conventional loans: FHA Home Loan Limits – Increased For 2023
- 12/01/22 06:36 PM
FHA home loan limits are once again increasing for HUD insured FHA mortgages. The new loan limits in the Phoenix metro area are now $530,150, up from the current limit of $441,600.
What this means is that for someone looking to purchase a home with the 3.5% minimum down payment, using an FHA loan, can now do so, up to a $549,000 purchase price.
This is the sixth year in a row that FHA loan limits have increased and is reflective of the move higher in home prices over the past 12 months. The limits also continue to move higher … (1 comments)
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conventional loans: Conventional Home Loan Limits – Increased For 2019
- 11/27/18 01:15 PM
Conventional home loan limits are once again increasing for Fannie Mae and Freddie Mac backed conventional mortgages. The new loan limits are $484,350, up from the current limit of $453,100.
This increase also carries over to VA home loans, meaning that the base VA loan limit is now also $484,350 to qualify for a home loan with a 0% down payment.
What this means is that for someone looking to purchase a home with just a 5% down payment, they can now purchase a home up to $510,000, using a conventional loan.
For someone looking to purchase a home with … (0 comments)
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conventional loans: Your Guide To A Cash-Out Home Refinance Loan
- 09/03/18 09:51 PM
With the appreciation in home values in recent years, many homeowners now have a significant equity position in their homes.
As a result, depending on the use of the funds, it could make sense to tap into your home’s equity, to perhaps take out funds to consolidate debts, remodel your home or pay for other unexpected expenses.
In this article we will explore some of the basics of the cash out refinance, by taking a quick look at three main loan types: Conventional, FHA and VA loans and how they each differ when it comes to a cash out refinance. In addition, … (0 comments)
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conventional loans: Getting A Home Loan Soon? – Don’t These Things
- 07/30/18 02:41 PM
In the past, we have written many articles on best practices, when it comes to qualifying for a home loan. We have also discussed what things not to do, when applying for a home loan, yet we continue to see these issues pop up from time to time.
So, if you are thinking of getting a home loan soon or anytime in the future, see our list below of what things not to do.
Of course, it makes sense to always speak to a licensed lender like Strategic Mortgage, because everyone’s situation is unique and many of the problems below are fixable, given … (2 comments)
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conventional loans: Conventional Loans – Facts About The Most Popular Home Loan Program
- 07/30/18 01:42 PM
When it comes to purchasing a home or refinancing a home loan, the most common financing used is the conventional loan. These home loans are backed by either Fannie Mae or Freddie Mac and offer attractive terms for most homeowners, if they meet the guidelines of the program. This article will provide a guide to some of the most common questions that consumers have about obtaining these loans, including down payment requirements, credit score requirements, home loan limits and other facts.
Credit Score:
Conventional loans have a minimum credit score requirement of a 620 or higher. However, the interest rate you receive … (0 comments)
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conventional loans: How To Avoid Monthly Mortgage Insurance
- 10/26/17 02:31 AM
Mortgage insurance is an insurance that is used to protect a lender from loss on a home loan. Traditionally, mortgage insurance is required on all Conventional loans with less than a 20% down payment and all FHA loans, regardless of down payment.
However, whether you currently have a loan with mortgage insurance or are looking to purchase a home and don’t have a 20% down payment, there are ways to avoid monthly mortgage insurance payments.
The Usual Ways To Avoid Mortgage Insurance
Mortgage insurance can be avoided all together if you make a 20% down payment on a conventional loan or use … (0 comments)
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conventional loans: Appraisal Waivers & Increased Debt Ratios - For Conventional Loans
- 10/26/17 12:15 AM
In recent months, we have continued to see the evolution of lending standards on Conventional loans, in a good way.
The days of no income verification loans and other various programs that existed a decade ago, will not soon return. However, we are seeing easing of certain lending standards.
This includes new calculations for student loan payments, expanded low down payment home loan options and the two items this article will address: increased debt ratios and appraisal waivers.
Increased Debt Ratios
For a number of years, Fannie Mae’s maximum debt to income ratio was 45%, but that number is now 50%.
The debt to income … (1 comments)
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conventional loans: Home Loans – What Factors Affect The Interest Rate You Receive
- 10/20/16 07:41 AM
When applying for a home loan to purchase a home or refinance your home loan, the interest rate you receive will vary based on a number of factors. In this article, we will address some of the main factors that can ultimately affect what interest rate someone receives on a home loan.
Your Credit Profile
The first and most common consideration that will affect the interest rate you receive, is your credit score and down payment.
If you have a 760 credit score and are putting down a 20% down payment on the purchase of a home, you will most likely receive a better … (0 comments)
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conventional loans: Credit Fix Established - To Obtain A New Loan After Short Sale
- 09/19/13 07:06 PM
Many homeowners who at one point had a short sale or a deed in lieu of foreclosure are now back in the market looking to purchase again, but until now, many of these potential buyers have had issues obtaining new home loans, mainly due to credit reporting errors.
First, let’s look at the basics when it comes to buying after a new home after a short sale.
FHA home loans – the waiting period is three years after a short sale, foreclosure or deed in lieu of foreclosure
VA home loans – the waiting period is two years after a … (1 comments)
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conventional loans: Lower Down Payments and Higher Loan To Values For Conventional Home Loans
- 07/24/13 05:08 AM
Historically, when thinking of lower down payments for the purchase or refinance of a single home loan, many would think of the FHA home loan. And with only a 3.5% down payment needed for an FHA loan, it still remains a low down payment option for the purchase of a home and a higher loan to value option for the refinance of a home.
However, in today's marketplace, Conventional loans can now be used to purchase a home with as little as a 3% down payment, which is less than FHA minimum down payment and with the recent … (1 comments)
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conventional loans: Conventional Loans with low down payments – an FHA alternative
- 01/17/13 04:20 AM
As we have documented over the past few years, as interest rates on mortgage loans have declined and stayed near record lows, FHA mortgages have actually gotten more expensive. For that reason, many new homebuyers are turning to 5% down payment Conventional mortgages instead of FHA mortgage.
As we have discussed, mortgage insurance for FHA loans has continued to increase, to the point where it is now, which is 1.75% in upfront mortgage insurance and 1.25% on a monthly basis. For a more detailed explanation of how these costs can affect the average homeowner, please see last week’s article … (0 comments)
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conventional loans: Homeowners Paying Down Their Mortgages From Jumbo To Conventional
- 08/27/12 08:23 AM
As interest rates continue to sit at historical lows, many homeowners have taken this opportunity as a time to refinance into a fixed rate home loan. Inevitably interest rates will rise and for this reason it makes sense to lock into a fixed rate sooner rather than later.
While interest rates are very low for all home loans, if you are looking for a fixed rate loan and you have a jumbo mortgage (over $417,000 in almost all of Arizona), you will see a higher fixed rate available. That is because the Jumbo market is essentially a … (0 comments)
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conventional loans: Conventional Loans May Be The New FHA Loans
- 04/16/12 01:10 PM
In recent articles we have discussed the continued rise in FHA mortgage insurance rates to their current levels. Currently, a potential homebuyer who wants to purchase a home using an FHA loan and who puts down the minimum 3.5% down payment will have to pay a 1% FHA mortgage insurance upfront premium and also pay 1.25% annually in FHA mortgage insurance. This is a rise from annual rates of just .55%, as recently as three years ago. In the end, even though interest rates remain low, annual mortgage insurance premiums can add a few hundred dollars to some homeowner’s payment … (1 comments)
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conventional loans: Lower Down Payments For Conventional Home Loans Back
- 04/29/11 12:14 AM
While FHA home loans still remain an attractive option for many home buyers looking to put a smaller down payment on the purchase of a home, conventional loan down payment percentage minimums continue to decrease.
In fact, in today’s market in Arizona, while an FHA loan will require a 3.5% down payment, you can now obtain a conventional loan with mortgage insurance for as little as a 3% down payment. Of course, conventional loans due require a buyer, especially when putting a smaller down payment have solid debt to income ratios and a good credit score. However, for certain buyers, there … (0 comments)
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conventional loans: Mortgage Interest Rates Lower, But Credit Overlays Make Borrowing More Expensive
- 10/28/10 08:29 AM
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conventional loans: 90 Day Flip Rule – FHA & Conventional Loans
- 06/29/09 09:55 AM
90 Day Flip Rule - FHA & Conventional Loans
In today's real estate market we see many purchases that are properties which were recently foreclosed on and now being sold by the bank. This has been a reality of a market that has at times and in certain areas seen more bank owned properties as conventional home sales. As a result of the decline in prices we have also seen an increase in properties being bought by investors, often on a cash basis, cleaned up and then put back on the market for resale, very quickly. For these particular cases, what … (6 comments)
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FHA home loan limits are once again increasing for HUD insured FHA mortgages. The new loan limits in the Phoenix metro area are now $530,150, up from the current limit of $441,600.
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