Hi there! This week, I came across a great article on CNN.com on what buyers and sellers should know in 2014. The full article is here, but these are the three biggest takeaways: 1. If you receive multiple offers on a property, call the buyer’s lender to confirm they have been qualified so the process moves quickly Read more about 3 Tips to Thrive in Today’s Housing Market and Get the Loan[…]
Hi, everyone! I often talk with homebuyers and realize there are so many mortgage terms people don’t understand. I hope these three are useful for you! Closing — The completion of the loan process, where the borrower receives funds from the lender in return for promising to repay the loan. At closing, the seller also delivers Read more about 3 Confusing Mortgage Terms — and Their Simple Definitions[…]
The FNMA HomeStyle Renovation Mortgage (a conventional loan) lets a borrower receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements totaling up to 50% of the as-completed value of the property. The loan is similar to the 203K FHA program. • Purchase and limited cash-out refinance • Primary residence: o Minimum 660 FICO for each borrower Read more about New Information About the HomeStyle Renovation Mortgage[…]
What happened: The Veterans Administration (VA) has increased the loan limits used to calculate VA’s maximum guaranty amount to $458,850 (previously $417,000) to most counties in Hampton Roads. These limits apply to all loans closed between February 28 and December 31, 2014. To see the updated loan limits, check out the announcement. What the news means for home buyers The Read more about Veterans Administration (VA) Increases Home Loan Limits[…]
What happened: In early March, the House of Representatives passed a bill to protect homeowners from major increases in their flood insurance premiums. Read more here from CNBC. What it means to home buyers: The bill would limit annual increases of individual flood policies to no more than 18 percent under the National Flood Insurance Program. Further, home buyers will now pay a Read more about House Passes Bill to Protect Homeowners from Flood Insurance Premiums[…]