Industry Insights, Trends & Mortgage News
USDA Loan Fees for the 2021 Fiscal Year
Posted in Guide to USDA Home LoansPosted by Shane Latza
The USDA Loan fees for FY 2021 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 2021 fiscal year, which runs October 1, 2020 through September 30, 2021. 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 »Faster & Easier Home Appraisals for Government-Funded Mortgages
Posted in Home Buying Tips & InfoPosted by Maple Tree Funding
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. How the NY Home Appraisal Process Works When an appraisal is performed on a property, the appraiser will inspect and review various…
Continue Reading »Maximum VA & Conforming Loan Limits Increased for 2021
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 2021 will increase by almost 7.5 percent. Throughout the majority of the U.S., the 2021 maximum conforming loan limit for one-unit properties will be $548,250, an increase from $510,400 in 2020. In 2020, the Veterans Administration announced that there would be no limit for VA loans. However, for 2021, the VA loan limits will…
Continue Reading »2021 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 2021. 2021 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. In 2021, the one-unit…
Continue Reading »Why You Should Have a New York VA Mortgage If You Are an Eligible Veteran
Posted in Guide to VA Home LoansPosted by Shane Latza
When it comes to securing a mortgage, there are many loan products available. In some cases, homebuyers are eligible for a number of loan types, giving them a few options to choose from when it comes to financing a new home. Unfortunately, when it comes to VA loans, many qualified veterans do not find out they were eligible until they’ve already committed to another type of home loan. Choosing a Home Loan Product – Are You…
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