On February 16th, 2021, the Department of Veterans Affairs (VA) announced a change to the funding fee charged on VA loans. The funding fee is a one-time fee charged to borrowers using a VA loan to help offset the cost of administering the program. The new announcement stated that the funding fee would be lowered …
FHA loans will become more desirable and affordable. The US Department of Housing and Urban Development (HUD) announced today that it would provide lower monthly mortgage insurance premiums on Federal Housing Administration (FHA) loans. This move is aimed at helping more Americans achieve homeownership by making it more affordable. Why FHA FHA loans are popular …
Are you considering relocating to a different area or another state? Lower cost of living, a better quality of life, or to be closer to family. Whatever the reason, Americans have been relocating at an increased rate since the pandemic. With housing much cheaper in many areas, it is easy to dream about what life …
When purchasing a home, three main components determine your eligibility. They are income, down payment, and credit history. It gets complicated (especially for those outside the industry) because each is interrelated and interdependent. Think of guidelines more like a cobweb than a neat and linear web. This makes it particularly hard to get a straight …
Like last year, the limits are increasing again. Conforming loan limits increased from last year’s $647,200 to $726,200 for 1-unit properties. In high-limit areas like coastal California, the limit is as high as $1,089,300. You can view a map showing the conforming loan limits across the country here. Increasing the conforming loan limit means more …