Conventional Loan Limits 2024 have increased to $766,550 for a 1 Unit Property. This is a 5.56% increase when compared to the Conventional loan Limit for 2023 of only $726,200. The Conventional High Balance Loan Limit for 2024 also increased and is now $1,149,825. The conventional loan limit is the limit for the maximum amount…
The Federal Housing Agency announced the release of its much anticipated New FHA Loan Limits for 2024 effective with FHA case numbers assigned on or after January 1, 2024. This is exciting news for aspiring homeowners as it increases purchasing power for FHA borrowers. FHA set a new higher floor loan limit so all FHA…
Private mortgage insurance might be one of the costs that you most hate to pay when you send in your mortgage payment each month. If you would like to learn more on how to cancel mortgage insurance, give the John Thomas team a call at 302-703-0727 or APPLY ONLINE PMI stands for Private Mortgage Insurance…
There is constant confusion about the difference between consumer credit scoring models and the credit scores that mortgage lenders pull which are Mortgage FICO® Credit Scores. Mortgage Lenders only use the FICO® scoring model while Consumer Credit Scores used the Vantage Scoring model. What is the Consumer Credit Scoring Model? The Consumer Credit Scoring Model…
FHA Student Loans – HUD just announced new guidelines about how student loan payments should be considered when buying or refinancing a home, to align betterwith the current industry standards. This new update makes it even easier to qualify for a FHA Mortgage loan with student loan debt. If you need to apply for a FHA…
If you’re applying for a mortgage backed by the government like an FHA loan or VA loan, your lender will run a CAIVRS check before approving your loan. This little-known government database, called U.S. Department of Housing and Urban Development Credit Alert System (CAIVRS), checks for specific types of credit defaults that could affect your…
Delaware FHA Loan Limits 2020 were increased effective January 1, 2020. All three counties of Delaware had the FHA loan limit increased in 2020. The Federal Housing Agency (FHA) raised the loan limits from the increased “floor” of $331,760 to the highest areas at $765,600. If you need to apply for a FHA Loan to…
Delaware USDA Loans Income Limits 2020 announced May 4, 2020 by Rural Development. The household income limits in Delaware have increased in all three counties. Anyone looking to purchase a home with a Delaware USDA Rural Housing Loan now has more leeway to qualify as income limits have gone up. If you want to get…
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