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No More Profit & Loss and Business Bank Statements for Self-Employed Borrowers

This week, Fannie Mae and Freddie Mac, government agencies that buy Conforming Loans, announced that it will not require Profit and Loss (P&L) statements and business bank statements anymore for most self-employed borrowers. Both agencies, effective immediately, have reverted back to almost all standard underwriting guidelines for self-employed borrowers “pre-pandemic”.  No more requirements for profit and loss statements as long the loan is using tax returns from 2020 (or later) as the most recent year. For a self-employed borrower, income is typically averaged over the last 2 years of filed tax returns. In…continue reading →

High-Balance and 2nd Home Loans to Become More Expensive

Both Fannie Mae are Freddie Mac, the two agencies that purchase conforming loans, are going to charge additional fees thus making 2nd (vacation) homes and high-balance loans more expensive. What is a 2nd home and High-Balance Loans? Sometimes my borrowers confuse 2nd home as the home they buy after they have purchased their first home. That's not the case.  A 2nd home is defined as a vacation home; a home that's not rented out and is also not your primary residence. High-balance loans are loans with loan amounts higher than the basic conforming…continue reading →

2022 FHA LOAN LIMITS FOR VIRGINIA (VA)

2022 FHA Loan Limits For Virginia is $420,680 and goes up to $970,800 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For  Virginia for 2-unit properties is $538,650 and goes up to $1,243,050 for high-cost counties. 2022 FHA Mortgage Loan Limits for Accomack County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Albemarle County 1 Unit – $460,000 2 Unit – $588,850 3 Unit – $711,800 4 Unit – $884,600 2022 FHA Mortgage Loan Limits for Alexandria…continue reading →

2022 FHA LOAN LIMITS FOR WASHINGTON (WA)

2022 FHA Loan Limits For Washington is $420,680 and goes up to $891,250 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For Washington for 2-unit properties is $538,650 and goes up to $1,140,950 for high-cost counties. 2022 FHA Mortgage Loan Limits for Adams County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Asotin County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Benton…continue reading →

Mortgage Rates Rise more than 0.5%; at the Highest Levels in 2 Years Now

Fed's announcement last week sent the mortgage rates soaring to the highest levels in 2 years. Fed now sees itself hiking rates and reducing bond purchases faster than what the market anticipated earlier pushing the treasury yields and taking the mortgage rates along with it. According to Freddie Mac's latest Primary Mortgage Market Survey, 30 Year Fixed mortgage rates now average 3.55% with 0.7% of the loan amount as fees/points.  See the screenshot below: As a reference point, on the November 10th Primary Mortgage Market Survey, Freddie Mac Reported 30 Year Fixed average…continue reading →

2022 FHA LOAN LIMITS FOR TEXAS (TX)

2022 FHA Loan Limits For Texas is $420,680 and goes up to $483,000 for high-cost counties for one-unit properties. 2022 FHA Loan Limits for Texas for 2-unit properties is  $538,650 and goes up to $618,300 for high-cost counties. 2022 FHA Mortgage Limits for Anderson County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Limits for Andrews County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Limits for Angelina County 1  Unit…continue reading →

Refinancing Your Student Loans: A Beginner’s Guide

Refinancing Your Student Loan: A Beginner's Guide Repaying student loans can be stressful, but refinancing might make things simpler for you. The following are three reasons why refinancing can be a smart option for you. Refinancing might help you save money by lowering your interest rate. A new loan with a longer duration may decrease your monthly payment, allowing you to pay off existing debts or live comfortably. Refinancing allows you to streamline repayment by consolidating all of your student loans into a single monthly payment. However, there are other factors to consider…continue reading →

2022 FHA LOAN LIMITS FOR TENNESSEE (TN)

2022 FHA Loan Limits For  Tennessee is $420,680 and goes up to $694,600 for high-cost counties for one-unit properties. 2022 FHA Loan Limits for Tennessee for 2-unit properties is $538,650 and goes up to $889,200 for high-cost counties. 2022 FHA Mortgage Loan Limits for Anderson County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Bedford County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Benton…continue reading →

2022 FHA LOAN LIMITS FOR SOUTH CAROLINA (SC)

2022 FHA Loan Limits For South Carolina is $420,680 and goes up to $473,800 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For South Carolina for 2-unit properties is $538,650 and goes up to $606,550 for high-cost counties. 2022 FHA Mortgage Loan Limits for Abbeville County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Aiken County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits…continue reading →

2022 FHA LOAN LIMITS FOR PENNSYLVANIA (PA)

2022 FHA Loan Limits PA is $420,680 and goes up to $970,800 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For Pennsylvania for 2-unit properties is $538,650 and goes up to $1,243,050 for high-cost counties. 2022 FHA Mortgage Loan Limits for Adams County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Allegheny County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Armstrong County…continue reading →