Interest Rates are at Near-Bottom Levels
I saw some unbelievable interest rates this week and they’re still going strong. My experience is that they don’t last long, so if you can, I definitely recommend taking advantage. And remember, if you can’t refinance traditionally because you have...Temporary High Balance Loan Limits are Extended for 1 More Year
Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750...FHA versus Conventional Loans
A conventional loan is any standard, traditional loan that is not backed by the government. In contrast, an FHA loan is government-insured, meaning that the government will guarantee it. Because the government guarantees to the lender that your loan (your payments)...Requirements for Buying a 2nd (Vacation) Home
With a few exceptions, the rules for buying a vacation home mimic many of the rules for buying a primary home (at least in conforming loan amount limits). Interest rates are the same (you don’t get “hit” in rate for buying a 2nd home) Must have a 720...Reminder on Loan Amount Limits
Up to $417,000: Conforming Loan Limit (the best interest rates and most “common-sense” underwriting). $417,000-$729,750: High-Balance Conforming loans (this reverted back to a $729,750 loan limit, but it is temporary. It will go back to $625,500 at some...Loan Calculator
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