Increase in Maximum Conforming Loan Limits

HomeInspection

Increase in Maximum Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) recently raised the conforming loan limit from $417,000 to $424,100, marking the first increase since the year 2006. In certain high-cost counties, the loan limit will increase from $625,500 to $636,150.

“The Housing and Economic Recovery Act of 2008 (HERA) established the baseline loan limit of $417,000 and requires this limit to be adjusted each year to reflect the changes in the national average home price,” read a statement from FHFA. These changes and rising home prices indicate that the housing market has returned to pre-recession growth.

Best of all, these changes could help borrowers afford homes in more expensive areas or get more home for their money. Increasing the loan limit means that more homebuyers have the option of choosing a conventional loan over a jumbo loan which could result in more favorable loan terms.

These changes will only affect loans that close on or after January 1, 2017. However, since Inlanta Mortgage is a direct lender with Fannie Mae and Freddie Mac, we can start taking your loan applications or lock in your rate today! Contact your local Inlanta Mortgage representative for more details.

Edited: Original post was modified with updated and expanded information on 12/5/2016.

3% Down Payment Options Now Available!

3-percent-down-payment
This week, Freddie Mac and Fannie Mae announced new affordable low down payment mortgage loan products to help more people realize their dreams of home ownership. Qualified first time home buyers1 can now purchase a home with as low as three percent down2.

3% Down Payment Option – My Community Mortgage®  Fannie Mae

The 3% percent down payment option is available under Fannie Mae’s My Community Mortgage® product for borrowers if at least one co-borrower is a first-time home buyer. Under the 97% LTV My Community Mortgage® product, borrower income limits may apply, mortgage insurance is required, and home buyer education is required. Find a loan officer near you to learn more about this affordable home financing option!

3% Down Payment – Home Possible® – Freddie Mac

Freddie Mac is making the 3% down payment option available through their Home Possible® mortgage product. Similar to the Fannie Mae option, Home Possible® will be available to qualified first time home buyers1 as of March 23, 2015. 97% LTV Home Possible® mortgages also require mortgage insurance and home buyer education courses.

Begin Your Journey to Home Ownership Today!

Apply online today! Once we receive your application, we will connect you with a licensed Inlanta Mortgage  loan officer near you.

1At least one borrower must be a first time home buyer. Borrowers who have not held interest in a property in the last three years are also considered first time home buyers.

2 3% down payment on $100,000, 4.250%/ 5.166%% APR, 640 FICO, 30 -year fixed rate mortgage. Income limits may apply. 97% LTV programs are available to first time home buyers only. Home buyer education courses are required. Mortgage insurance is required for LTVs greater than 80%. Rates subject to change. Subject to credit approval.

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

Last year, Inlanta Mortgage celebrated 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 Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. 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 was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

 

Inlanta Mortgage Receives Fannie Mae Agency Approval

Fannie Mae Approved

Inlanta Mortgage is Fannie Mae Approved

Inlanta Mortgage, ranked among the fastest-growing companies in the Milwaukee Area, has announced it has passed through a series of stringent reviews and has been granted approval as a seller and servicer with Fannie Mae.

“We have always been confident in the quality of our loan production and this approval is another validation of our approach to responsible lending. Adding the ability to service our own loans as well as all the benefits of direct approval is one of a variety of positive developments for the company,” said Chief Operating Officer, Jean Badciong. “We realize that the quality of our loans and strong agency relationships are essential to our long term growth.”

What Does it Mean to Be Fannie Mae Approved?

Fannie Mae agency approval means Inlanta can continue to broaden the products and services offered to consumers through its professional loan origination staff. This designation provides increased liquidity and stability in the rapidly changing mortgage origination market.

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. Over the past three years Inlanta Mortgage has more than doubled its revenue and nearly doubled its employee base.

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.

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.

Confidence in Housing Market Spikes

Confidence in Housing Market Spikes

The number of Americans who believe now is a good time to sell and think now is a good time to buy rose sharply from April to May according to recent housing market survey by Fannie Mae.

Confidence in Housing Market

Confidence in the housing market spiked in May. The share of respondents who say now is a good time to sell jumped 10 percentage points in May, rising from 30 to 40 percent on a monthly basis, according to the results of Fannie Mae’s May 2013 National Housing Survey. The share of those who say it is a good time to buy a home moved up 5 percentage points from April to a survey high of 76 percent. Americans’ average 12-month home price change expectation also reached a survey high in May, climbing to 3.9 percent from 2.7 percent in April.

Ready to Buy a New Home?

Whether you are a first time home buyer or a seasoned home buying veteran, Inlanta Mortgage loan officers can help you determine the best financing for you specific situation. Are you a veteran? You may be eligible for a no down payment/no PMI VA Loan. Live in a rural community? You may be eligible for a no down payment required USDA loan. Find a loan officer near you using our branch locator.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Check out our 20th Anniversary Video.

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.

Conforming Loan Limits Stay the Same

Conforming Loan Limits Unchanged in 2013

What are Conforming Loans?

Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Freddie Mac and Fannie Mae are government-sponsored enterprises (GSEs) that buy mortgages on the secondary market, pool them and sell them as a mortgage-backed security to investors on the open market. The Office of Federal Housing Enterprise Oversight (OFHEO) sets the criteria on what constitutes a conforming loan limit that Fannie Mae and Freddie Mac can buy.

What are the 2013 Conforming Loan Limits?

On November 29th, the Federal Housing Finance Agency (FHFA) announced that conforming loan limits for Fannie Mae and Freddie Mac would remain unchanged.

For 2013, the maximum conforming loan limit will remain $417,000 for one-unit properties in much of the country. For a list of the 2013 conforming loan limits for all counties and county-equivalent areas in the country click here.

What are Non-Conforming Loans?

Non-conforming loans are also known as jumbo loans because they exceed the conforming limits set by the OFHEO. Non-conforming loans typically have higher rates associated with them because they are not as easy to sell in the secondary market. Since they are harder to sell in the secondary market, they cost consumers more money in the form of higher interest rates.

Loan Questions?

Inlanta Mortgage licensed mortgage loan originators are available to answer your questions about home financing and determine the best option for your specific situation. Click here to find a licensed mortgage loan officer near you.

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 headquartered in Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

Optimism About Housing Recovery Growing

Optimism is Growing

Optimism on the Rise

According to Fannie Mae’s September Housing Survey, consumer attitudes about the housing market recovery, and homeownership in general, are on the rise.  Consumer attitudes about the economy also improved substantially.

Chief economist at Fannie Mae, Doug Duncan said, “Home price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent. Furthermore, the Federal Reserve’s latest round of quantitative easing has caused a large drop in mortgage rate expectations. Friday’s September jobs report, including the strong upward revisions for prior months, a sizable increase in earnings, and a sharp decline in the unemployment rate, should provide further impetus for improving consumer confidence in the housing market.”

Monthly National Housing Survey

Click to review the September 2012 Data Release. Survey highlights include:

  • The number of survey respondents who say home prices will increase in the next 12 months has increased to 37% – the highest level since the survey’s inception in June 2010.
  • The percentage of respondents who said it’s a good time to sell has increased to 19% – the highest level since the survey’s inception.
  • The percentage of respondents who said the economy was on the right track jumped from 33% in August to 41% in September.

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.

Time to Buy a Home

Now is the time to buy a house.

71% of Americans Think So

According to Fannie Mae’s National Housing Survey for April 2012, 71% of Americans believe now is a good time to buy – which most of us would probably agree is not really surprising. Historically low mortgage rates and rising rents support these survey results. In fact, Fannie Mae’s survey addresses rental price expectations and it turns out that 49% of survey respondents think that rental prices will go up. This is the highest recorded percentage in the last 12 months.

More consumers also think the U.S. economy is on the right path. The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. To put this in perspective, in the August, September, October, and November of last year only 16% of respondents believed the economy to be on the right track.

While home prices are currently low, especially in distressed markets, 32% of respondents expect home prices to increase over the next 12 months. Americans also expect mortgage rates to rise in the next 12 months – which isn’t very surprising when you consider that the 30-year fixed rate mortgages hit a new all-time record low last week.

“Overall, consumer views of housing market conditions have become more supportive of home purchases,” said Doug Duncan, Fannie Mae chief economist.

Heard enough? Are you read to make the leap to home ownership? Contact a licensed mortgage loan professional today to take advantage of low mortgage rates and low home prices – before they both go up. Click here to find an Inlanta Mortgage professional near you.

Click here to read the Fannie Mae Monthly National Housing Survey in its entirety.

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.

HARP 2.0 Questions & Answers

Underwater Homes

In a previous blog post, we discussed the White House’s recently announced revisions to the Home Affordable Refinance Program – also known as HARP. To further clarify HARP we have compiled a list of frequently asked questions and answers about this program.

Q: What is HARP?

A: HARP stands for the Home Affordable Refinance Program.  HARP was rolled out in 2009 to help borrowers who were current on their mortgage payments, had loans backed by Freddie Mac and Fannie Mae, and wanted to refinance but didn’t have enough equity in their homes to do so because the value of the home had declined.

The HARP program is designed to help qualifying homeowners refinance into a new mortgage at current (lower) interest rates.  A HARP loan is a new loan, not a modification of your current loan.

Q: What is HARP 2.0?

A: Several changes have been made to the program to help more homeowners qualify for the refinance opportunity and help lenders manage the refinance process more efficiently. The program is intended for homeowners who are “underwater” – meaning their LTV (Loan-To-Value) is more than 100%.  That means the amount of your current mortgage is MORE than the value of your home, and you may be eligible to explore refinancing your home under HARP.

Example:  You owe $130,000 on your mortgage (this is your Loan Amount) Yet the value of your home is $100,000 (this is the current value of your home) Your LTV is $130% (you owe $30,000 more than your home is currently worth).

Q: How do I know if my loan qualifies for the HARP program?

A: There are some basic guidelines to qualifying for HARP:

• You must have originated your loan before May 31, 2009
• Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac
• You must be current on your mortgage payments, and have not made a payment more than 30 days late during the past year
• You must demonstrate the ability to continue making payments on the loan (demonstrate that you have a job or other consistent source of income)
• You must owe more on your mortgage than your home is worth (see LTV definition above)
• A refinance must help the affordability or stability of the loan (this means the refinance must make the loan either more affordable, or make the payments more consistent over time

Q: If I have already refinanced under HARP, can I refinance under the program again to take advantage of even lower interest rates?

A: Unfortunately, no.  Once you have refinanced your home under HARP, you will not have another chance to refinance under the program.

Q: How much will it cost to refinance under HARP?

A:
While the costs to refinance have changed under the new HARP guidelines, each borrower is different and you will need to contact an Inlanta Mortgage loan officer to get specific information about your situation. To request a no obligation free consultation with a licensed Inlanta Mortgage loan officer click here.

Q: What kind of loan can I refinance into?
A: You must be prepared to refinance into a 30-year fixed rate loan.

Q: When can I apply for refinancing under the HARP program?
A: Final information and details are expected to be announced in mid-November and some servicers expect to begin accepting applications under the new HARP program in early December.  You should check with your Inlanta Mortgage loan officer in November to find out more specifics.  The deadline to apply for HARP has been extended through 2013

Q: Are second homes eligible for HARP?
A: No. The HARP program is only available for your primary residence.

Q: What if I have a second mortgage on my home?
A: Borrowers with a second mortgage (example:  A Home Equity Loan or a balance on their Home Equity Line of Credit) may be able to participate in HARP, your Inlanta Mortgage loan officer should be able to help you determine if your second mortgage owner will agree to “re-subordinate” that loan before you can refinance the first mortgage.

Q: How do I know if Fannie Mae or Freddie Mac own or guarantee my loan?
A: You can use the links below to help determine if Freddie or Fannie own or guarantee your loan.
http://www.fanniemae.com/loanlookup/
http://www.freddiemac.com/mymortgage/

Q: Who can help me with a HARP Loan?
A: Please contact us for more Information about refinancing with a HARP loan.

Although program details have yet to be announced, Inlanta Mortgage loan officers are anxiously awaiting forthcoming announcements that will help them better serve you.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.

To find an Inlanta Mortgage loan officer near you, click here.

Underwater & Overwhelmed?

If you have a Fannie Mae or Freddie Mac backed loan and have little to no equity you may still qualify to refinance at today’s low interest rates according to a recently announced initiative from the White House.  Is it possible that there is help on the horizon for the more than 10 million homeowners who are underwater on their mortgages?

The Home Affordable Refinance Program (HARP) was create in 2009 to assist almost five million homeowners refinance their loans and avoid foreclosure  – yet only 822,000 homeowners have benefited so far.  This begs the questions….If it didn’t help that many people in 2009 – why should it work now?

Today’s announcement by the White House detailed some major changes to the HARP.  Here’s a few:

  • No More Cap on Underwater Amount – any borrower, no matter how deep underwater, will be eligible for HARP.
  • Lowered Costs to Refi – Elimination of certain risk based fees Fannie Mae & Freddie Mac charged for refinancing and reductions in number of homeowners who need an appraisal, and reduced costs of title insurance should help to reduce cost associated with refinancing.
  • Insurance Coverage to be Transferred to New Loan – major mortgage insurers have agreed to automatically transfer coverage from old loans to new loans

The deadline for the HARP program has been extended to December 2013. The Obama Administration is optimistic that addressing these key issues will help many more homeowners to refinance and save as much a $2,500 a year. To view the formal press release issued by the Federal Housing Financing Agency on the HARP program click here.

To speak with a licensed mortgage loan officer and to find out if these major changes to HARP can help you refinance call 877-326-LOAN, visit us on the web at Inlanta.com or click here to find a branch near you.