Industry Insights, Trends & Mortgage News
2022 FHFA and FHA Loan Limit Changes
Posted in Guide to FHA Home LoansPosted by Maple Tree Funding
Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) will have increased maximum loan limits for 2022. 2022 FHFA Loan Limits On the conforming side (FHFA), in 2016 the loan limit for one-unit properties was $417,000. In 2017 this increased to $424,100, in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. The conforming loan limit was increased to $510,400 in 2020, and further increased to…
Continue Reading »How to Obtain a DD214 for Military Members Seeking VA Loans
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
VA home loans are some of the best mortgages available for those who are eligible. But for some eligible veterans, proving that eligibility and verifying it with a Certificate of Eligibility (COE) or DD214 form is a challenge, often because they may not know how to go about obtaining the necessary documentation of their military service. Here, we’ll share the details of how to go about getting your DD214 if you do not currently have…
Continue Reading »Maximum VA & Conforming Loan Limits Increased for 2022
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
The Federal Housing Finance Agency has announced that conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2022 will increase by 18.05 percent. Throughout the majority of the U.S., the 2022 maximum conforming loan limit for one-unit properties will be $647,200, an increase from $548,250 in 2021. For 2022, the VA loan limits will once again align with the FHFA conforming loan limits. This means that throughout the majority of the…
Continue Reading »USDA Mortgage Refinancing: Understanding Your Options
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
USDA home loans can be hugely advantageous for those looking to purchase homes in rural areas throughout New York State. Because they deliver 100% financing to people who meet the eligibility requirements, and offer a number of other benefits – including low monthly mortgage insurance, flexible credit score requirements and the possibility of rolling closing costs into the mortgage – they’re an especially great option for first time home buyers! If you’ve obtained a USDA…
Continue Reading »The What, Why & How of Mortgage Escrow Accounts
Posted in FAQsPosted by Maple Tree Funding
Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…
Continue Reading »