FHA and VA Increase Loan Limits for 2017

fha_va

FHA and VA increase loan limits for 2017

 

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.
VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

 

 

FHA & VA Loan Programs

fha_vaFHA & VA Loan Programs

With mortgage rates still low, now is a great time to buy! There are many different loan options out there today that make buying a home achievable, and it is important to understand your options throughout the home buying process. Continuing our discussion on government loans from last week, we want to take some time to discuss your options with FHA & VA loan programs.

 

FHA Mortgage Loans

The FHA, or Federal Housing Administration, offers a low down payment option that can help low income or first time homebuyers purchase a home. Since the Federal Housing Administration insures your mortgage, individual lenders may be more willing to give you loan terms that make it easier for you to qualify. To qualify, you must have proof of steady employment and clear CAIVRS, which is the government’s Credit Alert Interactive Verification Reporting system, to qualify. CAIVRS is a database of those who have defaulted on government loans, owe back taxes, or have other federal debt. If you are on this list, you will not be able to receive the loan unless you can get your report cleared.

Compared to other loan programs, FHA has lower credit score requirements. It does, however, require a minimum score of 580 to qualify for a low down payment. If you are concerned about your credit score, consult your loan officer to find out if you might still qualify. These loans can also have a lower down payment requirement than a conventional loan. Conventional guidelines call for two months of asset reserves at closing, meaning two months of mortgage payments, including taxes and property insurance. FHA has no reserve requirements which means less money spent at the closing table.

Not only can closing costs be paid for by the seller, but the down payment of an FHA loan can also be gifted to the homebuyer. This has become a trend for buyers who are getting married and prefer that their gifts go towards a down payment on a home rather than a wedding registry. If you are getting a gift for your down payment, make sure you document it by getting a gift letter from the person you receive the gift from and be able to document any large deposits to your bank account. This will be required when your application is looked at by an underwriter.

It is important to note that FHA loans can only be used towards the purchase of a primary residence, so if you are looking to purchase a second home or vacation home, you will need to look at other programs. In addition to FHA purchase loans, other FHA options include streamlined and cash-out refinancing, as well as FHA 203k rehabilitation loans, which allow you to combine renovations and the purchase of your home into one loan.

 

VA Loans

If you have served our country, you may qualify for a VA loan. These loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements. To qualify, the veteran must have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum or 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is six-year requirement for National Guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA loans offer many great benefits to veterans that are worth looking into eligibility for. These benefits include:

  • No Down Payment
  • No monthly mortgage insurance (PMI)
  • Gift Funds are acceptable for closing costs
  • No Cash reserves requirement
  • A variety of terms or loan types available
  • Available for purchase and refinance
  • Reduced costs for disabled veterans
  • Seller can pay closing costs
  • Seller pays for any required repairs
  • No pre-payment penalty

Both of these programs can offer many great benefits to qualified borrowers. If you think one of these programs would be a good match for you, contact one of your local Inlanta Mortgage loan officers to get pre-approved today!

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Getting a VA Loan

VA Mortgage Loans

VA Mortgage Loans

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage. VA loans are a great option for eligible veterans because there is no down payment requirement, qualifying requirements are less restrictive than conventional loans and private mortgage insurance is not required.

Visit the Department of Veterans Affairs website to determine if you are eligible. Spouses of veterans may also qualify under specific circumstances.

VA Mortgage Loan Process

1. Find a Lender – You need a lender who participates in the VA program.

2. Get a Certificate of Eligibility (COE) – A COE verifies that you meet eligibility requirements for a VA loan. In most cases, Inlanta Mortgage loan officers can access and obtain your COE through an internet-based application (Web LGY) in a matter of seconds.

3. Find a Realtor – A Realtor can help you find a home and negotiate a purchase agreement.

4. Complete Your Loan Application – Work with your lender to complete your loan application and gather required documentation (bank statements, pay stubs, W2s).

5. Loan Processing – An appraisal will be ordered from a state-licensed real estate appraiser and your mortgage lender will begin to process all your application and documentation. Your lender will review all your information and confirm that the appraisal meets the market value requirements for a VA home loan guaranty.

7. Loan Approval & Closing – After reviewing the property appraisal and your credit, income and asset documentation, your lender can make a decision to approve or deny. Approved loans move towards closing. Title company representatives or attorneys conduct the closing – which is where the property is transferred to you!

Learn More About VA Loans

Do you have additional questions on VA mortgage loan eligibility, the loan process, or VA loans in general? Inlanta Mortgage loan officers are qualified to answer all of your VA mortgage loan questions. Use our branch locator to find a licensed mortgage loan officer near you.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

 

 

Happy Veterans Day!

Veterans Day 2013

We Salute Our Veterans

Today, we salute our nation’s veterans. We sincerely appreciate the sacrifices made by our men and women (and their families) in service to our country. We encourage you to thank a veteran for their services!

Veterans Day

The holiday was first observed in the United States in 1919 as Armistice Day, marking the day one year earlier, November 11, 1918, when the United States and its allies reached a formal agreement with Germany to end World War One.

Discounts for Veterans

On Military.com, there are nearly 100 Veterans Day discounts on goods, services and dining for 2013. The full list is available at military.com, but here are a few of the discounts listed:

  • Applebees – Veterans and active duty military receive a free meal from a limited menu, on Veterans Day, Monday, Nov. 11.
  • Boston Market – Boston Market is offering a free whole chicken with the purchase of a family meal on Monday, Nov. 11 with a military ID.
  • Famous Dave’s – Famous Dave’s is offering various discounts and free meals on Monday, Nov. 11 with proof of service. Specific offers vary by locations.
  • National Parks – On Veterans Day weekend (Nov. 9-11) veterans will have access to over 100 National Parks that require entrance fees for free.
  • Lowe’s – All veterans receive a 10% discount on Veterans Day, Memorial Day and the Fourth of July. The offer is available in stores only.
  • Walgreens – Walgreens is offering 15% off eligible store items and 20% of Walgreens, Nice! and W brand products on Monday, Nov. 11. This discount is available to all veterans and active duty military personnel.
  • Toys“R”Us – At Toys“R”Us and Babies”R”Us, military members and their families can get 20% off one regular-priced item from Sunday, Nov. 10 through Saturday, Nov. 16.

Mortgage Options for Veterans

Inlanta is proud to offer Veterans Affairs (VA) mortgage loans. For more information on VA mortgage loans and the VA mortgage loan process, visit our blog post VA Mortgage Loan Process.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

 

VA Mortgage Loan Process

VA-mortgage-loans

VA Mortgage Loans

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. Visit the Department of Veterans Affairs website to determine if you are eligible. Spouses of veterans may also qualify under specific circumstances.

 VA Mortgage Loan Process

1. Find a Lender – You need a lender who participates in the VA program.

2. Get a Certificate of Eligibility (COE) – A COE verifies that you meet eligibility requirements for a VA loan. In most cases, Inlanta Mortgage loan officers can access and obtain your COE through an internet-based application (Web LGY) in a matter of seconds.

3. Find a Realtor – A Realtor can help you find a home and negotiate a purchase agreement.

4. Complete Your Loan Application – Work with your lender to complete your loan application and gather required documentation (bank statements, pay stubs, W2s).

5. Loan Processing – An appraisal will be ordered from a state-licensed real estate appraiser and your mortgage lender will begin to process all your application and documentation. Your lender will review all your information and confirm that the appraisal meets the market value requirements for a VA home loan guaranty.

7. Loan Approval & Closing – After reviewing the property appraisal and your credit, income and asset documentation, your lender can make a decision to approve or deny. Approved loans move towards closing. Title company representatives or attorneys conduct the closing – which is where the property is transferred to you!

VA Mortgage Loan Questions?

Do you have additional questions on VA mortgage loan eligibility, the loan process, or VA loans in general? Inlanta Mortgage loan officers are qualified to answer all of your VA mortgage loan questions. Use our branch locator to find a licensed mortgage loan officer near you.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012.

VA Mortgages – No Down Payment Needed

VA Mortgages

What are VA Loans?

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. To qualify for a VA loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. Spouses of veterans may also qualify under specific circumstances. Contact a licensed Inlanta Mortgage loan professional to discuss this unique loan program available to qualifying veterans and spouses.

VA Refinancing Options – IRRRL

Under the VA guaranteed mortgage loan program, eligible veterans may refinance their existing mortgage with an Interest Rate Reduction Loan (IRRRL). IRRRL’s, or VA Streamline Refinance Loans, help veterans refinance their current mortgage interest rate to a lower rate.

Features & Requirements of the IRRRL:

  • Closing costs can be rolled into cost of loan
  • Lender may allow reduced closing costs in exchange for higher interest rate
  • Veterans must be current on mortgage with no more than one 30-day late payment in the last year
  • You cannot receive any cash back from an IRRRL
  • You must certify that you have previously occupied the property
  • You must have financed the original mortgage using your VA Loan eligibility

VA Cash-Out Refinance Loan

This loan allows eligible veterans to refinance their conventional or VA loan into a lower rate while also taking cash from the home’s value. Just like the VA Streamline Refinance, the home must be the principal residence of the owner. Use our branch locator to contact a loan officer near you to learn more about VA mortgages.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

VA Loan Facts for Veterans

VA Loans

What are VA Loans?

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. To qualify for a VA loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. Spouses of veterans may also qualify under specific circumstances.

VA Refinancing Options – IRRRL

Under the VA guaranteed mortgage loan program, eligible veterans may refinance their existing mortgage with an Interest Rate Reduction Loan (IRRRL). IRRRL’s, or VA Streamline Refinance Loans, help veterans refinance their current mortgage interest rate to a lower rate.

Features & Requirements of the IRRRL:

  • Closing costs can be rolled into cost of loan
  • Lender may allow reduced closing costs in exchange for higher interest rate
  • Veterans must be current on mortgage with no more than one 30-day late payment in the last year
  • You cannot receive any cash back from an IRRRL
  • You must certify that you have previously occupied the property
  • You must have financed the original mortgage using your VA Loan eligibility

VA Cash-Out Refinance Loan

This loan allows eligible veterans to refinance their conventional or VA loan into a lower rate while also taking cash from the home’s value.
Just like the VA Streamline Refinance, the home must be the principal residence of the owner.

Questions?

VA mortgage loans are an extremely attractive home financing option for those who have served our country. Contact a licensed mortgage loan officer near you for more details or begin your loan application now.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

VA Loan programs are subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officers for additional program details.

 

VA Mortgage Loan Program Changes

VA Mortgage Loans Change

Changes to VA Home Loan Guarantee Program will help more veterans.

VA (Veterans Affairs) mortgage loans will undergo some big changes thanks to bipartisan legislation that President Obama recently signed into law. The changes will further assist surviving spouses, married military couples, single-parent service members and veterans with disabilities. Let’s look at how this bill will help our nation’s veterans and their families:

VA Funding Fee

The VA applies a mandatory fee to all loans in order to keep the no-down payment program running. The VA waives the fee for borrowers with service-connected disabilities. This has caused problems for our veterans in the past who are waiting to receive a formal disability rating. New laws will exempt a service member from paying this fee as soon as a pre-discharge exam finds them eligible to receive disability compensation.

Surviving Spouses

Under current VA regulations, only surviving spouses of service members who die in the line of duty or as a result of a service-connected disability have access to the VA loan guarantee program. New rules will tweak the regulations so that veterans need only have had a permanent service-connect disability for at least ten years prior to death in order for a servicing spouse to qualify for home loan benefits.

Married Military Couples & Single Parents

VA purchase loans come with occupancy requirements that only military members or their spouses can fulfill. These loans are for primary residences, and borrowers typically have a set time after closing to occupy the home. This proves difficult for married military couples and single service members serving abroad. Under new legislation, a dependent military child would be able to satisfy the occupancy requirement for a parent or parents who can’t be there.

Adjustable Rate Mortgages

The VA has backed adjustable rate mortgages (ARMs) on and off for the last couple of decades. New regulation will make ARMs and hybrid ARMs permanent fixtures in the VA loan program.

Inlanta Mortgage is an agency-approved VA mortgage lender and is proud to assist our nation’s vets achieve the dream of homeownership. Find a licensed mortgage loan officer near you to discuss your home financing options as a U.S. military veteran.

To read more a out Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 visit the House Committee on Veterans Affairs.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.