Industry Insights, Trends & Mortgage News
Do I Qualify for an FHA Loan?
Posted in FHA Home LoansPosted by Maple Tree Funding
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…
Continue Reading »FHA Mortgages in Albany & Saratoga, New York
Posted in FHA Home LoansPosted by Maple Tree Funding
FHA mortgages in Albany New York and Saratoga New York are mortgages insured by the United States Federal Housing Administration. Here at Maple Tree Funding we’ve worked with Albany and Saratoga FHA mortgage borrowers since our beginnings in 2003. If you’re interested in an FHA loan in the Albany or Saratoga NY areas, we’re a great partner to work with! Our experienced FHA Loan advisors are available by phone to answer any mortgage questions you…
Continue Reading »Maximum VA & Conforming Loan Limits Increased for 2020
Posted in 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 2020 will increase by almost 5.5 percent. Throughout the majority of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019. New for 2020, the Veterans Administration has announced that there will be no limit for VA loans. This will go into effect on…
Continue Reading »2020 FHFA and FHA Loan Limit Changes
Posted in FHA Home LoansPosted by Maple Tree Funding
Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have increased maximum loan limits for 2020. 2020 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, and in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. In 2020, the one-unit conforming loan limit has been increased to $510,400. This increase…
Continue Reading »What is the Minimum Credit Score for an FHA Mortgage?
Posted in FHA Home LoansPosted 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. FHA Mortgage Qualification Requirements The FHA Department…
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