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IRS Transcript Expectations This Year
Looks like Americans will be able to start filing January 24th which is great for your SE borrowers you need to get a tax return rolling on and likely deadline of April 18th unless they extend again. Expect a rather large backlog and likely extended turn times. The IRS stated that the BEST and IDEAL…
Read MoreWhen to Use Arms vs. Fixed Rate
WHEN TO USE ARMS VS. FIXED RATE With rates going in the tank ARM’s will become a topic of discussion with certain borrowers who have expectations of lower rates. But, if you are going to use an ARM product then you need to know when to use them. You see ARM’s are traded and sold…
Read MoreWhen VA Down Payment Does Not Need To Be Sourced
One of the things I love about VA is they truly care about the Veteran and they do not want to over burden the Veteran with unnecessary obstacles. This is a great example of common sense when it comes to VA loans. Any time a Veteran is bringing 4% or less of the sales price…
Read MoreA Home Loan for Florida’s Military Service Members
Are you a United States military veteran or an active service member interested in purchasing your own home in Florida? The Department of Veterans Affairs, (or VA), assists people that have served our country by providing VA loans to buy a property. If you are a current or veteran service member looking to buy a…
Read MoreHow Does VA IRRL Refinancing Work?
If you are a current military member or a veteran interested in refinancing your mortgage and have previously purchased a home with a VA loan, there are options available to help you obtain a more favorable rate. An interest rate reduction refinance loan, (or IRRL), is one option that could help you lower your monthly…
Read MoreJumbo and Conventional Loans Easier to Obtain in November
By Jan Swanson: Access to jumbo mortgage credit continued to increase in November, but the Mortgage Bankers Association (MBA) says it is still down significantly from pre-pandemic levels. Overall access fell during the month according to MBA’s Mortgage Credit Availability Index (MCAI) which dipped by 0.6 percent. The decrease, however, was due solely to a constriction on…
Read MoreClosing Costs and Buying a Home
Are you interested in buying a home, but on a limited budget and wondering how you will be able to afford the several costs that are associated with your purchase? Some potential homebuyers find that they have enough money saved for a down payment, but don’t have quite enough to afford the closing costs. If…
Read MoreBaseline Conforming Loan Limit Will Increase to $647,200
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. National Baseline…
Read MoreNew Loan Amounts
FHFA made it official- new conforming loan limit for 1-unit properties is $647,200. The new ceiling for High Cost is $970,800 (areas like Alaska, Hawaii, Guam & US Virgin Islands) FHA will calculate the low-cost mortgage limit at 65%t- $420,680 while High-cost area mortgage limits are set at 150%- $631,020. *usually announced in December & in effect for case numbers assigned…
Read MoreGetting Preapproved for Your New Home Loan
Have you decided that you are ready to become a homeowner, and curious about what steps to take first in order to make that happen? Shopping for your new home is an exciting milestone, but can be challenging if you aren’t exactly sure what kind of home you will be able to afford. Getting loan…
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