Category: Local Michigan

News and Updates in our home turf Grand Rapids, MI.

Did Michigan Mortgage Rates Blast Off in 2022?

Did mortgage rates blast off in 2022?

If you listen to the news, you will get fed consistent updates about how mortgage rates are jumping and how housing markets may be in a bubble. It is no wonder why the average home buyer may second guess their timing to buy a home in 2022. It is true that mortgage rates have shot… Read more »

2022 Conventional Loan Limits in Michigan

2022 Loan Limits in Michigan

With home values appreciating at a record breaking clip, the maximum conventional loan limit has also increased a substantial amount for 2022. The Federal House Finance Agency (FHFA) reviews home sales data on an annual basis and adjusts the max conforming loan limit to the rate of appreciation using the FHFA House Price Index (FHFA… Read more »

What is a Mortgage Pre-Approval?

Mortgage Pre-Approval

A mortgage pre-approval is given when a loan officer has looked in depth into your finances and has calculated the amount that you are likely approved to borrow to buy a home. They will base your pre-approval on estimated monthly payments, loan amount and mortgage rate. Homebuyers may need a mortgage pre-approval before they are… Read more »

DACA Loans in Michigan

Michigan Daca Loans

DACA mortgages in Michigan are here! On January 20th, 2021 the US Department of Housing and Urban Development (HUD) has announced that all immigrants under the Deferred Action for Childhood Arrivals (DACA) program will be eligible to apply for a Federal Housing Administration (FHA) backed mortgages. This new qualification for FHA loans is effective immediately.… Read more »

2021 Conventional Loan Limits

2021 loan limits announced

Each year the Federal Housing Finance Agency (FHFA) reviews home appreciation and makes adjustments to the maximum conventional loan limits. With our booming housing market the FHFA was able to increase the new conforming loan limits substantially for 2021. Conventional loans are home loans sold to Fannie Mae and Freddie Mac. Nearly all banks and… Read more »