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Industry Insights, Trends & Mortgage News

Mortgage Down Payments & Private Mortgage Insurance (PMI)

Posted in Mortgage BasicsPosted by Maple Tree Funding

The Down Payment Hurdle: How Much is Too Much? For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to owning a home. Traditionally, lenders have required a down payment of at least 20% of the home’s purchase price, which can be daunting for many. However, many lenders will now accept less than 20% of the home’s purchase price if the borrower also pays for private mortgage insurance (PMI). In…

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What Are Closing Costs? Is There a Way to Estimate Them?

Posted in FAQsPosted by Maple Tree Funding

Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…

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2016 New York STAR Program Changes

Posted in Home Buying Tips & InfoPosted by Shane Latza

The New York STAR Program (School Tax Assessment Relief) has recently gone through some changes in 2016.  To find out more about what STAR is, please visit our “How The Star Program Helps Lower Your School Taxes” Blog. Who Will Be Impacted by The STAR Program Change? Beginning with the 2016-2017 school year, those that are subject to the new STAR program will receive a STAR check directly from New York State instead of receiving…

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Maple Tree Funding Featured in Mortgage Professional America Magazine

Posted in About UsPosted by Maple Tree Funding

Want an inside look at how Maple Tree Funding became the trusted, successful mortgage firm it is today? Check out the most recent edition of Mortgage Professional America Magazine! Maple Tree Funding President Marty Pfeiffenberger – who is also the president of the New York Association of Mortgage Brokers (NYAMB) – was featured in a May 19th article that spotlighted the Albany mortgage broker. In the article, Pfeiffenberger details how Maple Tree Funding has grown…

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What is the Minimum Credit Score for an FHA Mortgage?

Posted in Government Mortgages, Mortgage & Refinance ProgramsPosted by Maple Tree Funding

Unfortunately, there isn’t just one answer to the question “what is the minimum credit score for an FHA Mortgage.” Obtaining a mortgage is more than just having a good credit score. It also includes factors like having a steady income (work history) and reserves or assets for a down-payment. These additional factors along with your credit score help to determine whether or not you qualify for an FHA mortgage. The FHA Department of Housing and Urban…

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