Loan Limits Increase in 2019!

by | Dec 5, 2018 | FHA Mortgage, Mortgage Information, Other Information

After not increasing the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for 10 years, the Federal Housing Finance Agency has now increased the conforming loan limit for the third year in a row. On November 27th, the FHFA announced that it is increasing the conforming loan limit for Fannie and Freddie mortgages in nearly every part of the U.S. According the FHFA, the conforming loan limits will rise from 2018’s level of $453,100 to $484,350 for 2019. That’s an increase of 6.9%! As stated above, this marks the third straight year that the FHFA has increased the conforming loan limits after not increasing them for a period of 10 years (from 2006 to 2016). Back in 2016, the conforming loan limits were increased from $417,000 to $424,100. Then, in 2018, conforming mortgage loan limits were raised from $424,100 to $453,100. And now, the FHFA is doing it again, increasing the loan limit from $453,100 to $484,350 for 2019. The conforming loan limits for Fannie and Freddie are determined by the Housing and Economic Recovery Act of 2008, which established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels. But, according to the FHFA, home prices are still on the rise. The FHFA’s third quarter 2018 House Price Index report, showed that home prices rose 6.9%, on average, between the third quarters of 2017 and 2018. Therefore, the maximum conforming loan limit in 2019 will increase by the same percentage to $484,350. The conforming mortgage...

FHA Approved Condos In Charlotte County (Updated 7/18/2017)

by | Jul 18, 2017 | FHA Mortgage, Mortgage Information, Other Information, Real Estate

    Below is a list of condos in Charlotte County that are currently approved for FHA financing per the department of HUD website:   Condo Name Address Composition of Project Expiration Date WATER’S EDGE @ HERITAGE OAK PA WATER OAK DRIVE PORT CHARLOTTE, FL 33948 Name: Water’s Edge at Heritage Oak Park; Project: Five 2-story Buildings, consisting of 52 units....

FHA Approved Condos In Collier County (Updated 7/18/2017)

by | Jul 18, 2017 | FHA Mortgage, Mortgage Information, Other Information, Real Estate

    Below is a list of condos in Collier County that are currently approved for FHA financing per the department of HUD website:   Condo Name Address Composition of Project Expiration Date ARIELLE AT PELICAN MARSH 2255 PELICAN MARSH BLVD NAPLES, FL 34109 27-2 Story 6,8, and 10 units buildings with 230 total units with a community pool and cabana. 09/17/2017 HUNTINGTON WOODS HUNTINGTON WOODS DRIVE NAPLES, FL 34112 13 Duplexes consisting of 26 units 11/08/2018 NAPLES WINTERPARK NORTHWINDS DRIVE NAPLES, FL 34112 Low-Rise 184 Units 06/29/2018 OSPREY POINTE AT PELICAN MARSH WHIMBREL WATCH LANE NAPLES, FL 34109 96 units 01/05/2019 STONEGATE OF EAGLES CYPRESS VIEW DRIVE NAPLES, FL 34113 38 Units 05/13/2018 THE ORCHARDS CONDOMINIUM GARDNER DRIVE NAPLES, FL 34109 30 Buildings, 2 Story, Townhome Style...

FHA Approved Condos In Lee County (Updated 7/18/2017)

by | Jul 18, 2017 | FHA Mortgage, Mortgage Information, Other Information, Real Estate

    Below is a list of condos in Lee County that are currently approved for FHA financing per the department of HUD website:   Condo Name Address Composition of Project Expiration Date BIRCH COURT 1027 SE 46TH LN CAPE CORAL, FL 33904 6 Units 03/23/2018 CASA DI FIORI 119 WINDING PINES CIRCLE CAPE CORAL, FL 33909 BUILDINGS 13&18 (28 UNITS) WHEN CoMPLETED WILL CONSIST OF 296 UNITS IN 22 SEPARATE PHASED 2-STORY BUILDINGS 03/21/2018 CREEKSIDE PRESERVE CREESIDE PRESERVE LOOP FORT MYERS, FL 33908 PHASES 38,39,40 COMPLETED 12 Units WHEN PROJECT IS COMPLETED,THERE WILL BE 42 PHASES WITH 168 UNITS. 2 STOREY 4 UNIT BUILDING 12/20/2018 GLASTONBURY AT THE PLANTATION NEW MARKET STREET FORT MYERS, FL 33913 Project will consist of 108 homes in 27 phases, each planned to contain a two 2 story residential building with 4 homes with attached garage.Phase included: 2001-2007 & 2023-2027 (12 buildings with 4 units per building)48 units 04/25/2018 RIVERSIDE CLUB 1900 CLIFFORD STREET FORT MYERS, FL 33901 49 units (7 floor highrise bld) 10/23/2017 SORRENTO SOSTA LANE BONITA SPRINGS, FL 34135 Phase 16, 4 units: When completed will consist of 156 units, Phases 1-39. 12/23/2017 VILLAGES ON COURT SIDE LAKE II LORENE DR ESTERO, FL 33928 90 units...

High Quality Loan Originations For Fourth Quarter 2016

by | Mar 21, 2017 | FHA Mortgage, Mortgage Information

According to a recent study published by CoreLogic, loans originated in the fourth quarter of 2016 had the highest rating since 2001. The average credit score for purchase loans was 737, average Debt-To-Income ratio was 36%, and the average loan to value was 87.1%. The above characteristics contribute to a low default risk and healthy secondary mortgage...