Mortgage Programs

2023 CONFORMING LOAN LIMITS FOR ALABAMA (AL)

2023 Conforming Limit Alabama counties  for 1-unit properties is $726,200 and for 2-unit properties is $929,850. See below the list of all 2023 Conforming Limit Alabama counties for 1, 2, 3, and 4 Unit properties. 2023 Conforming Loan Limits for Autauga County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Baldwin County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Barbour County 1  Unit  – $726,200 2…
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2023 CONFORMING LOAN LIMITS FOR ARIZONA (AZ)

2023 Conforming Limit Arizona counties For 1-unit property is $726,200 and for 2-unit properties is $929,850 See below the list of all 2023 Conforming Limit Arizona counties for 1, 2, 3, and 4 Unit properties. 2023 Conforming Loan Limits for Apache County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Cochise County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Coconino County 1  Unit – $726,200 2…
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2023 CONFORMING LOAN LIMITS FOR ILLINOIS (IL)

2023 Conforming Limit Illinois counties for 1-unit property is $726,200 and for 2-unit properties is $929,850 See below the list of all 2023  Conforming Limit Illinois counties for 1, 2, 3, and 4 Unit properties. 2023 Conforming Loan Limits for Adams County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Alexander County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Bond County 1  Unit – $726,200 2 Unit…
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What Does 2023 Conforming and FHA Loan Limit Mean for you?

In most of the United States, Conforming Loan Limit for one-unit properties for 2023 will be $726,200, an increase of $79,000 from $647,200 in 2022.​ The new high balance loan limit for high cost counties one-unit properties will be $1,089,300, up from $970,800 in 2022. Conforming loans are acquired by and conforms to the guidelines set by Fannie Mae and Freddie Mac. Similarly, FHA’s “floor” and “ceiling” loan limits will increase from $420,680 and $970,800 in 2022 to $472,030 and $1,089,300 in 2023, respectively, for a one-unit property. What Does 2023 Conforming Loan…
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Fix and Flip Loans for Beginners

What are Fix and Flip Loans? If you are "flipping a house," that is, buy a home for less, fix it up, and then resell for more, you would need a Fix and Flip loan. These loans are for investment property and are also called rehab financing. How much loan can I get? Though the best terms are usually reserved for experienced investors with excellent credit and high down payment, you don't need to have a history of successful real estate investments to get this kind of loan. Our loans are available for…
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InstaMortgage Announces $715,000 Conforming Limit

InstaMortgage, the fastest growing mortgage company in the country, announced that it will start offering a $715,000 conforming loan limit effective immediately. 2022 Conforming (Conventional) Loan Limit for a 1-unit property is only $647,200. InstaMortgage is predicting the 2023 loan limits will be higher and offering that loan limit to its borrowers now, even though the official announcement from Fannie Mae and Freddie Mac is not expected until November 2022. See the table below for the current 2022 loan limits offered by almost all other lenders in the country vs. the new limit…
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Low Down Payment Mortgage Options for Home Purchase

The low down payment mortgage option might be what you would be dreaming of when you do the math, then check the balance in your savings account, and then do the math again. By your calculations, it'll take another three, maybe five (!) years to save enough for a 20% down payment on your first home. What's worse, home prices keep rising, and that's pushing the timeline further away. If only there was a way to make it happen sooner and use the money you've already saved. The good news is there are…
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What and How Much is Private Mortgage Insurance (PMI)?

  What is Private Mortgage Insurance (PMI)? If you purchased a home with less than a 20% down payment, or you’re about to, you’re familiar with Private Mortgage Insurance (PMI). PMI is an ‘evil villain’ in the eyes of family and friends who’ll likely tell you to “avoid it at all costs.” But in reality, PMI is a good thing. It’s a tool that lets you buy a home without saving for a down payment for years by offering an insurance policy to the lender in case you stop paying your mortgage. The…
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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…
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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…
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