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FHA 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 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 articleMortgage Interest Rates Today
Mortgage interest rates as January 11, 2023! Mortgage interest rates today reflect the steadiness of the market throughout the holidays. Mortgage interest rates have stayed in a narrow range for the last three to four weeks, with today’s looking at about 6.125%, 30 year fixed and no points for 20% down payment on a conforming…
Read the full articleReverse Mortgage
Is a reverse mortgage right for you? Are you 62 or older with low income and high equity in your home? If so, a reverse mortgage just might be the right tool for your household budget. A reverse mortgage will allow you to stay in your home as long as you live (providing you keep…
Read the full articleConcessions from seller can help!
With fewer buyers vying for the same home, you are likely to be the only one making an offer on the home your prefer. So with this lack of competition, comes, in most cases, the ability to negotiate concessions from the seller, or even your real estate agent! For instance, if you were to purchase…
Read the full articleTip on Buying Your Dream Home
If you have found that dream home, make an offer now! When rates have risen, like they have recently, it takes a lot of your competition for that perfect home out of the picture. So in a lot of cases, you will be the only one negotiating with the seller! That is a lot better…
Read the full articleConforming loan limit now $715,000!
A couple (not all) lenders have estimated what the new conforming loan limits for 2023 will be, and are jumping the gun on offering them to the public! Mitchell Mortgage can get you the new conforming limit right now! It is $715,000.00! Call now to see if this helps your current needs for financing, Michael…
Read the full articleLong term rates unaffected by recent Fed action
The Fed raised short term interest rates last week. FYI – to date, it has only helped long-term interest rates come down…albeit slightly. What it really affects are people who carry balances on their credit cards, Home Equity Lines of Credit and Adjustable Rate home loans. If you are on the fence for a fixed…
Read the full articleTip of the day!
Great news! Now every county in California can get financing up to $679,650.00 up to 80% loan to value. Call Michael Mitchell for more information!
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