By Jan Swanson: Access to jumbo mortgage credit continued to increase in November, but the Mortgage Bankers Association (MBA) says it is still down significantly from pre-pandemic levels. Overall access fell during the month according to MBA’s Mortgage Credit Availability Index (MCAI) which dipped by 0.6 percent. The decrease, however, was due solely to a constriction on…

Are you interested in buying a home, but on a limited budget and wondering how you will be able to afford the several costs that are associated with your purchase? Some potential homebuyers find that they have enough money saved for a down payment, but don’t have quite enough to afford the closing costs. If…

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. National Baseline…

FHFA made it official- new conforming loan limit for 1-unit properties is $647,200. The new ceiling for High Cost is $970,800 (areas like Alaska, Hawaii, Guam & US Virgin Islands) FHA will calculate the low-cost mortgage limit at 65%t-  $420,680  while High-cost area mortgage limits are set at 150%- $631,020. *usually announced in December & in effect for case numbers assigned…

Have you decided that you are ready to become a homeowner, and curious about what steps to take first in order to make that happen? Shopping for your new home is an exciting milestone, but can be challenging if you aren’t exactly sure what kind of home you will be able to afford. Getting loan…

Nov. 16, 2021 at 2:41 p.m. ET By Alisa Wolfson What to know if you’re thinking about buying a home soon. On the one hand, mortgage rates are near historic lows and many experts predict they will rise in the coming year. But on the other, housing prices are on the rise, and in plenty of areas…

Are you interested in purchasing a home that has a higher than average price tag? Housing prices have increased throughout certain areas of the United States, and if you have your eye on a more expensive home, you may need to apply for a jumbo loan, which is a mortgage designed to finance homes that…

Buying your first home is an exciting life event, however, the process can be stressful due to the many financial requirements that come along with it. Selecting a suitable financing option for your situation takes a lot of time and research. Luckily, there are a variety of programs that are available to first time homebuyers,…

There are several steps involved when you buy a home, and before you finalize the transaction, one step you will need to take is having your potential home evaluated by a professional home inspector. During this process, a home inspector will come into the home you are looking to purchase and attempt to identify any…