For many homeowners, saving money for a large down payment can take years. Add to that rising house prices and discouragement can set in, especially if house prices are rising faster than you can save. But you don’t need to put 20% down on a new home to get a good mortgage. In fact, putting […]
If you’re behind on your mortgage payments or even facing foreclosure, you might be able to save your mortgage by requesting a loan modification or refinancing your mortgage. On July 23, 2021, the Biden Administration announced a new plan to offer mortgage relief to homeowners, reducing some mortgage payments by up to 25%. Under […]
Last week on July 16, 2021, the FHFA formally announced plans to eliminate the 0.5% adverse market refinance fee, sending lenders into a competitive race to drop rates for qualified borrowers ahead of schedule. According to the FHFA press release, “Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries […]
Earlier this year, jumbo loan limits increased to $548,250 in most of the U.S. and up to $822,275 in high-cost areas. Why does this matter? Jumbo loan limits put mortgages in two distinct buckets: conforming home loans and non-conforming home loans. Depending on your homeownership goals, you might want to shop within conforming limits so […]
If you’re having trouble getting a condotel loan or financing a luxury condominium, you’re not alone. Many property owners and investors are looking to diversify their portfolios while rates are still low. But conventional guideline restrictions on condotels and non-warrantable condos have made it a little more challenging to apply and get approved. Well-qualified borrowers […]
If you’re self-employed, have a high net worth, or want to apply for a mortgage without having to verify your income, then the no income verification loan might be worth considering. Just like it sounds, a no income verification loan doesn’t require proof of regular income to qualify. Qualifying criteria are much more stringent, but […]
Have you heard about the FHA Good Neighbor Next Door Program? If so, then you know it’s a special program operating under the auspices of the Department of Housing and Urban Development, or HUD, and is aimed at specific HUD-identified areas. Who is Eligible? This program allows law enforcement officers, pre-K through 12th-grade teachers, firefighters […]
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