Dow Jones Newswires at market close Wednesday reported that Toll Brothers has begun offering a 30-year fixed rate on mortgage loans of $417,000 or less with no points.
The report, which quoted the CEO of TBI Mortgage Co., Toll’s lending unit, said the deal will be offered only to those with credit scores of 720 or above and would require minimum 20% down payments.
In its most recent earnings release, Toll said its average price had fallen to $495,000 in the fiscal fourth quarter of 2008, which ended Oct. 31.
