For those who qualified,
Wholesale 30 YR fixed rates were 5.25% on Weds.
They were 5.00% on Tuesday.
Per FNMA guidelines, the best rate requires at least 20% equity and a mid credit score above 740.
Pricing is based on a matrix of credit score and equity. If you have at least 40% equity, your credit score can be as low as 620 to get the same rate. There are other options in between.
The wholesale rate comes with a 1% fee. (1 point)
plus title & escrow fees.
Refinance or purchases have the same rate, unless you are paying off a HELOC that was not used to purchase the property.
A true no cost loan depends on loan amount. A $400K loan with no cost,no fees was 5.75% on Weds.
Rates change every day, and often change intra day.
Full doc only, no stated income.
Other guidelines could appply. HLS
