Current Mortgage Rates

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Can you please tell me if there are still interest only mortgage loans? What are the interest rates for a 10/1 Arm? My husband and I are downsizing and am purchasing a short sale for $340K in Manassas. We would be looking for a loan in the amount of $272K. Thanks for your assistance!

VA IRRL
ARM rates
Mortgage Rates
If we are in the beginning of a short sale process for our current home. We are both employed and until this have had credit scores in the 700s, but due to increasing medical bills are forced to short sale. How soon can we apply for a new, more affordable, mortgage for a Maryland home? Given today’s economy, are there any lenders that will take our income and previous credit history into consideration even though we’ve had to do a short sale?
Subject*Condo refinance

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Answer #1

,I ran your scenario thru my pricing engine. It looks like you must put down 25% to qualify for an IO loan. We have both 7 and 10 year ARMS available with 25% down. I don’t know if anyone can do better on the terms of the down payment. I can tell you regular ARMS paying P&I would be available at 80%. If you would like me to run some numbers and see what the payment looks like please give me a call or email.

Thanks

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407

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