The Federal Housing Finance Agency (FHFA) has announced it will be increasing maximum conforming loan limits in 2020. BASELINE NATIONAL CONFORMING LOAN LIMITS 1-Unit: $510,400 2-Unit: $653,550 3-Unit: $789,950 4-Unit: $981,700 LOAN LIMITS IN HIGH-COST AREAS 1-Unit: $765,600 2-Unit: $980,325 3-Unit: $1,184,925 4-Unit: $1,472,550
We are picking up our series “Understanding Financing” with today’s post, where we will look at the main loan products that most buyers use in the purchase of real estate. There are a lot of products on the market, various criteria to qualify for each,…
The Federal Housing Administration (FHA) reduced mortgage insurance premiums by a quarter of a percentage point (from 0.85% to 0.6%) starting January 27. (0.25% for 30-year loans and 0.20% for 15-year loans.) HUD says that this should decrease borrowers costs by $500 a year on…
In my last post, I discussed real estate financing 101 – what is a mortgage? and how will lenders evaluate you (the 3 C’s – credit, collateral, capacity)? Today, we are going to be talking about credit and how it affects your ability to secure…
