New Orleans Mortgage Rates | 3/5/2012

Conventional 15 year:  3.25%
Conventional 30 year:  4% (.125 higher than last week)

FHA: 3.75/3.875%
FHA 15 year: 3.5%

VA 30 year: 3.875%

We will have an update on the Jefferson Parish soft second program by the end of the week.

FHA CHANGES:

Starting April 1, 2012 FHA borrowers that have over $1000 dollars in collections will need to pay them off. The current rule is that collections over 12 months old do not have to be paid and most of the time collections that are small don’t have to be paid even if within 12 months. This will huge for borrowers who only have down payment money and have collections over $1k.  This could force them to pay off collections and not be able to buy a home until they save more money or get some type of down payment help.


This information is courtesy of:

Jeffrey Johnson

Mortgage Consultant
Licensed Loan Originator | Louisiana
NMLS 190523

7611 Maple St| Suite A3 | New Orleans, LA | 70118
Cell: 504.250-7210 | fax: 504.648-3000
email: jeff@nolalending.com

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