2017 Conventional Loan Limits Increase – $424,100

Conventional Loan Limit Increases - 2017

Conventional Loan Limits Increase for 2017 Fannie Mae has increased the max Conventional Loan limit for 2017.  This is the first Conventional loan limit increase since 2006! As of January 1, 2017 the maximum allowable Conventional loan limit for Fannie Mae Conventional will be $424,100. (up from $417,000) Here is a table direct from Fannie Mae’s website showing the new maximum loan limits.  The one that we most often deal with is the $424,100.   This is the limit that used to be … [Read more...]

Mortgage Company Appraisals | State of The Union

Mortgage Company Appraisal

The State of Real Estate Appraising Its no secret - appraising a home for the purpose of securing a mortgage barely resembles appraising for the same reason just a few years ago.    Today's post-Dodd Frank, post-TRID appraiser faces far more scrutiny and regulatory oversight.  The end result is far reaching and it impacts homebuyers, mortgage lenders and real estate agents direclty. Why is Real Estate Appraising more Difficult Now? In the "good ole days" of mortgage lending (before the … [Read more...]

Mortgage Rates and The Election

Mortgage Rates & The Election

  Mortgage Rates and the Presidential Election Once every 4 years we see clients holding their breath and hitting pause to see how election day unfolds.  How does Nov 8th actually impact mortgage rate trajectory? We hear hip shooter predictions like “in election years rates go up…” or “in election years rates go down.”   The election itself has zero impact on rates.   It is the president elect and their agenda that may have an impact on mortgage rates.   Also, the relationship … [Read more...]

No Appraisal Required on Select Home Loans

Appraisal Waviers

No Appraisal Required on Eligible Home Loans The lending pendulum continues to sway toward normalcy.  Pre-meltdown,  lenders could sometimes skip having an appraisal done.  We would get a notice on a loans automated approval that would allow us to skip an appraisal.   It is/was called a “Property Inspection Wavier.”  Property Inspection Waiver = No Appraisal Needed Fast forward to October 2016 and we get to re-introduce you to the Property Inspection Waiver - in other words, NO … [Read more...]

Different Credit Score with Mortgage Lender

Different Credit Score with Mortgage Lender

Credit Score Higher Than What Your Mortgage Lender Says? Ever applied for a home loan expecting one credit score and have your home loan officer tell you your score is different?  This happens frequently.  In fact, if you have pulled your credit on a site like freecreditreport.com prior to your mortgage lender, chances are very high your lender will generate a different credit score. What is a FICO score? FICO stands for "Fair Issac's Corporation" which is a company that holds over 130 … [Read more...]