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Having already severely punished buyers of second homes and borrowers seeking cash-out refinance, Fannie Mae is now going after borrowers with a perfect (at least until now) credit score of 740. Once the changes hit a little later this year, borrowers wit
Feb 09, 2023 | Purchasing a Home Interest Rates First-time Homebuyers Conventional Loans
Here is some positive news from the world of home lending. Baseline Conforming loan limit for single family homes is increasing to 726,200 in 2023, up from 647,200. Conforming loan limits will be higher in high-cost areas. In our State of Massachusetts, f
Dec 12, 2022 | First-time Homebuyers Conventional Loans
Although temporary rate buydowns have been around for a very long time, they appear to be re-emerging. Seller-paid temporary buydowns, specifically, are currently receiving much of the spotlight. Let’s look at temporary rate buydowns and the math behind t
Oct 30, 2022 | Purchasing a Home Conventional Loans Buydown
In October last year, in the aftermath of Florida condo collapse, Fannie Mae threw a big wrench into condominium approval process. In their lender letter LL-2021-14 (you can look it up), the maker of lending rules added somewhat ambiguous requirements fo
Jul 02, 2022 | Purchasing a Home Conventional Loans Condominiums
Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for i
Oct 10, 2018 | Purchasing a Home Conventional Loans
In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These
Sep 12, 2018 | First-time Homebuyers Conventional Loans Preapproval Purchasing a Home