Tuesday, November 27, 2018

Loan Limits on the Raise for 2019


Today the Federal Housing Finance Agency (FHFA) announced for the third year in a row they are increasing the conforming loan limits for Fannie and Freddie. Per the Housing and Economic Recovery ACT of 2008, requires that the baseline loan limits be adjusted each year to reflect the changes in the national average home price. The increase for 2019 is $484,350 that is a 6.9% increase from 2018.

Home prices are on the raise and this moves keeps up with the economic need for higher loan limits. Loan limits for High Cost Areas where 115% of the local median home value exceeds the baseline loan limits, the High Balance limit is $726,525 and cannot exceed 150% of the baseline $484,350.

To check the High Balance limits for your county..  Click HERE! 

Below is a list of loan limits per unit for 1-4 units, the amount goes up for each added unit. 

New Limits
Conforming
1 unit - $484,350
2 unit - $620,200
3 unit - $749,650
4 unit – $931,600

High Balance
1 unit - $726,525
2 unit - $930,300
3 unit - $1,124,475
4 unit - $1,397,400

For more information please contact me at 808-457-2455.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.

Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926

Tuesday, November 20, 2018

Determining Your Commercial Mortgage Interest Rate

Understandably, one of the first questions we’re asked from potential commercial borrowers is “What will my interest rate be?” But the final interest rate on your new loan will be based on your past credit history, the loan-to-value (LTV) of the property, and other risk components associated with the deal. And before we can provide a valid financial quote we’ll need to work together to build a suitable package for the lender or investor to underwrite. The final rates and terms you receive will be based largely on you – the business owner.

In addition to interest rates there are other factors you should consider if your goal is to obtain the best overall financial package and return on your property as an investment. For example, the terms of a mortgage loan can be just as important as the interest rate. Any pre-payment penalties could also affect the overall cost of your mortgage should you wish to sell or refinance the property. So it’s wise to carefully review the covenants that the lender required on the loan.
Now that you understand how commercial rates differ from residential rates, this is the perfect time to contact me to get started on putting together your deal. 

For more information please contact me at 808-457-2455.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.



Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926

Friday, November 9, 2018

FHA Mortgage for Disaster Victims


Do you know FHA has a mortgage for Disaster Victims?

In light of the many disasters we have had in our country in recent months, I thought it would be good to share this information in case you know anyone in need of help recovering from a disaster. Rebuilding can be very difficult and is a financial burden many cannot see their
way through. 
Help is available....

Section 203 (h) of the FHA mortgage program offers features that make recovery from a disaster a bit easier for home owners and renters. Homeowner/renters are eligible if their homes were destroyed or damaged to the point they need to rebuild. The FHA mortgage can be used to purchase one home that will be their primary residence. The program assists in re-establishing your life after a difficult event. 

Through section 203(h) the federal government helps victims in Presidentially designated disaster areas by making it easier to get funding to rebuild and purchase a new home. A case number must be assigned within one year of the Presidentially-Declared disaster area.

  • No down payment is required. Borrower are eligible for 100% financing.

  • Less then perfect credit is ok, special guidelines are in place and exceptions can be made.

  • Mortgage terms of 15, 20, 25 and 30 years are available with a fixed rate or a 5/1 ARM.

Hope you won’t need this but it’s nice to know it’s available to those that need it.

For more information please contact me at 808-457-2455.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.



Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926