All Posts Tagged With: "jumbo"
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 [...]
Who Won’t Be Helped Under The Obama Foreclosure Prevention Plan
The Obama Administration has come out with a new plan to both prevent foreclosures and to help those who are now struggling with home payments.
If you read the documents the Administration has posted to date, you can see that the plan offers real benefits to millions of borrowers and provides for federal cash to back-up [...]
Foreclosure Numbers at New Highs: Are Toxic Loans To Blame?
Foreclosures used to be a rarity and for the most part that’s still the case. As of the second quarter of 2008 only about 2.75 percent of all loans were in the process of being foreclosed, according to the Mortgage Bankers Association.
That term “in the process of being foreclosed” is important. Neither borrowers nor [...]
Super-Jumbo Loans Face Hard Times
It must have seemed like a good idea at the time: Not only could you get 100 percent financing for your home, you could do better — 110 percent, 125 percent, and sometimes even more. If you bought or refinanced a $200,000 home you could borrow $220,000, $250,000, or perhaps a higher figure.
Such loans [...]
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 [...]
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