How GREAT is that?? 3.25% .........This is terrific news for Central Louisiana home buyers!
Today if you have a credit score at 640 or above and have good debt ratio's you could get a 3.25% interest rate on a 30 year mortgage. Not sure if you qualify? CLICK HERE to get Pre-Approved!
So what kind of loans were offering this rate today?
FHA financing - With this loan you will need to put down 3.5% on average ( the percentage varies based on the loan amount).
RD financing - 100% financing...means NO down payment. There are income restrictions on this type of financing and the home location needs to qualify as well.
Conventional financing - You will need between 5% + for conventional financing. Note that if you put 20% or more down payment you will get out of paying PMI (private mortgage insurance).
To give you an example of what this 3.25% interest rate means to your pocket book. If you were getting a $150,000 mortgage your Principal and Interest payment would be $652.81. For your total payment you would need to add Taxes, Insurance and PMI if applicable. This is definitely better than renting!!
If you have been on the fence waiting to BUY A HOME IN CENTRAL LOUISIANA
NOW IS THE TIME TO GET OFF THE FENCE AND BUY....BUY....BUY!!
Don't wait until the market starts going up!
If you have real estate questions.....Contact PAIGE WALKER 318-308-2121 or 318-640-2121
Paige Walker, Century 21 Millennium, Pineville, LA has the answers!
REAL ESTATE.....IT'S WHAT WE DO!