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)
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)
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)