Mortgage News

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 →

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 →

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 →

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 →

2022 FHA LOAN LIMITS FOR OKLAHOMA (OK)

2022 FHA Loan Limits For Oklahoma counties is $420,680 and for 2-unit properties is $538,650. See below the list of all FHA Loan Limits 2022 For Oklahoma counties for 1, 2, 3, and 4 Unit properties. 2022 FHA Mortgage Loan Limits for Adair County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Alfalfa County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Atoka County 1 …continue reading →

2022 FHA LOAN LIMITS FOR OREGON (OR)

2022 FHA Loan Limits For Oregon is $420,680 and goes up to $599,150 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For Oregon for 2-unit properties is $538,650 and goes up to $767,000 for high-cost counties. 2022 FHA Mortgage Loan Limits for Baker County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Benton County 1  Unit – $483,000 2 Unit – $618,300 3 Unit – $747,400 4 Unit – $928,850 2022 FHA Mortgage Loan Limits for Clackamas…continue reading →

2022 FHA LOAN LIMITS FOR OHIO (OH)

2022 FHA Loan Limits For Ohio is $420,680 and goes up to $439,300 for high-cost counties for one-unit properties. 2022 FHA Loan Limits For Ohio for 2-unit properties is $538,650 and goes up to $562,350 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 Allen County 1  Unit – $420,680 2 Unit – $538,650 3 Unit – $651,050 4 Unit – $809,150 2022 FHA Mortgage Loan Limits for Ashland…continue reading →