From now until the end of May, ZINC Financial is offering a special promotion on our residential rehab loans. All new house flipping loans funded during the month of May will receive just a one point loan fee in addition to the standard underwriting fees. That’s a 1.5 point decrease from our standard loan terms. In addition, for a one-year term, our house flipping loans will be offered at a rate of just 10.99%.
With this promotion, our team hopes to make it even easier for investors to take advantage of the current excellent conditions for investing in the housing market. Home prices are on the rise throughout the country, and California markets are particularly hot. According to Realty Today, the current average mortgage rates for a 30-year fixed loan and a 15-year loan are 3.68% and 2.94%, respectively. This is the sixth straight week that mortgage rates have fallen, and the extremely low figures are helping more and more people afford new homes.
Low mortgage rates combined with new home construction, a strengthening economy, and increased confidence in the job market are helping home prices go steadily up around the nation. According to the National Association of Realtors, pending home sales in March were up 11.1% over the previous year, marking the highest level since June, 2013, Realty Today reports.
With the current strength of the housing market, there are few foreclosures available for house flippers, but many house flippers are finding great success in the luxury marketplace. In San Francisco, for example, house flippers are regularly making well over $100,000 gross profit per flip on homes in the million dollar range. Other flippers are finding great success in up-and-coming neighborhoods in desirable cities like Los Angeles and San Jose.
Call ZINC Financial today at 559.326.2509 to discuss your investment strategy and to get started on your rehab loan application. Remember, any new loan funded between now and May 31, 2015, will be funded at a rate of just 10.99% for the first year and have just one loan point. Give us a call now to learn more!