FAQs
USDA / VA / FHA Appraisal Requirements
Posted in FAQs, Guide to FHA Home Loans, Guide to USDA Home Loans, Guide to VA Home Loans, Home Buying Tips & InfoPosted by Maple Tree FundingIn order for a loan to be financed, certain USDA, VA or FHA appraisal requirements must be met. The following will need to be repaired in order to avoid a re-inspection of the property: Paint ANY chipping or peeling paint will need to be scraped and painted, no matter how minor it may be. Remember to remove the old paint chips that have fallen onto the ground and dispose of them properly. Siding ANY missing…
Continue Reading »FHA Loans vs. USDA Loans
Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree Funding
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…
Continue Reading »New FHA Mortgage Insurance Rates in 2023
Posted in Guide to FHA Home LoansPosted by Shane Latza
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…
Continue Reading »Do I Qualify for an FHA Loan?
Posted in Guide to 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 »2024 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 2024. 2024 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, $548,250 in 2021, $647,200…
Continue Reading »