Most home buyers who use mortgage loans start the process by getting pre-approved for a specific loan amount. This allows you to narrow your housing search to a realistic price range, based on your financing. Pre-approval provides other advantages as well, and we’ll cover those in a moment. First-time home buyers tend to have a […]
Dealing With Title Search Problems: Easements, Liens, Boundary Disputes
Buying a home is a major investment. So the last thing you want are unexpected problems hidden within the property’s history. A title search serves as a critical safety net, but issues can still arise. Understanding common title search surprises like easements and liens, and what steps to take, will help you protect your purchase […]
Changing Jobs During the Mortgage Process: Not Always a Deal-Breaker
“What happens if I switch jobs after applying for a mortgage loan? Can I still clear the underwriting process and get approved for a home loan, if my employment situation changes?” These are common questions among home buyers who change jobs during the mortgage process—and understandably so. After all, your employment situation is a big […]
California Maximum FHA Loan Limit Amounts for 2024: All 58 Counties
Summary: The maximum FHA loan limit size amounts for California have been increased for 2024 in response to rising home values in the U.S. The new limits range from $498,257 to $1,149,825. This is good news for home buyers who are planning to use an FHA loan to buy a house in 2024. This policy […]
How to Apply for an FHA Loan: The Mortgage Application Process Explained
In this article, you’ll learn how to apply for an FHA loan and navigate the application process, step by step. We will also cover some of the preliminary steps you can take before applying for a loan, as well as the mortgage processing steps that come after it. An FHA loan is a mortgage that’s […]
Can FHA Mortgage Insurance Be Removed at the 20% Home Equity Level?
If you’re considering using an FHA loan to buy a house, you’ve probably heard that they require mortgage insurance. You might also be wondering if FHA mortgage insurance can be removed once you’ve reached 20% equity in your home, as with a conventional (or non-government-backed) home loan. The short answer is, it depends. If you […]
FHA Mortgage Rates Expected to Go Up in 2022, According to Forecasts
Will FHA mortgage rates go up or down in 2022? That’s the big question for a lot of future home buyers and mortgage shoppers in the U.S. According to a recent forecast, FHA rates could rise a bit during 2022. In fact, we’re seeing some indications of this already… Lately, many housing market analysts and […]
Using an FHA Loan in 2022: Will It Help or Hurt Your Chance at a House?
Reader question: “We are planning to use an FHA loan in 2022 to purchase the house. Will using an FHA loan help us or hurt us in a competitive real estate market? Is there a chance the seller will turn down our offer?” This is a common question among home buyers these days, and with […]
Maximum FHA Loan Amount for 2022: A Big Increase Over Last Year
Key highlights from this report: The maximum FHA loan amounts for 2022 range from $420,680 to $970,800. This applies to loans with case numbers assigned on or after January 1, 2022. These limits can vary by county, because they are based on home prices. In Alaska, Hawaii, Guam and Virgin Islands, the new cap will […]
FHA Loan Limits for 2022 Will Likely Be Increased, Due to Price Growth
Update: It’s official. The FHA loan limits for 2022 went up. Details here Another year, another increase for FHA loan limits. That’s what we expect to happen, anyway. While nothing is official yet, it’s highly likely (and almost certain) that the FHA loan limits for 2022 will be increased over their current levels. The main […]