Buying your first home can be both exciting and scary at the same time. At the very first mention of buying your first home, suddenly there are real estate agents, insurance agents, friends and mortgage lenders who seem to appear willing to help. Yet knowing you want to buy your first home and finding out […]
Blog
Clay County VA Loan Advantage
The VA mortgage offers many advantages for Clay County home buyers looking to purchase a home. Below we will discuss some VA loan advantages. Homebuyers in Fla, GA, – please contact us at 904-810-2293 with any questions or to learn more. 100 FINANCING – NO DOWNPAYMENT Nearly all mortgage programs today require you to […]
Conventional Loan Options Florida
By far the mortgage programs with the greatest market share in Florida are conventional loans. Conventional loans are typically underwritten by guidelines established by both Fannie Mae and Freddie Mac but technically they are loans that do not come with a government-backed guarantee to the lender, including VA, FHA and USDA home loans. With a […]
Tampa FHA 203K Mortgage Loan
The FHA 203k is offered by the Federal Housing Administration, via approved FHA lenders and allows homebuyers in Tampa to purchase a fixer-up property with as little as a 3.5% down payment. This mortgage program is different than the standard FHA 203b loan. The 203K allows home buyers to purchase a home without using their […]
VA Mortgage Guide For Dallas Home Buyers
The VA home loan is a mortgage backed guaranteed by the U.S. Department of Veterans Affairs. This mortgage is designed to provide special benefits to eligible Vets as well as the surviving spouses of vets. VA home loans provide a number of homeownership opportunities with no down payment required for eligible Vets in Dallas – […]
Texas USDA Mortgage Approval Eligibility Map For Buyers
USDA still provides 100% mortgage financing in many parts of Texas. Homebuyers are surprised to learn exactly what locations are still considered “rural” eligible. The truth is some locations just outside of the major cities like Houston, Dallas, Austin and San Antonio may still qualify for USDA financing today. USDA loans are a perfect solution […]
Virginia First Time Buyer USDA Mortgage Guide 2022
First time buyers in Virginia are often surprised to find that the USDA still offers 100% home mortgages. In fact, the USDA RD mortgage is the last 100% home loan available in Virginia, unless the applicant has VA loan eligibility. The USDA mortgage program is designed to help promote home ownership in less populated locations […]
2023 Conforming Loan Limits Increase 12%
Great news for homebuyers purchasing higher costs homes this year, the Conforming loan limits were just increased for 2023! The old limit was set to $647,200 and the new limits have increased to $726,200. This applies to single (1) unit properties in regular “non” high costs locations. Some high-cost locations in Hawaii, California, New York, […]
Mortgage Limits Increase For 2023
There are two basic types of loans, those that are considered conforming and those that are non-conforming. These descriptions apply to loans that “conform” to standards issued by Fannie Mae and Freddie Mac. When lenders issue a loan using conforming guidelines the loan is then eligible for sale in the secondary market. Selling loans allows […]
USDA Loans Still 100% Financing
USDA Rural home loans are one of two last remaining 100 percent home loans still available in Florida. The other option is a VA loan which requires current or past military duty. As with any mortgage, there are groups of specific requirements that must be met before an applicant is approved. USDA Loan eligibility requirements […]
USDA Loan Guarantee Fee Explained
There are three primary government-backed mortgage programs and all three have some sort of upfront fee or guarantee fee. The three programs are the VA loan, FHA, and USDA. VA loans are reserved for veterans and other service personnel and require no down payment. The FHA loan can be used by anyone but does ask […]
USDA Loan Requirements Georgia
USDA Rural Housing provides a great opportunity for Georgia homebuyers to purchase a home with very little money out of pocket. Please read below to learn about the basic USDA loan requirements for Georgia, please contact us today with questions. Credit score – 620 min credit score is required. Applicants should have no repeated late payments […]
Bond Money and Grants Can Help With Down Payment in 2022
When lenders initially review a loan application from a first-time home buyer, one of the more important items to check off is making sure there are enough funds for a down payment and closing costs. As loan limits rise in 2022 so too will the amount of down payment needed because the down payment is […]
Reverse Mortgage Guide 2022
The concept of a “reverse mortgage” was originally considered back in 1980 and ultimately insured by the Federal Housing Administration in 1989. Today, the reverse mortgage is officially called the Home Equity Conversion Mortgage, or HECM and is insured by the FHA. The HECM is a loan program designed to provide seniors access to their […]
Charleston VA Home Loan Limits and Latest Updates
If you’re eligible for the VA home loan benefit you can use it to buy a home in Charleston, or anywhere in South Carolina as long as you intend to live in the property as your primary residence. This special no money down program was first introduced toward the end of WWII as a way […]
Maryland First Time Buyers Programs With Low Down Payments
First Time Home Buyers in Maryland have some great programs for mortgage financing in 2022. The most popular home loans for first-time buyers are Government-backed programs like FHA, VA and 100% USDA loans. Below we will discuss each program, and talk about the benefits to help you choose the right option. FHA Loans: FHA remains […]
FHFA Adverse Market Refinance Fee Eliminated Aug 2021
The FHFA (Federal Housing Financing Agency) announced last month that effective August 1, 2021 it will be eliminating the 50 basis point Adverse Market Refinance Fee for refinance mortgage loans. The FHFA notes that the fee imposed on lenders originally was designed to cover losses projected as a result of the COVID-19 pandemic. However, the […]
New Changes For FHA Home Buyers With Student Loans
FHA recently announced new guidance for new applicants that have student loans. The new guidelines help to remove obstacles and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy home buyers that have student loan debt. This is great news since the majority of the FHA loan applicants are first-time buyers with already […]
Jacksonville FHA Loan Benefits
The Jacksonville housing market is going strong in 2023 with increased buying activity. Home values have increased 24% in the last year, for a median sales price of $300,000. More first-time homebuyers are now entering the market and looking for mortgage options that offer manageable terms with a low down payment. FHA financing fills this […]
Richmond FHA Home Lending Requirements
Prior to the introduction of the FHA mortgage program way back in 1934, lending guidelines were inconsistent. Prior to the FHA loan, banks could ask for 30 or 40 percent or more for a down payment. Buyers also had to have a standing relationship with the bank. Mortgage loans were issued for a relatively short […]