bloomfield hills: Danger! Danger! Danger! Loan Level Pricing Adjustments for 2023
- 03/31/23 07:10 PM
The 2023 loan-level pricing adjustments will make the next couple of months a lot more stressful for those of us on the buying side of the transaction. And difficulties with underwriting approvals will likely impact a lot of sellers too. Here is a video where I talk about the background and some of the highlights.
Call our office if you would like to talk about home buying in the Washtenaw, Western Wayne, Western Oakland, and Livingston County areas of Michigan. … (2 comments)
bloomfield hills: New Conforming Loan Limits for 2022 in Michigan
- 05/03/22 11:16 AM
What is a conforming loan? A conforming loan is a loan that meets the requirements of the secondary market for loans. (Fannie Mae, Freddie Mac, etc.) By conforming to a set of national standards, loans can be approved much faster, and the loan pricing for consumers can be lower.
There is a loan amount limit that banks and other lenders must adhere to when approving these loans, and there is always an upper limit to the loan amount that can fit in the standard in a given area.
What is the 2022 conforming loan limit? That limit for Michigan has been increased from $548,250 in … (1 comments)
bloomfield hills: A lot of Area Homes are “Going to Get a Lot Smaller” in 2022!
- 01/26/22 12:15 PM
OK, so the homes aren’t really going to be smaller, but appraisers will measure them as a lot smaller if the appraisals need to meet Fannie Mae standards. (Most residential loans in our market must meet Fannie Mae standards. Those same standards are one reason the mortgage rates in the United States are typically well below mortgage rates in other countries.) Up to this year, there have been some standards, but nothing like the level of standardization we are going to see starting April 1, 2022. Here are the high points of the new standard, which comes from the American … (0 comments)
Insights on home buying in the Ann Arbor Michigan area, including Saline, Plymouth, Canton, Chelsea, Dexter, Brighton, Ypsilanti, Belleville, Howell, and Whitmore Lake
The 2023 loan-level pricing adjustments will make the next couple of months a lot more stressful for those of us on the buying side of the transaction.
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