All Posts Tagged With: "conventional"
Conventional Mortgage Basics
Finding out how much you can borrow with a conventional mortgage to buy or refinance a home is both science and art. The answer will vary according to the lender you chose, underwriting standards, your financial history, the type of loan you seek, the business climate at the time you apply, and the exceptions that [...]
7Dec2009 | Peter G. Miller | 0 comments | Continued
VA Mortgage Basics
Since the end of World War II the US has had an extensive benefits program in place for those with military service. The benefits include healthcare, help with college tuition and home loans.
The VA mortgage program is the single best form of real estate financing available because qualified individuals can purchase with nothing down and [...]
3Dec2009 | Peter G. Miller | 0 comments | Continued
Mortgage Loan Limits — Conventional, FHA, VA
The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional [...]
How To Read The New Good Faith Estimate Forms
Starting January 1, 2010 HUD will require lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
2009 Mortgage Loan Limits (Updated)
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional loan limit for non-government mortgages, you would have what is generally known as a [...]
Should We Bring Back Ozzie & Harriet Loans?
It was in 2005 that Bill Dallas — then president and CEO of Ownit Mortgage Solutions, at the time on one of the 15 largest subprime mortgage lenders in the country — said “underwriting guidelines developed in the 1950s don’t address the needs of today’s homebuyers and brokers. Loans that met the needs of Ozzie [...]
26Sep2008 | Peter G. Miller | 0 comments | Continued
Is The Public Really “Confused” About FHASecure Mortgages?
HUD was supposed to help borrowers with toxic loans. After all, President Bush said the FHASecure program “will allow American homeowners who have got good credit history but cannot afford their current payments to refinance into FHA-insured mortgages.”
HUD, however, has redefined the mission. It now says that its FHASecure information has been “modified to [...]
How can I apply for a conventional mortgage?
Question: What does applying for a conventional loan mean? Is it a federally-insured loan? Can you get a conventional loan when you first buy a home and when you refinance?
Answer: “Conventional” loans are mortgages that meet certain standards established by big loan buyers such as Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac [...]
Do Higher Mortgage Limits Matter?
The huge debate in Washington regarding whether or not conventional loan limits should be raised is over. Those who wanted higher limits won with passage of the new stimulus package, a big deal because higher loan limits mean that big-ticket buyers will be able to get larger loans at less cost.
The conventional loan limit [...]
Are There No Limits To Financial Fiddling?
At the start of every year, and with the regularity of celebrations in Times Square, new conforming loan limits go into effect.
Typically such loan limits are announced in November or December, go up each January and in general that’s good for buyers and sellers. This year the conforming loan limit for a single-family home [...]
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