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Conventional 97% LTV Purchase and Refinance Loan Program

3.04.2017
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The HomePossible program is Freddie Mac’s community lending product that offers additional flexibility and options to meet a variety of borrowers’ home financing needs.

-Up to 97% loan to value

-Boarder Income allowed

-Available for owner occupied, 1 to 4-unit properties

-Loan Amounts up to $424,100

-Up to 50% debt to income ratio

-Credit scores as low as 620

-Homeownership education course is required Income limits apply. Check HUD Area Median Income Limits for income eligibility.

-Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply […]

New 2017 Conventional Loan Limits

23.11.2016
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The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans in 2017. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits. This is the first time the maximum loan limits have increased since 2006.

The following chart contains the general loan limits for 2017:

 

The following chart contains the high-cost area loan limits for 2017:

The new limits are effective on or after January 1, 2017

Shared Homeownership Addresses Affordability Issue

14.09.2016
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The U.S. housing recovery has become a victim of its own success.

Since bottoming out in first-quarter 2012, median home-sale prices nationwide have increased 54 percent. Although that may seem like good news at first blush, it’s not-so-good news when compared to the change in average weekly wages in the same time period — up just 10 percent.

The disconnect between home prices and incomes is even more extreme in some high-flying markets such as Contra Costa County, California, in what is known as the East Bay just outside of San Francisco. Contra Costa median home prices have skyrocketed 128 percent, to $535,000 in second-quarter 2016, since bottoming out in first-quarter 2012, but average wages have only increased 3 percent in the same time period.

A housing-market recovery far outperforming the broader economic recovery is pushing more markets over the […]

Luring Undecided Borrowers

8.09.2016
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More than 8.6 million borrowers in the U.S. with 30-year mortgages could qualify for and benefit from refinancing as of this past June, according to a recent market analysis. Like the proverbial carrot on a stick, these potential customers dangle just out of range waiting for the right enticement.

This number, however, represents an increase of 3.5 million potential refinance candidates from the end of 2015, driven largely by interest rates returning to near-historic lows, even after the Federal Reserve raised the federal funds rate for the first time in nine years. After waiting on the fence for so long, and worrying about the potential impact of coming rate increases, it turned out mortgage rates actually fell when global economic shocks earlier this year sent investors into the safe haven of U.S. Treasuries, driving down yields on benchmark 10-year bonds.

These historic low […]

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