A very strange move after many years, related to 1st time buyer programs with the state of CA. Formerly, until a few days ago, the down payment and closing cost assistance programs with CalHFA were pretty restrictive regarding the maximum amount of income a family could make and still use the programs. On average, in OC that seemed to be in the $75,000 to $85,000 range … [Read more...] about 1st time buyers – new CalHFA income limits – wow!
(this has been around for awhile) Purchase transactions can be made difficult when the borrower retains or plans to sell their departing residence, but will not be rented or sold prior to closing. For this reason, Fannie Mae provides an opportunity to omit the liability from the vacated property, as outlined below: If the borrower's current principal residence is … [Read more...] about DID YOU KNOW? Fannie Mae Pending Sale Option
Happy Friday! Wednesday, November 29th, the Federal Housing Finance Agency (FHFA) announced updated county loan limits for 2018. Fannie Mae and Freddie Mac employ the FHFA established loan limits, and recognized the newly increased limits (applicable to both Conforming and High Balance loan amounts) as shown below: Conforming Loan Limit: 1-Unit: $453,100 2-Unit: … [Read more...] about County Loan Limits Increased for 2018!