I just received some amazing news from SunTrust Mortgage. They can now offer 3.5% on a 5/1 ARM with only 1/2 point! The 5/1 ARM is ideal for the first-time homebuyer and the move up buyer. If you are a first-time homebuyer, or a move up buyer who has not purchased a home in the last three years, you would also qualify for the $8,000 tax credit.
For more information on the $8,000 tax credit, who qualifies and the time period for the credit, see my related blog post.
I have been in the business 11 years and I have never seen a rate below 4%. This is amazing.
If you want more information about this, let me know.