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The FHA mortgage, a very popular loan option for buyers, has announced the likelihood of higher fees for borrowers wishing to utilize the government backed loans to buy houses. The Wall Street Journal broke the news late last night in their article about the FHA fees increasing. Thank you to Dan Plunkett of Prosperity Mortgage [...]
Towson Condo Owners have a new issue to grapple with. First there was the change in the laws for condo insurance converage. Now we have the new FHA condo guidelines that may affect many people who want to buy or sell a Towson condo! HUD announced this change in July, and the new guidelines were to take place [...]
What credit score do I need to buy a house? Nerdwallet posted a very in-depth article last year that I found very useful and wanted to share. Please note that the guidelines for each credit score are from 2019. It is possible there could be new loan programs that came out after this post, so [...]
What does a government shutdown mean for Baltimore real estate? It can mean quite a bit. First, the IRS is closed, so if a buyer's bank needs ANY documentation from the IRS that the buyer does not have in their possession, then they are stuck until the government reopens before that buyer can close on [...]
Millennials and homebuying questions - these go hand in hand. Of course, most homebuyers have a lot of questions, but this generation has a unique position where they are between those who had to put 20% down in order to buy a house, and those who do not believe they will ever have the money [...]
Millennials are not buying homes often in many areas, and there is good reason. Millennials don't always have the money for a downpayment to buy a home! An article in USA Today discusses the student debt and lack of savings that can create this issue. A company by the name of Apartment List figured out [...]
Buying your first home - what to do in the year leading up to your first purchase comes from an article on realtor.com that talks about what to do a year before buying your first home. There are many things you can do to prepare, both the year before, and the months leading up to [...]
What factors can affect my mortgage interest rate? Did you know if you called to get a mortgage, and your best friend called the same day, you could potentially get two different mortgage rates? How could this happen? Why? The Consumer Financial Protection Bureau's website, http://www.consumerfinance.gov/, which is a government-run website, put together a list of [...]
New 3% downpayment programs will become available in December 2014, thanks to Fannie Mae and Freddie Mac. According to a Bloomberg news report, the companies will start offering this low downpayment program beginning December 13th. Currently, Fannie Mae and Freddie Mac make up more than half of new home loans. They have allowed down payments as [...]
The Government shutdown is affecting most mortgages, according to an email I received from a lender. Though FHA announced they would continue processing applications during the shutdown, there are many other loan types, and it turns out, all of them may be affected in some way. Why would your conventional mortgage be affected? 1) The IRS [...]