Mortgage Programs

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…continue reading →

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…continue reading →

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…continue reading →

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…continue reading →

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 →