The Federal Housing Agency has increased the maximum conforming loan limit for mortgages eligible to be purchased by Fannie Mae and Freddie Mac. For 2022, the maximum conforming loan amount for a Single Family home in our area will be
All About Gift Funds
Gift funds allow family members to help other family members buy a home and begin to build wealth. This is something we see most often when young buyers are purchasing their first home. If you are uncomfortable with the idea
CIMG Renovation Loans
Imagine you are interested in purchasing a home that needs structural work, foundation work, mold remediation, lead-based paint stabilization or other repairs in order to satisfy appraisal requirements – and the sellers are not able or willing to make these
Conventional Mortgage Financing For Condos
For every residential mortgage, the borrower’s creditworthiness and ability to repay must be underwritten and approved, and the appraisal must support the purchase price and be accepted by the underwriter. When you are purchasing a condo, there is an additional
Should You Wait Until You Have 20% Down?
I was recently asked by a client about the potential costs of waiting until she could make a 20% down payment – since she only had enough for a 10% down payment when we spoke. Let’s take a look at
Should You Consider An ARM?
Adjustable Rate Mortgages got a bad name after the housing crisis and mortgage meltdown in 2008, but a lot of that reputation is unwarranted. Negative amortization ARMs, the worst culprits, are long gone. Interest-only ARMS are hard to find unless
Consider a 15 Year Fixed Rate Mortgage
Suze Orman thinks more people should choose a 15 year fixed rate mortgage, but I don’t think a 15 year fixed rate mortgage is right for everyone. However, if you have your retirement savings on track, along with 8 months of emergency funds
Retirement planning
Your ability to save for retirement should be considered when planning your mortgage – for some initial guidance, check out this article from USA TODAY. Retirement planning: Here’s how much money you should have saved at every age. https://usat.ly/2C4VDM0