As with any mortgage loan option, there are advantages and potential disadvantages to VA loans. However, VA loans are an optimal home financing option for eligible veterans, active-duty members, or a qualifying spouse. Here we will examine some VA loan [...]
What is an ITIN loan? ITIN home loans are a specialized form of financial assistance designed specifically for individuals who possess an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN). Unlike traditional loans that require an [...]
What are discount points? Discount points also referred to as mortgage points, are upfront payments made to the lender during the mortgage process. Specifically, discount points allow borrowers to reduce their interest rate, resulting in decreased monthly mortgage payments throughout the [...]
What is the Anne Arundel County Mortgage Assistance Program (Map)? The Anne Arundel County Mortgage Assistance Program provides deferred loans to first-time home buyers in Anne Arundel County to help with down-payment and settlement costs. Direct Mortgage Loans is approved [...]
What does being a direct lender mean? A direct mortgage lender is a financial institution that provides funds directly to borrowers without the involvement of non-bank creditors. In the mortgage industry, direct lenders offer home loans and handle the entire [...]
The Federal Housing Finance Agency (FHFA) has just released the updated Area Median Income (AMI) limits for the years 2023/2024, and these new limits indicate an increase in most parts of the country. Notably, this update marks the first time [...]
What is the best option for first-time home buyers? The best mortgage option for first-time homebuyers depends on their individual financial situation and goals. Nonetheless, the most popular loan options for first-time homebuyers include conventional, FHA, USDA, VA, and Specialty loans. [...]
You are looking to buy a new home for your family, but you must sell your current one first. Your buyers are getting a bit difficult and stressful to work with. You need to know when it is in your best [...]
The Federal Housing Finance Agency (FHFA) has recently announced a significant decision to remove a contentious loan-level pricing adjustment (LLPA) that directly affected conventional borrowers with debt-to-income (DTI) levels at or above 40%. Originally slated for implementation on May 1, [...]
The Federal Housing Finance Agency has recently made an announcement regarding significant changes to the fees charged by Fannie Mae and Freddie Mac on conventional and conforming mortgages, known as loan level pricing adjustments (LLPA). These changes are considerable, with [...]
