In March Fannie Mae announced new condo guidelines, which will change how condominium purchases are underwritten. For all mortgages, the loan is dependent on 1) approval of the borrower, and 2) approval of the appraisal (and the appraised value). For a
A non-occupant co-borrower (NOCB) is someone who co-signs a mortgage, shares legal responsibility for repayment, does not live in the home, but helps the borrower to qualify. A NOCB is useful to strengthen the loan application by contributing, income and
A question we get asked by most first time home buyers is…What is my minimum down payment? Many ask if they truly need 20% down or if they qualify for low-down-payment options (like 3% or 3.5% 0r 5%). The information
The phrase “no closing cost refinance” is used in two different ways. There WILL be costs to close the loan, but “no closing cost” refers to how they get paid. Instead of paying the closing costs in cash, these costs
The conforming loan limit for mortgages eligible to be purchased by Fannie Mae and Freddie Mac has been $832,750 for single family homes in our area in 2026. This loan limit is typically increased each January to reflect changes in
There are many reasons you might want to refinance your mortgage – here are a few: 1) You can get a lower interest rate, reduce your interest expense, and lower your monthly payment 2) You can shorten your loan term,
Inflation is currently on the decline, diminishing the likelihood of future rate hikes. We anticipate that the Federal Reserve will opt for rate reductions in 2024, and that this will lead to a decrease in mortgage rates as well. At
Rates are cyclical. They go up and they go down and they go up again. If history and the charts below are a guide, then we optimistically anticipate we will see rates begin to fall as early as next year.
The conforming loan limit for mortgages eligible to be purchased by Fannie Mae and Freddie Mac has been $647,200 for single family homes in our area in 2022. This loan limit is typically increased each January to reflect changes in
Rates are cyclical – they go up, and they go down. When we hear that the Fed has just raised or lowered rates, people think that mortgage rates just went up or down accordingly. But it isn’t quite so simple.