Realtor Commission for Down Payment

Home loan guidelines seem to be in a period of flux currently.  Many of the changes are favorable and ease the loan approval process.  One change that was long overdue is to allow Real Estate commissions to be used for down payment on a personal transaction.  While this has not changed with each and every loan type, Freddie Mac has made a change and now allows this. Real Estate Agent’s Commission & Down Payment Since Monday March 6, 2017 Freddie Mac is allowing Real Estate Agents to use … [Read more...]

2017 FHA Loan Limit Arizona | $279,450

FHA has followed Conventional loan limit increases as we predicted.  HUD increased FHA Loan limits for 2017 in Maricopa County (and other Counties nationwide).FHA Loan Limit Maricopa County 2017: $279,450Check out your County's Max FHA Loan LimitsApply now for an FHA Loan 602.435.2149As of January 1, 2017 the maximum allowable base loan limit for FHA will be $279,450 (up from $271,050).  This loan amount is before adding the FHA up front mortgage insurance … [Read more...]

VA Appraisal Fee Increased in Arizona

Effective December 1, 2016 the fee for a VA interior/exterior appraisal for a single family home in Arizona is $600.   The VA appraiser also still has 7 business days in Arizona to complete a report or communicate to the designated point of contact (someone with the buyer’s mortgage company) that they are having trouble completing the report due to value and/or property complexity.For more information on this change and other VA appraisal requirements in our market click VA Arizona Appraisal … [Read more...]

2017 Conventional Loan Limits Increase

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)Check out Fannie Mae’s Max Loan Amount Report.  The most common Maximum Conventional loan amount is $424,100.   This is the limit that used to be $417,000 and it now represents the maximum Conventional Home Loan limit in non-high … [Read more...]

Mortgage Rates and The Election

Once every 4 years clients hold their breath to see how election day impacts home loan rates.  How does Nov 8th actually impact mortgage rate trajectory?Hip shooters simply predict “in election years rates go up…” or “in election years rates go down.”   Reality check - presidential elections alone have zero impact on mortgage rates.   The actual president elect and the direction their agenda will take our nation is what can impact mortgage rates.  The relationship between the president … [Read more...]