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2023 Changes to VA Funding Fees

Posted in Guide to VA Home LoansPosted by Maple Tree FundingKey from property and USA flag. VA loan mortgage concept.

Early in 2023, the VA announced that they would be making a scheduled change to VA funding fee rates.  The funding fee percentages for VA home loans, including construction loans and refinances, will be decreasing as of April 7, 2023. This is good news for home buyers looking to finance purchases through VA home loans!  VA Loan Fees for Loans Closing Before April 7, 2023 The current VA loan fee rates still apply for loans…

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FHA Loans vs. USDA Loans

Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree FundingYoung couple consulting with mortgage broker about FHA vs. USDA home loan options

When choosing a loan program, it’s important to understand your options. Let’s take a look at two different types of popular government loan programs – FHA loans and USDA loans – and how they compare to one another. Weighing Your Options: FHA Loans vs. USDA Loans Government mortgages are backed by the government, as their name indicates, meaning that the government ensures repayment to the bank or lender if you happen to default on your…

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New FHA Mortgage Insurance Rates in 2023

Posted in Guide to FHA Home LoansPosted by Shane LatzaMoney bags put in wooden home model and bottle with gold coin representing savings from FHA MIP reduction

In early 2023, the Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums (MIP) from .85% to 0.55%. The last time the FHA reduced its mortgage insurance premiums for U.S. homebuyers was back in 2015. Now, with this new change taking effect, is an excellent time for new homeowners to consider an FHA loan to finance a home purchase. What Do These FHA Mortgage Insurance Premium Changes Mean for Homebuyers? A mortgage insurance premium…

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Record Increase in VA Compensation to Come for Veterans in 2023

Posted in Guide to VA Home LoansPosted by Maple Tree Fundingblocks depicting 2022 changing to 2023 with coins on top indicating increased VA compensation payments for veterans

The VA has announced that their compensation payment rates will be increasing for 2023, and by a significant percentage. Based on the latest cost of living adjustment announcement, the VA will be increasing their compensation benefits for veterans and beneficiaries in 2023 by 8.7%. This is the largest increase in monthly compensation benefit payments for veterans in more than 30 years. Which VA Benefits Are Impacted by This Increase? The increase in VA compensation for…

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VA Loan Residual Income Requirements

Posted in Guide to VA Home LoansPosted by Maple Tree FundingHappy couple holding keys to new home and house miniature

VA home loans are among the best mortgages available for homebuyers who qualify. They offer favorable terms and competitive rates – but you must meet specific qualification standards in order to be eligible to finance your home with a loan backed by the Department of Veterans Affairs.  If you’re looking to apply for a VA home loan and wondering if you qualify, one key element you must take into account is residual income.  Here, we…

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