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.
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.
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.
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.
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.
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!
It’s very rare that a loan goes through without a small bump in the road. That’s the reality of our business.
Over the years we’ve been fortunate to work with hundreds of happy customers and real estate agents. One of the keys of our success is anticipating any issues and resolving them as quickly as possible. When problems come up, and they’re gonna come up, we always approach them in an forthright and honest way. We prefer straight talk and open communication. Keeping everyone informed in a timely manner eliminates the those unexpected and often untimely surprises that can lead to delays, or worse, added expense.
The bottom line is this: we work very, very hard to make the road as smooth as possible for real estate agents as well as their customers. We quickly and honestly address any concerns before a little bump becomes a big pothole.
First timer or moving up? Aside from the fact that we’re really easy and fun to work with, here are five solid reasons for choosing a mortgage broker like Granite Mortgage Company to help finance your home.
1. We’re with you every step of the way.
We’re experts in mortgage loans. We can help you prequalify for a loan even before you choose a home. Then we’ll find the type of loan (and there are a lot of them) that fits you best and fill out and file all the necessary paperwork (and there’s a lot, too).
2. We can save you money.
As a mortgage broker, we work with lots of lenders so we can find the best available rate so you don’t waste tons of cash on the wrong type of loan for your situation. We can even help first-timers get a loan for as little as 1% down!
3. We will save you time.
We do the legwork. Did you know that shopping for a loan with a lot of different financial institutions could actually hurt your credit score? We already has access to several lenders. That will save you countless hours and could even make it easier to get the loan you want.
4. We have access to a wide variety of solid lenders
Some lenders only work with mortgage brokers. More lenders means you could get a better rate as a result of competition and have a better chance of getting your loan approved. Plus, we usually know the lenders who will approve buyers that banks deny.
5. We handle the negotiating.
Leave the negotiating to us. We negotiate loans just about every day and know how to get the best rates and terms available.
