One of the best ways for first-time home buyers to qualify for a mortgage is with an FHA loan. Here’s everything you need to know to get an FHA loan to buy a house in 2023. What is an FHA Loan? The FHA loan was created to help more Americans qualify for a home mortgage. Conventional loans are great for those who can qualify, but millions of Americans can’t get one when they’re first interested in buying a home. What makes FHA loans different? The difference is that the Federal Housing Administration – or FHA – provides mortgage insurance on…
December 26, 2022
The Federal Housing Finance Agency (FHFA) is probably an agency you’ve never heard of, even though they play a role in regulations around housing and mortgages. However, they’re in the news a lot right now because they recently announced the 2023 mortgage loan limits for mortgages acquired by Fannie Mae and Freddie Mac next year. What does that mean exactly, and why should you care? Let’s start with what CLLs are. What are Conforming Loan Limit Values? The conforming loan limit is the maximum dollar amount of a mortgage that Freddie Mac or Fannie Mae will guarantee. If a loan…
December 22, 2022
We’re seeing a rise in builder incentives out there right now. As a home buyer, that’s great news for you! Why? We’ve put together this short article to explain. What are Builder Incentives? When a home builder first develops the homes of a new community, they are motivated to sell the homes as quickly as possible. Think about it – they’re pouring a lot of time and money into building these homes upfront. They don’t actually make money until the homes sell, so they do what they can to get them sold ASAP. One method they use to sell homes…