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Industry Insights, Trends & Mortgage News

Maximum VA & Conforming Loan Limits Increased for 2020

Posted in Guide to VA Home LoansPosted by Maple Tree FundingWhiteboard with rising graph is isolated on white background.

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…

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2020 FHFA and FHA Loan Limit Changes

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingGraph with upward arrow and 2020 representing the increase in FHA and FHFA loan limits

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…

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What is the Minimum Credit Score for an FHA Mortgage?

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingWoman Wondering If Her Credit Score is Good Enough For an FHA Loan

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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New York USDA Loan Income Limits

Posted in Guide to USDA Home LoansPosted by Shane LatzaUSDA Loan concept. Man holding book.

As of July 22, 2019, the USDA Rural Development Single Family Housing Guaranteed Loan Program has increased the USDA home loan income limits for all counties throughout the United States, including counties in New York State. While USDA loan income limits do vary based on geographic location and household size, this latest update has increased income limits across the board. Understanding USDA Mortgage Income Limits USDA home loans are intended to assist those with modest…

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New York STAR Program Changes: Who Will Receive STAR Refund Checks?

Posted in Home Buying Tips & InfoPosted by Shane Latzahead on view of open mailbox containing a STAR refund check

Back in 2016, the New York STAR Program (School Tax Assessment Relief) went through some changes that continue to impact certain homeowners. To find out more about what STAR is, please visit our “How The Star Program Helps Lower Your School Taxes” blog. Due to the changes made to the program in 2016, those who are participating in the STAR program are now in one of two categories: home owners who receive a school property…

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