Category: FHA Mortgage

FHA vs Conventional Loans

Conventional Loans are home loans that conform to the underwriting guidelines set by the Government Sponsored Entities, Fannie Mae and Freddie Mac.  In the past, conventional loans were only for elite borrowers that had 20% or more for their down payment. Times have since changed opening up great new programs for low to middle income… Read more »

2019 FHA Loan Limits

FHA Loan Limits Increased for 2019 On December 14, 2018, FHA increased the FHA Loan Limits for new case numbers assigned on or after January 1, 2019. The FHA loan limits have increased from 2018 FHA loan limits of $294,515 to the new floor of $314,827 for 1 UNIT properties. Related: See our FHA Mortgage… Read more »

2018 Conforming Loan Limits and FHA Loan Limits Increased

On November 28, 2017, it was announced by the Federal Housing Finance Agency, or FHFA, that for 2018 the baseline loan limit for conforming loans will increase from $424,100 to $453,100. This is due to raising house prices and real estate appreciation. According to the FHFA, from the third quarter of 2016 to the third… Read more »

How to avoid or get rid of PMI

Private Mortgage Insurance (PMI) protects the lender in case you default on your loan. In most cases, unless you have a 20% down payment, you would have to pay PMI. But if that sounds like one more expense you can’t afford, here are some ways you can avoid PMI or get rid of it if… Read more »

How can I lower my monthly mortgage payments?

So, you’ve had a home for awhile, but you feel like your budget is just too tight. You scrimp and save, but it’s never enough. If the biggest expense you have is your mortgage, maybe it’s time to refinance your mortgage. Refinance to a lower rate Rates are very low. Right now, for a 30-year… Read more »

Can I get a co-signer for a home loan?

Things to avoid when buying a home in Michigan.

If you want to buy a house, you have to meet certain requirements in order to secure a mortgage. What if you do not meet the requirements for income and credit history? The good news is you can ask someone to cosign on your loan, even if they won’t live at your house. Here’s what… Read more »

How High Will Interest Rates Go This Year?

Mortgage interest rates have been slowly increasing since they plummeted following the 2008 financial crisis. Twice this year already, the Federal Reserve has raised interest rates, which, in turn, raises the rate at which banks loan out money for mortgages. But are they done raising rates this year, or could more hikes be on the… Read more »

Why You Shouldn’t Buy The Cheapest Home

If you don’t have a lot of money and you’re in the market for a new house, you may be tempted to buy the cheapest home you find with the intention of fixing it up. However, just because a house is cheap doesn’t mean it’s a wise investment. Here are a few things to watch… Read more »