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Buying a home can be exciting. You know you want to buy a house, but where should you begin? The ideal place to begin the home buying process is with getting a pre-approval for a home loan.
The Federal Housing Finance Agency (FHFA) announced an increase in the baseline conforming loan limits for Fannie Mae and Freddie Mac loans in 2020. For most of the U.S. the limits have been increased to $510,400, up from the 2019 limit of $484,350 for one-unit properties.
For some higher cost areas, the limit has been increased further, to a maximum of $765,600. This varies by county, and a full list of counties with corresponding limits can be accessed on the FHFA website here.
Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $765,600 for one-unit properties.
One of the most important factors which determines your home loan qualifications and rate is your credit score. If you are at the beginning of the home buying process, it’s important to understand how your credit score can impact your ability to get a mortgage loan, as well as the interest rates you may be offered. Understanding your credit is one of the first steps you will take to becoming a home buyer, so let’s get started.
Student loans can pose problems for many first-time home buyers trying to qualify for a home loan. This isn’t a news flash for most of us with student loan debt, but it also doesn’t have to mean the end of the road for the dream of homeownership.
The Tax Cuts and Jobs Act was signed into law in December, 2017. This new bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals as well as businesses. Some of the changes have already taken place and will continue through 2018. As a homeowner or home buyer, here is what you can expect from the bill and ways it may impact you.
You finally own that home you always wanted. You’re benefiting from the financial perks, but with a new home comes a new monthly mortgage payment … and perhaps a new interest rate to consider.
You may not know this, but at the beginning of your mortgage, a lot of that monthly mortgage payment goes toward interest. That’s because your loan balance is still at or near the original amount you borrowed, since you’ve just started paying it off.
So, here you are. You decided to take a dive into homeownership. First of all, we want to say, congratulations. We know that being a homeowner will give you a sense of pride and security, both to you and your family. Like they say, there's truly no place like home.
