Industry Insights, Trends & Mortgage News

New York USDA Loan Income Limits

Posted in Guide to USDA Home LoansPosted by Shane Latza

As of June 8th, 2022, the USDA Rural Development Single Family Housing Guaranteed Loan Program has updated the USDA home loan income limits for counties throughout the United States, including counties in New York State. USDA loan income limits vary based on geographic location and household size. This latest update has increased income limits for some regions, while the limits for other areas have remained the same as they were during 2021. Understanding USDA Mortgage…

What To Expect During The New York Mortgage Process

Posted in First Time HomebuyersPosted by Maple Tree Funding

An Overview of The Initial Document Review, Underwriting, Property Appraisal and Clear to Close Stages The mortgage process can seem daunting and a bit overwhelming, especially if you’re a first time homebuyer. When shopping your home financing options for the very first time, it can be tough to know where to start – and to know what to expect as you move forward with obtaining a mortgage. At Maple Tree Funding, we work hard to…

Do I Qualify for an FHA Loan?

Posted in Guide to FHA Home LoansPosted by Maple Tree Funding

Businessman explaining FHA loan policy to young couple.

The Federal Housing Authority (FHA) backs mortgage loans for people who don’t quite fit the traditional underwriting criteria for getting approved for a home of their own. People that benefit from these loans are first time home buyers, people who don’t have much credit history, and people who have had credit issues in the past but have everything back on track. Because these loans are designed to help an underserved segment of the population, they…

USDA Loan Fees for the 2022 Fiscal Year

Posted in Guide to USDA Home LoansPosted by Shane Latza

Homeowner calculating changes in mortgage payments based on 2016 changes in USDA loan fees

The USDA Loan fees for FY 2022 are an upfront guarantee fee of 1.0% of the loan amount and an annual fee of 0.35% of the loan amount. These fees apply to both home purchases and refinance transactions during the 2022 fiscal year, which runs October 1, 2021, through September 30, 2022. Back on October 1st, 2016 the USDA implemented the changes to the loan fees, reducing the guarantee fee from 2.75% to 1.0% of…

Why Would My USDA Home Loan be Denied?

Posted in Guide to USDA Home LoansPosted by Web Admin

Did you know there is an option for rural homebuyers in upstate New York that doesn’t get much publicity? It’s true! USDA loans are loans guaranteed by the federal government to help low-to-moderate income families buy homes in rural areas. They require no money down, and the interest rates are often very competitive. USDA loans provide 100% financing for eligible buyers who are looking to purchase their primary home and/or refinance their existing home. If…