Home Mortgage & Refinancing Serving Locations Throughout New York State
Call us Today: 518-782-1202

Industry Insights, Trends & Mortgage News

USDA Loan Fees for the 2022 Fiscal Year

Posted in Guide to USDA Home LoansPosted by Shane LatzaHomeowner 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…

Continue Reading »

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…

Continue Reading »

VA Home Loan FAQs

Posted in FAQs, Guide to VA Home LoansPosted by Web AdminAmerican flag and key from home. VA loan concept.

The VA home loan program is one of the best and most popular benefits the U.S. Department of Veterans Affairs provides to active-duty service members, veterans, and eligible surviving spouses. This guaranteed loan program is provided through private lenders, like banks and mortgage companies. Because the government guarantees a portion of the loan, lenders can provide more favorable terms. Since there’s some confusion about VA home loans among New York residents, let’s take a closer…

Continue Reading »

Faster & Easier Home Appraisals for Government-Funded Mortgages

Posted in Home Buying Tips & InfoPosted by Maple Tree FundingContractor performing a home appraisal in NY

Many home buyers utilize government funded mortgages to purchase their new homes. Government funded mortgages, including USDA mortgages, VA loans and FHA loans require a mandatory home appraisal before the mortgage can be secured and approved. Many times, however, the mortgage process is delayed by complications to this appraisal and home inspection process. What is a Home Appraisal? Learn the basics of home appraisal in this short video. How the NY Home Appraisal Process Works…

Continue Reading »

2022 FHFA and FHA Loan Limit Changes

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingUpward arrow and house representing the increase in FHA and FHFA loan limits

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 »