last month than in the previous month. That is not a huge improvement, as they came in at a still high 365K. The media hailed this as much better than expected. However, they conveniently forget to highlight the fact that continuing jobless claims rose to their highest level in four years. Considerable weakness remains in the economy.
Oil, which topped $134 a barrel yesterday, climbed above $135 this morning. There is no end in sight, and despite what analysts believe, speculation is at least a partial reason for the huge upward run. It is no different that the 500+ point decline in the Dow over the last two days. Once a little selling pressure is exhibited, all of a sudden nobody wants to be the last one holding the bag. Selling increases and prices fall quicker. Or, in the case of oil, buying increases and prices rise quicker.
Thought of the day:
A strong positive mental attitude will create more miracles than any wonder drug.
Patricia Neal
(Provided by Steve Hale~Georgia Platinum Mortgage)
