What are the advantages of an escrow holdback? Purchasing a home can be an exciting experience. Still, it also comes with challenges, especially when dealing with a delayed closing due to repairs and improvements discovered during the homebuying process. Sometimes, the loan closing could be contingent upon these repairs, pushing your closing date back and …
$400 Million housing bond issued to support affordable housing in Maryland
$400 million housing bond issued to support affordable housing for Maryland first-time homebuyers The Maryland Department of Revenue announced that the Maryland Department of Housing and Community Development issued the most significant mortgage revenue bond in the agency’s history. The $400 million bond from the department’s community development administration through the Residential Revenue Bond program …
Is a reverse mortgage right for me?
Reverse mortgages have become an increasingly popular option for older adults to use as a strategic financial tool for retirement. Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), are still a somewhat misunderstood mortgage product; however, if appropriately used, a reverse mortgage can unlock the equity in your home for a more secure …
Understanding mortgage interest rates
Are you considering buying a home but feeling overwhelmed by the process? There’s a lot to take in, from finding the right real estate agent to learning about mortgages. Understanding mortgage interest rates is one of the most critical steps when purchasing your new home. Knowing what influences mortgage interest rates is essential for prospective …
Conforming loan limits expected to rise in 2024
Conforming loan limits expected to rise in 2024 All signs point to the Federal Housing Finance Agency (FHFA) increasing the conforming loan limit from $726,200 in 2023 to $750,000 in 2024. The conforming loan limit refers to the annually adjusted dollar cap on the size of a mortgage that Fannie Mae and Freddie Mac will …
Fannie Mae introduces 5% down payment opportunity for multi-family homes!
This policy change means purchasing multi-family homes became much more affordable and accessible. Thanks to Fannie Mae’s forward-thinking move, more individuals can now seize the opportunity to invest in income-generating properties. This policy shift applies to standard purchases, no cash-out refinances, HomeReady and HomeStyle Renovation loans for owner-occupied properties. First-time homebuyers and borrowers hoping to …
