As home prices across the country continue to rise, the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have announced increases in conforming loan limits for 2017. For the first time since 2006, the FHFA has increased the maximum loan limit for conventional loans through Fannie Mae and Freddie Mac from $417,000… Read more »
Mortgage rates have dropped again officially hitting the lowest levels in one year which is near historic lows. According to the Freddie Mac weekly mortgage survey, rates are as low as 3.72% for a 30 year fixed rate mortgage and as low as 3.01% for a 15 year fixed rate mortgage. If you have been considering… Read more »
If you are in the market for buying a house it is important to understand the implications of qualifying for a mortgage with student loans. Each year, at least 60% of college attendees take out some form of student loans to help with the ever growing costs of higher education. While this can be an… Read more »
Want to save money on your mortgage? Refinancing might be the best way to take advantage of the historically low rates. Depending on your goal, make make great financial sense to refinance your mortgage. Here’s what you need to know to make the best decision. Benefits of Refinancing your Home Loan Before you refinance your… Read more »
Buy a Home with only a 3% down payment with Freddie Mac’s 97% Home Loan! If you are a first-time home buyer or struggle to come up with a conventional down payment for a house, the FHA Loan is no longer your only option. Freddie Mac’s new Home Possible Advantage program is a conventional loan… Read more »
The Federal Housing Administration has announced that they will be reducing the mortgage insurance premiums (sometimes called PMI or MIP) charged on all FHA loans. The rate reduction will be nearly half the current costs cutting the insurance premiums down from 1.35% to .85% annually. This is great news for new home buyers and those… Read more »
Major economic growth has happened within the last few years. This growth has allowed the housing market to build back up from the Great Recession – bringing home prices up as much as 13% in the past year! This has help to aid many underwater homeowners to the surface – that is, if they have… Read more »
FHA Back to Work Program: Buying a Home after Foreclosure or Bankruptcy The Federal Housing Administration (FHA) has announced a program that allows a borrower to buy a home sooner after foreclosure, bankruptcy, deed-in-lieu, or short-sale. This new FHA program is called The Back to Work Program. This is an extension of the current FHA… Read more »
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