Loan Limits Increase for 2017
The largest financing agencies of the United States government have decided to increase loan limits in 2017. Below are the highlights of the increase: – FHA loan limit “floor” will increase to $275,665 from $271,050. (These are the limits observed in Lee County) -FHA loan limit “ceiling” will rise to $636,150 from $625,500. -Conforming Fannie Mae and Freddie Mac loan limit will increase to $424,100. FHA states that maximum loan limits increased in 2,948 counties and remained the same in 286 counties. Studies have estimated that these increases could have a billion dollar effect on the loan...First-Time Homeownership Driven By Millennials
According to the National Association of Realtors, first-time home buyers are getting off the sidelines and purchasing homes. The share of home purchases by first-time buyers rose to 35% this year from 32% last year. This is a great sign that the job market is finally getting better for those who have less experience in the workforce. The low mortgage interest rates are also helping with...Fannie Mae Day 1 Certainty
Day 1 Certainty is a new offering Fannie Mae is giving their lender partners. This should mean greater speed and simplicity when lenders deliver loans to Fannie Mae. This will increase efficiency for lenders when verifying income, assets, and employment. There will also be additional improvements for customers eligible for a property inspection waiver (PIW). This efficiency should mean the an easier and more hassle-free loan process....Non-bank Lenders Increasing Market Share
A recent CNBC report indicated that the mortgage markets are becoming less profitable for the big banks. The article reports a quarterly drop of 25 percent in origination’s for JP Morgan Chase; Citi’s origination’s were down 17 percent; and Wells Fargo decreased 14...Referral Partners Matter
With a rising real estate market and chances of finding a bargain a lot tougher, first time home buyers are having more trouble finding the right home for them. One thing that everyone agrees on is that having a mortgage lender or broker who has a reputation of closing loans fast helps when the seller is in a multiple offer...Connect With Us
