News You Can Use from Gary Moore

You can obtain a HomePath mortgage on a Fannie Mae foreclosure with only 3% down and with no mortgage insurance and no appraisal required. An investor can obtain a HomePath mortgage with only 10% down and no mortgage insurance or appraisal required.

Do not let the tail wag the dog---don't go out and look for a Fannie Mae property just to get the loan---but if you are considering several properties and one of these homes is in the mix, be sure you and I have talked about the loan details before you make a decision. Having a financing edge can often make the difference between a home selling and not selling.

Call me to get your prospects pre-approved in order to become qualified buyers, and do not overlook that this loan puts investors in the game, whereas they could not otherwise put 25% down for a conventional investment loan.

Mortgage interest rates rose little by little every day this week after spending about a month in the lowest range we have seen since last fall.

Stocks had a big week--- they were oversold and overdue---after major indexes bounced off their 200-day moving average and ended the week with some pre-Fourth of July fireworks.

It was a classic scenario of money favoring either bonds or stocks, but not both at the same time. When bonds, Treasuries and mortgage-backed securities are selling off and dropping in price, interest rates associated with them go up.

The Dow Jones Industrial Average gained every day of the week---opposite bond action---as multinational stocks like Caterpillar, 3M and United Technologies led the way in a play on future economic growth worldwide. It was the largest single-week stock market gain in more than two years as the Dow gained 648 points, or 5.4%, on the week and closed Friday up 168 points to settle at 12,583.

The S&P 500 was up 5.6% for the week and closed Friday with a gain of 19 points to settle at 1,340, and the Nasdaq index was up 6.2% for the week and gained 43 on Friday to close at 2,816.

The 10-year Treasury came off its lowest yield of the year last week (2.87%) and closed at a 3.2% yield.

After the July 4 holiday, look for markets to take a breather from their strong, directional trends of the week just ended.

Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com. Web site: www.BrentwoodHomeLoan.com

30-Year Conventional Fixed

4.75% $100,000-$417,000

15-Year Conventional Fixed

3.99% $100,000-$417,000


30-Year FHA-100% VA

4.75% $100,000-$393,300


30-Year Jumbo Fixed

4.95% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.625%

THDA Great Start 100% with Gift

5.35% $100,000-$393,300

4% of loan amount Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

Quote of the Day

"Dissent is the highest form of patriotism."
--Howard Zinn

Visit my mortgage website:
http://www.BrentwoodHomeLoan.com

Market Update informs consumers and Realtors on market trends, offers subjective opinions and is not a quote for a unique borrower.