Homebuyer and homeowner spring tips!
Homebuyer and homeowner spring tips are best gathered by using the “search” option on your phone or home computer. For homebuyers, you might be reminded that surface beauty does not necessarily mean a well constructed home! Make sure, if you represent yourself, that you order a home inspection and a pest report (they are not…
Read the full articleWill the Fed lower, or won’t they?
The Federal Reserve (the Fed), led by Jerome Powell will decide tomorrow (4/10/24) whether they will lower interest rates further to help boost the economy. Trouble for the Fed though, is the economy, at least with the numbers they are reporting, seems to be doing quite well for itself! You may not feel that way,…
Read the full articleConforming Loan Amounts Rise!
New conforming loan amounts rise and are live today! Conforming loan amounts rise for 2024 and they went up more than expected! Now, if necessary, a purchaser or refinancer, can borrow up to $766,550 on a single family residence and still remain below Jumbo loan status! 2-units have been raised to $981,500, 3-units $1,186,350 and…
Read the full articleFHA ADU helps borrowers qualify!
Now use 75% of rents on FHA ADU to help income! FHA ADU (Accessory Dwelling Unit) helps borrowers qualify now by letting them use 75% of rents on the unit. This is not possible with Fannie Mae or Freddie Mac conventional loans nor can you do this with VA. The FHA ADU updated guidelines will…
Read the full article2-4 Units LTV reach 95 percent
Help is on the way for 2-4 Unit buyers! 2-4 Units LTV reach 95 percent! Owner occupied 2-4 Unit residences have been stuck at lower LTV’s (loan to value) for as long as I can remember. That is changing as of November 18th of 2023. At that time, Fannie Mae will accept loans for primary…
Read the full articleLenders get a jump on higher conforming loan limits for 2024
Lenders are not waiting until the new conforming loan limits are official, as one has bumped up the conforming limit on single family residences to $750,000! That means you could borrow $23,800 more right now than you could at any other time this year and still have a conforming loan. That will come in handy…
Read the full articleFed rates same, so what does it mean?
The Fed (Federal Reserve) has kept rates the same in their latest meeting. No up, no down…so what does this mean for you and me? Well, since they at least hinted that they might raise rates again at their next meeting, then the obvious action to take is do your purchasing or refinancing now, not…
Read the full articleThinking Points
Thinking Points! What goes up, must come down! The reverse is true as well. Remember the Covid-19 years? Mortgage rates hit all-time lows and stayed that way longer than they should have. This created the need to raise rates rapidly to cool down the economy. It should have never come to that, but it seems…
Read the full articleReal Estate Rates are Stagnant
Real estate rates are stagnant for 30 year fixed mortgages and have remained stagnant for a couple of months now. There doesn’t appear any shocking news that will make them change either. The war in Ukraine, North Korean rocket tests, Iranian Navy boats harassing other countries ships in the Persian Gulf nor any other subject…
Read the full articlePre-Qualifying For A Real Estate Purchase
Pre-qualifying for a home loan is always a smart thing to do, but today’s real estate market makes it even more important. Pre-qualifying for a real estate loan in a buyer’s market is wise, but not as necessary, because you are likely to be the only person making an offer on the home. But today,…
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