Each year, the Federal Housing Finance Agency (FHFA) sets new baseline loan limits for various types of home loans to reflect the average home price in the U.S. Conventional loans, also known as conforming loans, are guaranteed by Fannie Mae and Freddie Mac and make up most of the loans in the U.S. As you…
Posts By: Michael Vanella
When taking out a mortgage loan, there are several different categories that the loan falls under, depending on what you intend to do with the home understanding the mortgage process will help you navigate the purchase of your second home or investment property easier. For a home that you intend to live in as your…
The Cost to Refinance my Mortgage The cost to refinance a mortgage depends on all sorts of factors, including, but not limited to: the loan program, loan amount, loan term, location of the home, credit score, loan-to-value, debt-to-income, and current market conditions. So when you ask yourself, should I refinance my Mortgage, you will want…
Mortgage loans are divided into two categories: Conforming Loans and Non-Conforming Loans. Below, we will highlight the features and benefits of each one, how they relate to each other, and the different options available to home buyers. What is a Non-Conforming Loan? A non-conforming mortgage loan is one that does not meet the requirements to…
Refinancing is a good idea when Mortgage interest rates are currently pretty good, and that means that it might be time to think about refinancing your current mortgage loan. Below, we are going to highlight some of the benefits of refinancing your loan. Refinancing: High-Interest Rates If your current interest rate seems like it might…
How to Apply for a USDA Home Loan USDA home loans are a great option for both first-time, and experienced home-buyers. They do not require a down payment, making them an attractive option to some home-buyers. The property must be located in a “rural” area, and there are income limits based on your household size…
If you are wanting to buy a home, and already own one, there are different rules, requirements, and restrictions that are in place for each kind of loan program. Read on to find out the ins and outs of owning multiple homes for conventional, FHA, USDA, and VA home loans. Conventional Home Loans If you…
Is My Mortgage a Tax Deduction? Yes, owning a home also comes with many qualified mortgage tax deductions, also called tax write-offs. To claim your mortgage interest tax deductions, you must itemize your taxes instead of taking the standard deduction. Your Mortgage Tax Deductions There are several components to a mortgage that allow for mortgage…
This past year has been a tremendous one for homebuyers and refinancers, with near-record setting lows for mortgage rates across the country. As we head towards another new year, the question on everyone’s mind has become: will we see the trend of low rates continue into 2020, or are we in for an increase? Current…
Buying a home for the first time can be overwhelming. As a first-time home buyer, there are so many decisions to make along the way, from your buyer’s agent, to your loan officer, to your loan program. But-buying a home doesn’t have to be stressful! Making sure you are prepared will put you miles ahead…
Home loans divided into two categories: Conforming Loans and Non-Conforming Loans. And in the future, we will talk about the features of each one. But, as we head into 2020, conforming mortgage loan limits have increased. Here we explain what does that mean for borrowers looking ahead? Conforming Loan Limits in 2020 Conforming mortgage loans…
If you are thinking about buying a home, an FHA home loan might be the right program for you. Private Mortgage Insurance is a component of FHA home loans that you will want to know about if you decide to go with the FHA loan program. Below, we answer some common questions that you might…
When you are buying your first home, there are many areas of lending and the home buying process that you will want to be informed about. Educating yourself is the first step to knowing that you are getting the best deal. 1. Down Payment Assistance Programs – MHDC, Chenoa, City Grants, etc. a. These…
Saving for a downpayment is often the most daunting part of the homebuying process. Having enough cash to put 20% down may seem out of reach, but don’t let that high number discourage you from becoming a homeowner. Despite what many people say, you don’t have to put 20% down to get the keys to…
Many people believe that homeownership is completely out of reach. But the truth is that even with a low credit score or the inability to save for a hefty down payment, you can still buy a house you love. If you would like to purchase a home but are struggling with credit or savings, an…
Many people are unaware of the U.S. Department of Agriculture mortgage program. USDA home loans don’t require down payments and are available for eligible rural and suburban homebuyers. Read on to see if this program would be a good fit for you and your household. What are the USDA income limits? USDA loans are made…
