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5% rate on a 30 year fixed Mortgage

The last post in this topic was posted 5277 days ago. 

 

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DH's friend is telling him that she is getting 5% on a thirty year fixed.

 

Can that be true?

 

I tend to doubt her as even with good credit rates don't seem to be at that level

 

DH asked her who is the lender and she did not want to say.

 

what do you guys think?

 

Nikki

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That is what I thought.

 

 

Uggh I hate ignorant show offs.

 

I told DH she must be something special and have a FICO higher than possible to get those rates. :)

 

 

 

Nikki

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DH's friend is telling him that she is getting 5% on a thirty year fixed.

 

Can that be true?

 

I tend to doubt her as even with good credit rates don't seem to be at that level

 

DH asked her who is the lender and she did not want to say.

 

what do you guys think?

 

Nikki

 

 

and the proof is in the pudding

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The only way that would be happening is on some kind of state subsidized loan producy and not at that rate the 30 yr bond is over 5%.

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The only way that would be happening is on some kind of state subsidized loan producy and not at that rate the 30 yr bond is over 5%.

 

 

maybe a 321 buydown? or something similar?

 

which would not be a 30 yr fixed at 5%

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I think I am going to have DH pester her for the name of the bank. . .

 

just to see her squirm & sweat!!! LOL

 

 

Nikki

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I think I am going to have DH pester her for the name of the bank. . .

 

just to see her squirm & sweat!!! LOL

 

 

Nikki

 

 

im getting a 5.49 fixed for 30 years through OHFA which is ohios first time home buyer program no points for the rate

 

i suppose if you bought 3.5 points you could get to the 5% rate but on my loan that would be like 4k

 

 

the rate was 5.35% until march 20th when they raised it to 5.49

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What about the poster who recently posted about their NACA/BofA mortgage at 4.9% or something?

 

I'd just say "that's a great rate, who did you speak with to get that?" and call that person up, get the qualifying guidelines from them.

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My SO got a 30 yr fixed at 4.625% Of course he only qualified for that rate because he is technically a low income borrower. It's a first time buyers program here in AK run by the state housing finance corp. The loan was originated through a local big name brokerage house then sold to Wells after closing.

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This woman is not a first time home buyer.

 

She is buying a rental property. I don't think she is getting these kinds of rates on a investment property.

 

I think she is lying anyway. Either to DH or to the bank on the investment property. Plus she is just starting the mortgage process.

 

I know their income if well over $160,000.00 so the low income bit does not apply.

 

 

I think I will insist on getting the info just in case.

 

Nikki

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my wife sister got 5.4%, but it was a federal program for so called poor people who make under 70k/year (dont know how you can be classified making 50k/year from her husband), but she got that rate only through federal program not regular program loan. If she moves within 7 years she does not get most of the equity though of the house the state does or somethign like like.

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Mine is 4.9 :grin: but over a year old, and we're poor (state program.) I agree, I think she's not telling the truth or doesn't understand the truth.

wish I qualified for a state program like the so called, "poor" people gotta make uder 70k though I made 70100 last year. damn....

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I think the NACA rate is 5% now. You can purchase investment property but it has to be a duplex and you have to live on one side while under the NACA program.

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wish I qualified for a state program like the so called, "poor" people gotta make uder 70k though I made 70100 last year. damn....

 

What poor program? We make under 70,000 a year and we're paying 6.375 for our new home (not new but new to us LOL). We got to go conventional though....which is a great surprise with all the hard work I put in to credit repair for the last year and a half.

 

Wished we were under 6 though....that would have been nice :rofl:

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Wished we were under 6 though....that would have been nice :rofl:

 

Don't worry. Most likely you'll be bragging about being at 6.375 within a couple years.

 

It wasn't that long ago that buyers were balking at 5.75%.

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DH's friend is telling him that she is getting 5% on a thirty year fixed.

 

Can that be true?

 

I tend to doubt her as even with good credit rates don't seem to be at that level

 

DH asked her who is the lender and she did not want to say.

 

what do you guys think?

 

Nikki

 

It's possible, I am looking at a 5.5% 30-year loan when I apply in June, I am using the first time homebuying program through my tribe, coupled with our state bond program (buying down points) along with the Section 184 Hud Program, it can happen, but you just have to find avenues.

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