Conforming Loan Limits are Conventional Loan Limits | 2017

Conventional Loan Limits

The Federal Housing Finance Agency (FHFA) recently announced that 2017 conventional loan limits would be raised to $424,100 for single-family homes.  This increase in these ‘conforming’ loan limits was the first since 2006. These limits may be exceeded if the property is located in a high-cost area. Read More

FHA Mortgage Insurance

FHA Mortgage Insurance

Mortgage insurance is a protecton that guards lenders in case of applicant default.  Mortgage insurance is usually required on mortgages with a down payment that’s 20 percent or less.

Plainly stated, FHA MI is required for all FHA loan programs including FHA purchase loans, FHA refinance loans and FHA Streamline refinance loans. FHA guidelines for it’s insurance programs are what lenders use to determine if applicants are eligible for a loan.  These requirements are usually less demanding than other, non-insured mortgage programs. Read More

USDA Refinance Program

USDA Refinance

The USDA Refinance Pilot Program was originally introduced in 2012 to give rural home owners a chance to take advantage of record low interest rates. This pilot program was a success, therefore the program has permanently matured into the USDA Streamline Refinance. Read More

Ups and Downs: 6 Years of FHA Mortgage Insurance Volatility

History of FHA Mortgage Insurance

FHA mortgage insurance rates have just been reduced in an unexpected move that offers the housing market a much needed boost. This .5% across the board MIP reduction will help more home shoppers become homeowners in 2015 and also reduce costs for thousands of borrowers looking to refinance. Read More

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