home loan: Higher Mortgage Loan Limits Set for 2022 - 12/02/21 10:35 AM
The Federal Housing Finance Agency announced Tuesday that conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac will jump in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.
The FHFA’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conforming loan limits are increasing by the same percentage, the FHFA reports.
However, in areas where the local median home value exceeds the baseline conforming loan limit, the … (0 comments)

home loan: Who Qualifies for an FHA Home Loan? - 10/19/21 02:32 PM
A mortgage the Federal Housing Administration backs is known as an FHA loan. FHA loans are unique from other mortgages and home loans. They’re often helpful for first-time homeowners because they offer a combination of a lower down payment requirement and lower credit score standards.
The following are some of the critical factors when it comes to qualifying for an FHA loan.
Credit Score Requirements
The minimum credit score for an FHA loan approval is 500. That’s lower and often significantly lower than lender requirements for traditional mortgages. The lower credit score requirements are a big reason this is an appealing program for first-time … (2 comments)

home loan: Fannie Mae vs. Freddie Mac: What's the difference? - 10/17/21 10:08 PM
You’re likely to come across Fannie Mae or Freddie Mac as you explore your mortgage options. Although you won’t directly obtain a home loan through either, Fannie Mae and Freddie Mac are key players in the mortgage market. Let’s take a closer look at these government-sponsored enterprises, or GSEs.
Fannie Mae and Freddie Mac: Overview
In 1938, the government created Fannie Mae, or the Federal National Mortgage Association, amid the struggles of the Great Depression. The goal of Fannie Mae was to create a more reliable source of funding for homebuyers, opening doors for more Americans, figuratively and literally.
Freddie Mac, short for the Federal Home … (0 comments)

home loan: The Secret Bias Hidden in Mortgage-Approval Algorithms - 08/28/21 01:46 PM
The new four-bedroom house in Charlotte, N.C., was Crystal Marie and Eskias McDaniels’s personal American dream, the reason they had moved to this Southern town from pricey Los Angeles a few years ago. A lush, long lawn, 2,700 square feet of living space, a neighborhood pool and playground for their son, Nazret. All for $375,000.
Prequalifying for the mortgage was a breeze. They said they had saved much more than they would need for the down payment, had very good credit—scores of 805 and 725—and earned roughly six figures each, she in marketing at a utility company and Eskias representing a pharmaceutical … (1 comments)

home loan: It Ain't Over 'Til the 'Funding Lady' Sings - 08/21/21 09:09 PM
If you think your new mortgage loan is official once you’ve signed your closing papers, you might want to rethink that. Sure, you’re pretty darn close to a brand-new loan, but you’re not completely there. When your loan is officially approved by the lender and closing documents are ordered, there were several stages your application went through before papers could be ordered.
When your loan officer contacts you and lets you know your loan has been approved, it’s very possible there are still some outstanding conditions attached to your approval. Your loan could be conditionally approved. This simply means there are some … (3 comments)

home loan: Why Warren Buffett Wants You to Refinance Your Mortgage Now - 07/03/21 09:26 PM
With 30-year fixed mortgage rates hovering around 3%, homeowners who haven’t refinanced loans in the past year or two might be missing out on big savings.
Ninety-year-old investing sage Warren Buffett would wonder what you are waiting for.
He told attendees at Berkshire Hathaway company's May annual meeting in Los Angeles that 2021 holds great opportunities for borrowers, thanks to the Federal Reserve’s commitment to keeping its key interest rate near zero.
"The economy went off a cliff in March [2020],” Buffett said. “It was resurrected in an extraordinarily effective way by Federal Reserve actions."
To learn more read our helpful guide the SCOOP!

home loan: New Refi Program Aims to Help Lower-income Owners Save - 06/01/21 09:27 PM
Fannie Mae will launch RefiNow this week, which could help lower-income homeowners save hundreds of dollars a month on their mortgage payments.
The program, which begins June 5, aims to help about 2 million homeowners lower the interest rates on their mortgages. Eligible homeowners could save an estimated $100 to $250 a month, according to the Federal Housing Finance Agency, Fannie Mae’s regulator.
Among the eligibility requirements, homeowners must earn 80% or less of their area’s median income to apply. Borrowers also must have a Fannie Mae–backed mortgage (use the loan lookup tool to find out). Borrowers must be current on their mortgage and … (0 comments)

home loan: FHA, VA or USDA: Which One Is Better? - 05/09/21 09:57 AM
There are two basic types of mortgage loan programs, conventional and government backed. A conventional loan is one where the issuing lender assumes the risk of making the mortgage. Should the loan ever go into default and the lender is forced to foreclose, the lender is on the hook for the entire loss. There is in fact private mortgage insurance used for low down payment conventional loans, but the insurance policy only covers the difference between 80% of the value of the property and the actual down payment. With a 5% down payment, 15% of the loan amount will be covered.
Not … (0 comments)

Jackie A. Graves, President (ChangeMyRate.com® A Mortgage Corporation)

Jackie A. Graves


Long Beach, CA

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ChangeMyRate.com® A Mortgage Corporation

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