The Conventional mortgage industry continues to tighten its underwriting & guidelines belt and credit scoring. 100% Conventional financing has gone away & there will be a down payment required for purchases & equity in your property for refinancing. A 720 minimum FICO score will be required in order for you to qualify for the best rates. Scores from 680-719 will be assessed a pricing adjustment so you will have to pay more money to get the same rate. Scores from 620-679 will be assesed a bigger price adjustment so you will have to pay more to get the same rate.

Saving for a down payment will become fashionable again just as our parents had to do many years ago. Having said all this, rates are excellent as of this writing. 05/28/2010.  Example of a typical sample rate for persons with good credit, stable employment, sufficient income to debt ratio, owner occupied, sufficient down payment or LTV, and any other lending requirements:

30 year fixed- 4.75-4.875+1 origination point (APR 4.95-5.075%)

15 year fixed- 4.25-4.375% + 1 origination point (APR 4.45-4.575%)

30 yr fixed– Purchase or refinance. Conventional financing requires a minimum of 5% down. FHA is 3.5% down payment. VA & Texas Vet do not require a down payment.

15 yr fixed– Builds equity much faster. Saves you hundreds of thousands of dollars of interest over the life of the loan.

 *Rates are subject to change daily. Borrower must meet all lending requirements. Call for your up to the minute Mortgage Analysis today or apply online at my secure, confidential Mortgage website:  www.BestLoansByJJ.com . Equal Housing Lender. Member NAMB, TAMB, Lic #9355

NMLS # 232353

 105 Galleria Fair, San Antonio, Texas 78232