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Each year, the Federal Housing Finance Agency publishes loan limits.  These loan limits impact financing on almost every loan program.  2021 loan limits are out!   The 2021 conforming maximum limit is now $548,250 (minimum 3% down) The 2021 jumbo conforming maximum limit is now $822,375 (minimum 5% down) By increasing the loan limits from…

Mortgage guidelines have specific rules on allowable sources of funds for down payment and closing costs.  In most instances gifts from family are allowed. Gifts are money that will never be repaid. Sometimes clients ask about getting loans from family for their purchase. This blog post overviews the rules for this arrangement and copies guidelines…

Almost 200,000 Americans, and over 900,000 humans have passed away this year from Covid-19.  I’ve been through excruciatingly difficult conversations with friends who’ve lost parents and siblings.  Two friends have had to close their businesses permanently.  My brother was supposed to get married on Saturday; but he and his fiancé have tearfully postponed their wedding…

A co-signer is a mortgage loan applicant who co-applies with a home buyer to help the buyer qualify for their mortgage.  This co-applicant is typically a family member who does not plan to occupy the property the home buyer is purchasing, and is therefore labeled a non-occupant co-borrower (or co-signer). Adding a co-signer to a…

April 2020 update: this program is currently suspended.  See other programs which are currently available at https://alexjaffe.com/dpa We just released the Springboard down payment assistance program, which is available for home buyers in Maryland & Virginia! This is a conventional loan program without mortgage insurance which comes with a repayable down payment assistance loan of 4%…