Mortgage Programs

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 CONFORMING LOAN LIMITS FOR FLORIDA (FL)

2022 Conforming Limit Florida is $647,200 and goes up to $710,700 for high-cost counties for one-unit properties. 2022 Conforming Limit Florida for 2-unit properties is $828,700 and goes up to $909,800 for high-cost counties. Conforming Loan Limits 2022 by county - Florida State 2022 Conforming Loan Limits for Alachua County 1 Unit – $647,200 2 Unit – $828,700 3 Unit – $1,001,650 4 Unit – $1,244,850 2022 Conforming Loan Limits for Baker County 1 Unit – $647,200 2 Unit – $828,700 3 Unit – $1,001,650 4 Unit – $1,244,850 2022 Conforming Loan Limits…continue reading →

InstaMortgage Announces $937,500 High Balance Conforming Loan Limit

InstaMortgage, one of the fastest-growing mortgage companies in America, announced that they are increasing the high balance conforming loan amount to the anticipated 2022 loan limit of $937,500 in several counties in the country. Other mortgage lenders are still offering the 2021 loan limit capped at $822,375. The new loan limits are effective immediately and borrowers applying to InstaMortgage can avail of the new loan amounts right away. The higher loan limits are now live for high-cost counties in the states of California (CA), Idaho (ID), Maryland (MD), New Jersey (NJ), Pennsylvania (PA),…continue reading →

How to Qualify for a Mortgage with an IRS Repayment Plan in 2021

  Whether you filed your completed taxes this April or an extension, you should already know your tax liability for the past year. If, despite your withholding or quarterly payments, you owe more than you can pay all at once, don’t panic. It’s not the end of the world even if you’re planning on applying for a mortgage right now. It’s always been possible to obtain a mortgage while you’re on a repayment plan for past tax liability by getting an FHA mortgage. FHA loans, insured by the Federal Government, require borrowers to…continue reading →

Ginnie Mae Proves to be the Forbearance Exception

The number of borrowers on the Coronavirus-forbearance are down but the Ginnie Mae market is proving to be an exception to the rule. The weekly report of the Mortgage Bankers Association for the week closing Sep 13 revealed a drop of 8 basis points for loans under forbearance. However, Ginni Mae’s securitized loans inched up by 3 basis points over the same period.  Ginnie Mae’s hike in forbearance share implies a retardation in the job market’s comeback, believes Mark Fratantoni, the Chief Economist of MBA. Covid-19 has thrown off-kilter the main clients of…continue reading →

Mortgage Forbearance Sees Biggest Drop Since Cares Act Became a Law

A significant part of active forbearance plans slated to expire in June has not been extended, leading to the biggest weekly drop  (435,000) in the volume of mortgage borrowers under forbearance.  Andy Walden, Black Knight’s Economist and Director of Market Research, suggested that "this latest decline in the number of homeowners in active forbearance is an encouraging sign of continued improvement". Notably, those servicing government-guaranteed loans were asked for by the government relief stimulus to grant residential borrowers an extension of forbearance, in case they asked for it.  For the week ending June…continue reading →

Mortgage Rate Recap and Outlook for the Week Ending January 10, 2020

A nation’s economy is affected by even the faintest geopolitical unrest but the fact that Trump has addressed any concerns regarding the Iranian fallout stabilizes our perception of the economy. So rates are not going on a tailspin, rest assured! The employment report for the private sector in particular may push the rates up and even the lenders can keep them high (artificially) in order to reduce the application stress. Mortgage Rates: rates decrease all around This week’s Mortgage Banking Associations’ (MBA) weekly rate survey reveals a decrease across the board. According to the MBA Weekly Survey: “The average contract…continue reading →

2020 Conforming Loan Limits for all the Counties in Texas (TX)

Conforming loan limits for all the Texas (TX) counties went up for 2020. Base conforming loan limit went up to $510,400. See below the list of all the counties in Texas with 2020 loan limits for 1, 2, 3, and 4 Unit properties. ANDERSON COUNTY  • 1 Unit – $510,400 • 2 Unit – $653,550 • 3 Unit – $789,950 • 4 Unit – $981,700 ANDREWS COUNTY • 1 Unit – $510,400 • 2 Unit – $653,550 • 3 Unit – $789,950 • 4 Unit – $981,700 ANGELINA COUNTY  • 1 Unit – $510,400 •…continue reading →

2020 Conforming Loan Limits for all the Counties in New York (NY)

Conforming and High Balance loan limits for most New York (NY) counties went up for 2020. Base conforming loan limit went up to $510,400 and the High Balance loan limit went up to $765,600. See below the list of all the counties in New York with 2020 loan limits for 1, 2, 3, and 4 Unit properties. ALBANY COUNTY  • 1 Unit – $510,4002 Unit – $653,5503 Unit –  $789,9504 Unit – $981,700 ALLEGANY COUNTY  • 1 Unit – $510,4002 Unit – $653,5503 Unit –  $789,9504 Unit – $981,700 BRONX COUNTY  • 1…continue reading →

Jumbo Loans Can Help More Home Buyers in 2019

Since the real estate market is always changing, the Federal Housing Finance Agency (FHFA) evaluates the maximum loan limits for conforming loans each year, including jumbo loan amounts. 2019 has seen an increase in the conforming loan limit to $484,350 for a single family home. In areas where the median home prices are well above the national average, the maximum amount for a conforming loan is $726,525. Jumbo Loan Amounts May Vary by Location In 2018, the maximum was $453,100 for most areas, and in 2016 it was $424,100. So we can see…continue reading →