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...Fannie Mae Refi Plus Program
The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance. I locked a client in on this program...Fannie Mae Refi Plus Program (Making Home Affordable): It’s Here!
Lenders are slowly starting to roll out the Making Home Affordable program, which will allow some homeowners to refinance their mortgages up to 105% of their home’s value. The background of this program can be found here. First things first: You need to see if...Loan Calculator
Try for free!
Free eBook
