Blog
2023 Loan Limits
Each year the Federal Housing Finance Agency (FHFA) announces changes to loan limits based on changes to average home prices. For 2023, loan limits effective and available today are Conforming: $726,200 Conforming Jumbo: $1,089,300 These numbers are increases from the 2022 numbers of $647k & $970k. A conforming loan allows 3% down (if you’re a…
Read MoreCP
We offer construction-to-permanent (CP) financing which finances construction/building of a new property that’ll be your home (primary residence). This loan can be utilized and be combined with financing and purchasing the land, or on land you already own. CP financing is similar to renovation financing, but CP financing does not require there be an existing…
Read MoreBuydowns
An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…
Read MoreFHA Single Unit Approval
In October 2019, FHA (Federal Housing Administration) introduced the Single Unit Approval (SUA). This allows us to approve individual condominium units within a condominium that doesn’t have an existing approval for the condo association as a whole. The SUA provides a much quicker review process to approve an individual condo unit, rather than pursuing a…
Read MoreFirst Payment
Mortgage payments are due on the 1st of the month. However they are not considered late unless the payment is received after the 15th of the month. And so your payment is “on time” if it’s received at any point up to the 15th. The “June 1st” payment is not late unless it is received…
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