Mortgage Advice, Real Estate Market Updates, and Home Buying Tips
10 Ways to Make Your Home More"Energy Efficient"
March 1, 2024
Many homeowners are interested in minimizing their environmental impact while also making their homes more energy-efficient. This approach not only helps to conserve resources but also saves money over time. If you want to make your home more eco-friendly and cost-effective, consider implementing these ten strategies. Doing so will increase the home's resale value and reduce utility bills.
Exploring Tax Benefits: Are Mortgage Closing Costs Eligible for Deductions?
February 2, 2024
This article provides general information on the tax deductibility of mortgage closing costs. As tax laws and regulations change over time, and every individual's financial situation is unique, it is recommended to consult with a certified tax professional for personalized advice. Onshore Mortgage strongly suggests seeking professional guidance for tax deductions related to mortgage transactions.
FHA Reveals Loan Limits for 2024, Making Homeownership Accessible Amid Soaring Home Prices
January 6, 2024
The Federal Housing Administration (FHA) has released the 2024 loan limits for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) programs due to the sustained surge in home prices. The adjustments aim to provide access to FHA's low-down-payment financing options, making homeownership more affordable for well-qualified borrowers who might otherwise be excluded from the housing market.
A Guide to Mortgage Refinancing for a Brighter Financial Future
December 27, 2023
Refinancing your mortgage can provide you with numerous benefits, including lower interest rates, shorter loan terms, or access to home equity. However, it is crucial to evaluate your financial situation, assess your goals, and weigh the pros and cons carefully before making a decision. Refinancing can be a complex process, so it is advisable to work with a reputable licensed Mortgage Broker who can guide you through the process and help you make an informed decision.
Take Advantage of 2024 Conforming Loan Limits
November 29, 2023
The Federal Housing Finance Agency (FHFA) recently unveiled notable changes to Conforming (Conventional) loan limits on November 28, 2023. These updates are particularly impactful for prospective homebuyers in various Massachusetts and Rhode Island counties, where loan limits have risen to $766,500 and an impressive $1,149,825 in high-cost areas. It's crucial to understand that these limits are exclusive to Conforming loans and undergo yearly adjustments by the FHFA to stay in sync with current market conditions.
Fannie Mae Reduces Down Payment Requirements for Multifamily Homes
November 13, 2023
Fannie Mae is introducing a significant policy change on November 18, 2023, allowing down payments as low as 5% for owner-occupied 2-4 unit (multifamily) homes. This change offers a fantastic opportunity for potential owner-landlords to enter the multifamily property market without the burden of an FHA "self-sufficiency test". The reduced down payment requirement and more flexible loan qualifications make owning a multifamily home and generating rental income more achievable.