New FHA Loan Limits

The Department of Housing & Urban Development (HUD) announced that they are increasing FHA loan limits for most counties in 2019. In high costs areas, the new FHA loan limit ceiling increased to $726,525, and the FHA majority increased to $314,827. For a county-specific list of the maximum loan limits in the U.S., click here.

What does this mean for you?

  • This means you can purchase a higher priced home with more financing options! 
  • This will open up more houses to more buyers and the ability to finance more while avoiding jumbo loans. 

Why the increase?

The average US home price has increased by 6.9% between 2017 – 2018, so HUD has adjusted the baseline conforming loan limits by the same amount. 

 

 


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

 

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New Conforming Limits For 2019 & What That Means For You

The FHFA announced that the maximum conforming loan limit will be raised for mortgages purchased in 2019 by Fannie Mae and Freddie Mac from $453,100 to $484,350. This is the third consecutive year FHFA has increased the baseline loan limit. For a county-specific list of the maximum loan limits in the U.S., click here.

What does this mean for you?

  • This means you can purchase a higher priced home with more financing options! 
  • This will open up more houses to more buyers and the ability to finance more while avoiding jumbo loans. 

Why the increase?

The average US home price has increased by 6.9% between 2017 – 2018, so Fannie & Freddie have adjusted the baseline conforming loan limits by the same amount. 

 

 


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

 

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Fall Maintenance Checklist

Outdoor Tasks:

  •  Rake leaves & shred to use as mulch.
  • Check chimney & roof for cracks and damage.
  • Inspect your trees & trim limbs that interfere with power lines or are too close to your home.
  • Clear gutters of dead leaves & other debris.
  • Store outdoor furniture & cushions.
  • Remove hoses from spigots & drains. Store hoses and turn off outdoor water.
  •  Test snow blower & have it professionally serviced if necessary.
  • Drain & turn off sprinkler system.
  • Direct drainage away from your home.
  • Stow your lawn mower.

Indoor Tasks:

  • Test smoke & carbon monoxide detectors.
  • Change batteries in all smoke detectors, carbon monoxide detectors, & your thermostat, whether they’re “dead” or not.
  • Check windows & doors for weather-tightness and install weather stripping where needed.
  • Seal gaps where critters could enter.
  • Have your furnace professionally inspected.
  • Wash summer bedding & get out winter bedding.
  • Swap out summer clothes & get out winter clothes.
  • Replace air filters.
  • Remove window A/C Units.

For a PDF of our Fall Maintenance Checklist, Click HERE.

 


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

 

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Interested in a VA Home Loan?

Veterans & Active Service Members have the ability to purchase a home with no money down and very little costs up front. However there are numerous factors that go into your VA loan eligibility, and you may be wondering if you are eligible for a VA home loan?

Are you eligible for a VA Loan? 

You may be eligible for a VA Home Loan if you’ve served in the…

  • Army
  • Marines
  • Navy
  • Air Force
  • Coast Guard

In addition to serving in on of the above, you must also meet one of the following:

  • Active duty service must have served at least 90 days in the military during a time when the country is at war. 
  • Active duty during peace must have served at least 181 days as a full-time military personnel. 
  • National Guard or Reserves Service must have served at least six years in the Reserves or National Guard. 
  • Surviving spouse is also eligible if they are of a person that was either perished while serving in the line of duty or died due to a disability related to their service. 

Want to start the Pre-Approval Process?

Apply Online

 


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

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The VA Home Loan Process

American Mortgage Brokers is extremely aggressive with VA rates and our process for doing VA home loans is second to none. If you are interested in starting the VA home loan process, here is some information on how a veteran or service member can breeze through the application process. 

  • Step One: Apply online or give us a call at 612-282-8185
    • We typically can get you qualified for a loan in less than 10 minutes
  • Step Two: Determine your VA loan eligibility
    • We may need a copy of your DD214 to obtain your VA Certificate of Eligibility
    • The Certificate of Eligibility provides us with details on your entitlement & ability to participate in the VA loan program. 
  • Step Three: Credit Review
    • The minimum VA loan credit score is as low as 500.
      • Achieving the minimum credit score does not guarantee approval, items that could compromise your approval are the following:
        • Liens
        • Slow Payments
        • Foreclosures
        • Bankruptcies
  • Step Four: Sign a Purchase Agreement
    • If you are not already working with a real estate agent, American Mortgage Brokers can help connect you with a real estate agent who understands the needs of military homebuyers.
  • Step Five: Locate Income Documentation
    • We will need to provide documentation of your ability to repay your loan by verifying your income. 
    • Documents that we may ask for include:
      • Tax Returns
      • Paycheck Stubs
      • W2’s 
      • Retirement Statements
      • Disability Documentation

Want to start the Pre-Approval Process?

Apply Online

 


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

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Experience Matters.

A lot can go into finding a mortgage that’s the right fit for you so, before you go with a lender because your brother-in-law’s car mechanic said his buddy got a good deal from XYZ Mortgage Company, you might want to do a little homework on your own.

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First Snow of the Season!

Today marks a very big day for us Minnesotans, the first snowfall of the season. It means 3 things, commutes will be longer due to slick roadways instead of construction, you get to pull out those new Sorels you got on clearance last spring, and your strategy for selling your house should change. 

Check out this article for some great tips!


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

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10 Fall Home Maintenance Musts

Summer is over and it’s time to prepare your home for colder weather. Check out this slideshow and learn the maintenance musts for this colorful season!


Information provided on this website is for informational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. American Mortgage Brokers does not guarantee the quality, accuracy, completeness or timelines of the information. While efforts are made to verify it, the information should not be assumed to be error free. Some information on the website may have been provided by outside sources and has not necessarily been verified by American Mortgage Brokers. American Mortgage Brokers does not assume any liability for the information contained herein.

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American Mortgage Brokers
3459 Lake Elmo Ave N
P.O. Box 881
Lake Elmo, MN 55042

NMLS# 285381

Licensed Mortgage Originator in the State of Minnesota
Licensed Mortgage Broker in the State of Wisconsin
Licensed Mortgage Broker in the State of Florida

© 2019 American Mortgage Brokers  equal housing lender

American Mortgage Brokers Logo

American Mortgage Brokers
3459 Lake Elmo Ave N
P.O. Box 881
Lake Elmo, MN 55042
Main Number:
651-459-6000
Fax Number:
651-459-6700