If you are buying a home, please be aware that mortgage rates are rising. According to Vivian Sumrow, Loan Originator, NMLS 273064, with Gateway Mortgage Group, LLC out of Waco,
"Interest rates have increased substantially on government loans with lower credit scores. Yesterday rate quotes were 5.875 to 6.125% on FHA loans with minimum 3.50% down, credit score at 620 and maximum debt ratio of 50%. On scores 640 and higher the rates are around 5.50%. The age of 4% for government loans has passed.
Please prepare your clients for the higher interest rates."
Vivian adds that Quicken Loans is still advertising 4.50% -- but they are not telling the public that this rate is based on the national average with over 720 credit scores and 41% DTI. 4.5% is NOT the rate for folks with a lower credit score.
NOTE: Vivian Sumrow is my go-to person who helps my clients the most with their mortgage loans. She takes the time to understand the client's individual financial situation, credit score and other circumstances. She advises them on how they can best achieve the home they want. My twenty years of experience has shown that the big name lenders and online lenders do not always help my clients achieve their goal. While clients are free to pursue any lender, many come back to me with problems they encountered. Vivian then becomes their go-to person! Contact information for Vivian Sumrow.