Grab your party hats because FHA home loan customers have reason to celebrate today's announcement. HUD, through the FHA, will reduce its annual mortgage insurance premium (MIP), which is borrower paid in monthly installments, from 0.85% to 0.55% for most new borrowers. The change will go into … [Read more...]
2023 Baseline Conforming Loan Limit Will Increase to $726,200
This announcement has just been posted today 11-29-2022 on the FHFA website: "Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most … [Read more...]
Mortgage Forbearance Clarity Offered By FHFA
Yesterday brought some good news from the Mortgage Bankers Association, (MBA) to those people utilizing the Covid-19 mortgage forbearance option during this difficult time. FHFA Director Mark Calabria, speaking Tuesday, May 19th, 2020 at a Mortgage Bankers Association event called, "MBA Live: … [Read more...]
Conforming Loan Limits JUMP UP AGAIN in 2020
Conforming Loan Limits will JUMP UP AGAIN in 2020. The Federal Housing Finance Agency announced Tuesday that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000. In most of the U.S., the 2020 maximum conforming loan limit will be raised to $510,400, up … [Read more...]
Avoid Painful Pitfalls That Can Delay or Prevent Your Mortgage Approval
The purchase of a home typically requires the largest monetary loan that most people will request in their lifetime. According to the National Association of Realtors, the median selling price of homes throughout North America was $252,800 as of May 2017, the highest on record. Colorado ranked … [Read more...]
