Finance a Fixer-Upper with a Conventional Loan

7/2/2019 | Casey Fleming | How do you finance a fixer-upper? It recently became much easier and much less expensive. Let’s take a look: On June 19th Freddie Mac announced their new CHOICERenovation © loan. This loan allows a home buyer to purchase a fixer-upper home and finance all repairs with a single, permanent loan....

There is No Limit on VA Loans!

6/28/2019 | Casey Fleming | Are you a veteran? Have you ever asked what is the maximum loan amount for a VA loan? Well, now there is no limit. This is HUGE news! Congress passed a bill that eliminates the ceiling on the amount of a VA loan. Before this bill the biggest loan you...

How Do I Know When to Refinance?

It’s Not as Simple as You Think Interest rates are very low today – lower than at any time since November 2016.  When that happens, you’re inundated with advertisements from mortgage companies enticing you to lower your payments, or pull cash out.  Many of these advertisements use very attractive math to show you how much...

Need a Job to Get a Mortgage? Maybe not

Clients come to me from time to time needing a mortgage who are between jobs, or are at that place where they are not working and considering retirement.  Most are afraid that they can’t get a mortgage at all, but the truth is you don’t need a job to get a mortgage.  Why?  You only...

How to Shop For a Mortgage

Shopping for a mortgage can seem a little like going to an apothecary and asking for something to cure what ails you.  The alchemist goes into the back room, mixes together a bunch of mystery ingredients, mutters something incomprehensible, and then, poof!  Your cure is ready.  You may feel this is what happens when you...

After the Peak Will Housing Crash?

Some folks experienced the Great Recession as children or teenagers.  For them the idea that housing prices might level off or even crash is something they’ve heard about, but have never experienced.

Student Loan Debt And Millennial Home-Buying

1/19/2018 | Tom Fire | Buying your first home is a rite of passage, something that often signals that you are finally an adult — with the mortgage to prove it. Yet for many millennials (loosely defined as young adults between the ages of 18 and 35), home buying is a far-off dream. According to a...

New Conforming Loan Limits for 2018 are Higher Than Expected

11/29/2017 | Casey Fleming |  The Federal Housing Finance Agency – the FHFA – disclosed the new conforming loan limits for 2018 yesterday, and they went up further than most analysts expected!  It’s great news, as it opens the door to homeownership to more people. Historical Context Fannie Mae and Freddie Mac (the agencies) were...

Major Changes to Reverse Mortgage Rules

8/31/2017 | Casey Fleming — HUD announced this week a couple of major changes to their reverse mortgage rules.  HUD insures the most common reverse mortgage in the country (by far), the Home Equity Conversion Mortgage. Beginning with files that are registered after October 2nd, 2016, the up front funding fee will be 2.000% of...

Why Congress Can’t Sell Fannie Mae and Freddie Mac

8/5/2017 | Casey Fleming | Politicians make a lot of hay talking about privatizing Fannie Mae and Freddie Mac.  These formerly private companies were taken over by the government under the Bush administration shortly after the financial crisis began. Depending on whom you believe, the purpose was either to put a halt to irresponsible lending...