Industry Insights, Trends & Mortgage News
Record Increase in VA Compensation to Come for Veterans in 2023
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
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…
Continue Reading »VA Loan Residual Income Requirements
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
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…
Continue Reading »Maximum VA & Conforming Loan Limits Increased for 2023
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 2023 will increase by 12.21 percent. Throughout the majority of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, an increase from $647,200 in 2022. For 2023, the VA loan limits will once again align with the FHFA conforming loan limits. This means that throughout the majority of the…
Continue Reading »Certified Veterans Lending Specialist Certification
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
At Maple Tree Funding, we are proud to serve those who have served our country by helping qualified veterans secure VA home loans to finance their home purchases. VA mortgages are a terrific option for those who qualify, but there are many important nuances to consider when looking to maximize the benefit veterans gain from this type of loan. We work hard to stay at the forefront of all things related to VA mortgages so…
Continue Reading »USDA Loan Fees for the 2023 Fiscal Year
Posted in Guide to USDA Home LoansPosted by Shane Latza
The USDA Loan fees for FY 2023 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 2023 fiscal year, which runs October 1, 2022, through September 30, 2023. 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…
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