Update on Minimum Down Payment Requirements
Minimum down payment requirements on loans may have changed a little since my last update, so I wanted to review again. The interest rate you qualify for can be quite sensitive to the amount you have down (as well as credit score plus some other factors), but to...Conforming Loan Amount Limits Increasing in 2019!
I am so excited that loan limits will be increasing in 2019! The conforming loan limit will be $484,350 and high balance loan limit for the highest-cost areas will be $726,525. Anything greater than this amount is considered Jumbo. This is extremely helpful because...“Can I Use My Cryptocurrency Funds for Down Payment, Closing Costs, or Reserves?”
Cryptocurrency is becoming more prevalent in the marketplace, and more people are hoping to use it as proof of an established asset they own to be used for down payment, closing costs or reserves. However, at present, lenders and underwriters consider it unchartered...“Affordable Housing Fee” Translates to an Increase in Total Loan Closing Costs for Homeowners
Increased rental and housing prices have created a crisis in California, so the “Affordable Housing Fee” (Senate Bill 2) was passed last year, and is in effect as of January 1, 2018. This bill creates a funding source for affordable housing, collected through...Increased loan limits for 2018
Great news – The Federal Housing Finance Agency is increasing conforming loan limits again in 2018! New conforming loan limit will be $453,100, and high-balance loan limit will increase to $679,650 for high-cost counties. Lenders are also accepting locks and...Loan Calculator
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