Archives for the 'First Time Homebuyers' Category
NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?
I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price […]
CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY
The US Congress passed a stimulus package. We all need stimulation right now.
Regarding the mortgage industry, one item stands out. If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an […]
BUYING A HOME IN CHICAGO JUST GOT MORE EXPENSIVE
Supposedly we are on the verge of a recession, homes are taking longer to sell, and everyone is…well…nervous.
So what does the Chicago City Counsil do? Increase the tax stamp, to the buyer, for buying a home!
What used to be $7.50 per $1,000 just increased to $10.50 per $1,000.
So a home that costs $300,000 currently carries a tax […]
CHOOSING A LOAN OFFICER WISELY
Everyone wants to be smart. Or is that…intelligent? Or…wise? Anyway, no one wants to come across as an idiot. Yes, idiot is a strong word, and really we just want to come across that we understand or know what we are talking about.
Today I was having a conversation with a colleague in my industry and […]
REFINANCING YOUR MORTGAGE(S)…NOT SO EASY
About this time, just around the holidays, many people look to re-finance their mortgage. Or both of their mortgages. Sometimes to get some extra money for gifts, and sometimes to pay off credit cards.
It has been common, when buying a home and putting down less than a 20% down payment, to use a 2nd mortgage. […]
The Cure For The Foreclosure Epidemic: Part 5–What Happened to Pluto?
For seventy-six years we were taught that we have 9 planets in our solar system. Pluto, that planet way, way out there, and the last to be discovered, was the ninth. Then, in 2006, we woke up one day to learn that Pluto was no longer. It was recategorized as a dwarf planet, and so […]
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