Florida Home Value Rise Beats National Average
According to Zillow, the rate in price increase among Florida homes will beat the nation’s average over the next year. Home values in Florida are up 4.64% this year with an expected increase of 4.09% next year. Nationally, Zillow expects the value of homes to rise 2.2% over the next 12 months. Low interest rates are causing the local real estate market to heat up substantially. Understanding the affect of increasing home prices and low mortgage rates will allow informed investors to make sound decisions in this hot housing...New FHA Condo Rules Boost Affordability
According to a recent report by the National Association of Realtors, HUD will be enacting new FHA condo rules. These rules will change a few things, but most importantly they will extend the approval process to individual condo units and extend the FHA certifications of condominium developments from two to three years. This change will ease the compliance obligations put on condo boards likely adding to the total number of FHA approved condos. Providing additional affordable housing options will allow a whole new group of first time home buyers to enter the market. These changes, along with the already low FHA mortgage rates, will make it that much easier for families to buy a property of their own. These changes come as NAR and HUD have been working together to solve a recent decrease in condo lending in recent history and provide affordable options to more families across the United States. The rule changes will take affect in mid October...Cash-Out Refinancing Loan to Value Reduced to 80%
As of September 1st 2019, the maximum amount available for a cash-out refinance will be decreased to 80% of the homes current market value. Previously the new loan could be equal to 85% of your homes worth. This 5% drop is inherently due to the high levels of cash-out refinance activity in recent years adding to government risk. Ultimately this move by the FHA is aiming to ensure the repeat of the events leading to the last recession are not in...United Wholesale Mortgage Lowers Rates and Pricing
PONTIAC, Mich., Jan. 8, 2019 /PRNewswire/ — United Wholesale Mortgage (UWM), the No. 1 wholesale lender in America for four consecutive years, has made a major change to its pricing philosophy, now providing mortgage brokers with the best rates and pricing in America. UWM has been consistently competitive in terms of rates, regularly ranking near the top of most rate comparisons, but was recognized by mortgage brokers more for its fast and easy processes than offering the best pricing. Now, UWM’s rate sheet is expected to outshine all of its wholesale competitors, in addition to continuing to set the gold standard for service, process, technology and partnership tools. “Perception has always been that a lender can’t deliver it all – the best service, great technology, a true partnership, and have the best pricing too – but now they can have it all,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “We’ve shattered expectations. If a mortgage broker has a borrower with a 640+ FICO, it should be a UWM loan.” UWM has removed all state adjustments and many Loan Level Price Adjustments (LLPA), as well, offering the best pricing on every loan with a 640 FICO and above. The major pricing improvement follows other recent pricing initiatives that UWM has brought to market, including its Jumbo Bank Buster program (cheapest jumbo rates) and its lower Borrower-Paid M.I. rates. UWM finished 2018 with $41.5 billion in total loan volume, an all-time high for the company, making up nearly a quarter of the entire wholesale industry’s market share. That production represents a 40% year-over-year growth, making UWM the fastest-growing lender in...FHA Mortgage Loan Limits Increase in 2019!
The new year will bring higher mortgage loan limits for FHA Mortgage Loans. FHA announced the new mortgage loan limits for 2019 will increase across the majority of the country to $314,827 from $294,515. These changes will go into effect on Jan. 1, 2019. The FHA Mortgage Loan Limit in Lee County will be $314,827 The FHA Mortgage Loan Limit in Charlotte County will be $314,827 The FHA Mortgage Loan Limit in Collier County will be $450,800 Our company is a full service mortgage company offering FHA Mortgage Loans, Conventional Mortgage Loans, VA Mortgage Loans, USDA Mortgage loans and Jumbo mortgage loans in the state of Florida. If you have any questions about mortgage loans, please call our office at 239-691-6546!...Connect With Us
