For the second year in a row the Federal Housing Administration, (FHA), announced new loan limits in most areas of the country in 2018. FHA loans are geared toward borrowers that do not have a large down payment on the home they wish to purchase. FHA loans require a minimum of a 3.5 percent down …
Think the government shut down won’t affect you?! Think again.
Aside from the obvious departments and buildings with “non-essential” government workers being shut down, this tug of war between our two political parties will affect anyone seeking a new home mortgage in a tangible way. If the last shut down which occurred in 2013 is any indication the IRS is one of the big agencies …
Who cares about the CFPB? We all should!
The Consumer Financial Protection Bureau is a central part of President Obama’s Wall Street Reforms program which also includes the Federal Stimulus Program. Created in 2011 to police the financial services industry, the CFPB has been in the news again recently due to the controversy surrounding the appointment of a new Director. It’s existence and …
How do you know if a Reverse Mortgage is right for you or your loved one?
The only way to know for sure is to speak with a loan officer that specializes in this very unique product. A reverse mortgage is a type of home loan that lets you convert a portion of the equity you built up over the years making mortgage payments into cash. Oftentimes, you will hear this …
Is there really such a thing as a no closing costs mortgage?
All mortgages have costs associated with closing. Closing costs are fees that the borrower must pay to third party vendors who provide services needed to get the loan cleared to close. To make it easier for the borrower, these fees are typically collected by the lender and paid to the vendors by the settlement agent. …
Help for borrowers saddled with student loan debt
Think you cannot buy due to Student Loan Debt, think again! Fannie Mae is preparing to raise the debt to income ratio requirement by July 29, 2017! High debt payments are the number one reason people are declined when applying for a loan. The increase from 45% to 50% could open the doors to home-ownership …
