Here’s another loan program you might not have heard of before but could be an attractive option for you. It’s referred to by lenders as a “two-step” mortgage. It’s so called because the interest rate on the mortgage changes once at a predetermined point in the future. There’s the initial rate, or the first step, […]
Mortgage loan limits for conforming loans will take effect on January 1 of next year. For 2020, the conforming loan limit for a single family home will be $510,400, up from $484,350 in 2019. Higher limits will also apply to a duplex, triplex and fourplex. What, exactly is a conforming loan? Conforming Loan Explained A […]
It didn’t get a whole lot of publicity last week, but there was a major change for VA Home Loans. More specifically, the VA loan limit, or loan cap. Over the years, the VA loan limit has changed and the changes have always been favorable to the veteran. The most recent adjustment eliminates the VA […]
Mortgages are typically divided into two categories- conforming and jumbo. A conforming loan is one where the maximum loan amount is $484,350 for most parts of the country. In higher cost areas where the median home value is higher than the norm, the conforming limit rises as high as $726,525. Conforming loans are by far […]
Okay, the main difference between a conforming home loan and a jumbo loan is simply the loan amount. Conforming loans are labeled conforming because they conform to guidelines set by Fannie Mae or Freddie Mac. For most parts of the country the maximum loan amount to still be considered a conforming loan is $484,350. Anything […]
Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed mortgage loans. A conventional loan is […]
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
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