The US mortgage industry has undergone significant changes in recent years, with February and March of 2024 being no exception. These changes have had a considerable impact on homebuyers and homeowners alike, as they navigate new mortgage rules, programs, regulations, qualifications, and loan requirements.
Read More In the past month, there have been some interesting mortgage developments that you might want to know about.
First off, the Federal Housing Finance Agency (FHFA) decided to shake things up a bit by changing the way they calculate loan-level price adjustments (LLPAs). This means that starting from May 1st, 2024, borrowers with higher credit scores might end up paying a bit more, while those with lower credit scores could see a reduction in fees. A bit of a cosmic twist, isn’t it?
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Buying a home is an important step in the American dream. However, buying your first home can be complicated. First time home buyer programs can help you save money and make the process easier. Some loans, grants and tax breaks may also be available to you.
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The debt-to-income ratio (DTI) is one of the most important elements in obtaining a mortgage. It tells lenders how much income a borrower can afford to spend on monthly debt payments, including housing expenses, car loans, credit card bills, and more. If the DTI is too high, your mortgage application may be rejected or the lender may not offer you the best possible interest rate. Read More
If you’re in the market for a home, you may be interested in a USDA loan. They’re a great option for first-time buyers and people on a budget. But there are some limitations to their use, so you should understand what you can and cannot qualify for before you apply.
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