Become a Homeowner in Florida With an FHA Loan Buying a property and becoming a homeowner is a very exciting milestone, however, it can be a stressful process because of the many financial factors that go along with it. Oftentimes, potential first time homebuyers are concerned about being able to afford a down payment or…

General requirements applicable to all condo loans: • HOA in control for 12 months. (Unless already approved) • 90% of the units in the condo project sold. • No single entity owns more than (20% for FNMA, 25% for FHLMC) of the total units in the project. • No more than 20% of the total…

Designed with your borrowers in need of higher financing amounts, our JUMBO loan series is a solution fit for someone with a strong financial profile. On top of borrowing more than traditional loan amounts, you could have access to jumbo loan financing with a lower down payment – without mortgage insurance requirements. Large Loan Amounts…

The Federal Housing Finance Agency (FHFA) took steps today to meet one of the goals set forward in its 2022 Scorecard for the GSEs Fannie Mae and Freddie Mac, announcing targeted increases to the upfront fees for certain GSE high balance and second home loans. High balance loans (called super conforming loans by Freddie Mac)…

Freddie Mac’s first quarterly forecast for 2022 cites the need for improvement in the nation’s employment picture. Even though the December report from the Bureau of Labor Statistics showed the unemployment rate down 0.3 percentage points from the prior month at 3.9 percent, Freddie Mac’s economists say that job openings remain high at 10.6 million…

Many files require the most recent year W-2 as part of the income documentation.  At this time the 2021 W-2 would be the most recent year W-2, but most borrowers will not receive their 2021 W-2 until early February. In lieu of waiting for the 2021 W-2 to be provided by their employer, we can accept…

What happens when a borrower is or was in forbearance on an existing home but they want to KEEP THE HOME and purchase a new home. On conventional they have to make 3 payments once forbearance is complete. But on FHA if a borrower owns a home and completes the forbearance program which means either…

Higher mortgage costs on the way for some The Federal Housing Finance Agency announced it will increase fees on certain home loans starting Apr. 1, 2022. These new upfront fees will affect high-balance and second home mortgages sold to Fannie Mae and Freddie Mac. And, as is the case with most fee hikes, the cost…

Trying to compete in the market over the past two years has been a tough road for buyers getting a mortgage loan. Some buyers would have preferred to take out a mortgage and conserve their cash, but given market conditions, they felt pressured to make an all-cash offer to have a strong chance of winning. Not every…

Have you decided that you are ready to buy your own home this year, and are trying to determine how you will finance your purchase? You have probably done research about conforming and non-conforming loans and heard that there are certain loan amount limits for each type of loan, and you may be wondering how…