Latest Articles

Mortgage Advice, Real Estate Market Updates, and Home Buying Tips

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.

Understanding Your Home Loan Options: A Guide to Using a Mortgage Calculator


October 30, 2023

Mortgage calculators are “self help” tools that aid in making informed decisions about home loans. They provide insights into your estimated monthly payments, down payment options, interest rates, and total loan costs, which can help you tailor your loan to your financial situation. By experimenting with different scenarios, you can gain the confidence needed to confidently navigate the path to homeownership or make smart refinancing decisions.

Key Factors to Consider Before Buying a Flipped Home


October 23, 2023

If you're interested in purchasing a flipped home, it's important to conduct thorough research and take precautionary measures to ensure a successful transaction. By implementing these simple steps, you can increase the likelihood of a smooth purchase. Additionally, when seeking a mortgage, it's crucial to understand the unique requirements and limitations associated with different loan types and property flipping.