Florida Hometown Heroes Housing Program

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan …

Purchase Volume Has Another Strong Week

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

Purchase Volume Has Another Strong Week By: Jann Swanson Wed, May 11 2022, 9:28 AM Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, gained a seasonally adjusted 2.0 percent and increased 3.0 percent on an unadjusted basis from …

IS IT A GOOD IDEA TO TAKE AN ADJUSTABLE RATE MORTGAGE NOW THAT RATES ARE GOING UP?

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

As interest rates are climbing I’ve been getting questions from prospective borrowers if now is a good time to look at Adjustable Rate Mortgages. Even though there is uncertainty as to how high interest rates will go, most Adjustable Rate Mortgages are locked for a period of time.  Typical lock periods are 5, 7, or 10 years.  That means that …

COVID Financing Restrictions Placed On Self Employed Borrowers Begin To Loosen Up

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

Starting February 1, 2022, two of the largest COVID-19 loan restrictions have finally been loosened by Fannie Mae and Freddie Mac. The mortgage giants rescinded the rules put in place back in June 2020 that required self-employed borrowers to provide a year-to-date profit and loss statement that reported revenue, expenses, net income, as well as a few months of their …

Changes to Second or Vacation Home Conventional Loans

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

ATTENTION TO THOSE LOOKING TO PURCHASE A SECOND HOME IN THE NEAR FUTURE… If you were considering buying a second home/vacation home, you may want to do it NOW. Conventional loans on second homes closing in April 2022 and later will have a SIGNIFICANT pricing hit of as high as 4.125 points! In a lot of cases, Second Home rates have …

Loan Limit Changes

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

The Federal Housing Finance Agency (FHFA) has announced the 2022 conforming and high balance loan limit increases. These limits take effect January 1st, 2022, however, many lenders are honoring these loan limit changes for loans that are currently in process. These new limits apply to Conventional, VA and USDA loans.  VA does not impose a maximum loan amount that a …

Are You Ready to Become a Homeowner in 2022?

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

Planning for 2022   If you haven’t already purchased a new home, now is the time to start planning for the upcoming year.  Interest rates are expected to rise slightly but home prices are also expected to stabilize.  Here are some things you can do to get ready:   Check your credit report – The scores that you obtain through …

Fannie Mae Will Begin Averaging the Middle Credit Score for Joint Borrowers

Jennifer Jerina blog, Home Buying Tips, Title, Escrow & Mortgage, Uncategorized Leave a Comment

There’s some good news for buyers using Conventional Loans. As of September 18, 2021, Fannie Mae will be averaging the middle credit score of joint borrowers for determining eligibility. Right now, all borrowers must individually have a minimum of 620 to qualify for their program. As of this change, they will take the middle credit score of each borrower and average them. For instance, …