The Family Opportunity Mortgage Program lets people obtain mortgage financing for their college-bound child, disabled adult child or elderly parentswithout the expense associated with purchasing an investment property.Program requirements: Parents of college-bound student may qualify if: They don’t own a second home in the same location Their child is enrolled at a college near the purchase of Read more about The Family Opportunity Mortgage Program[…]
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[…]
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[…]
Back in January, the Consumer Financial Protection Bureau (CFPB) released a set of rules designed to make home loans safer and involve fewer surprises. The CFPB has now introduced the concept of a “qualified mortgage,” which means you meet certain criteria and prove your ability to repay the loan. With a “qualified mortgage,” you avoid unnecessary borrowing risks, and lendershave limits on how much Read more about CFPB Unveils New Rules to Make Home Loans Safer[…]