New conforming loan limits likely to top $700K In 2022, the conforming loan limit for a single-family home is $647,200 in most of the U.S. But that number is expected to change on November 30 when the FHFA announces new conforming loan limits for 2023. The new “baseline” limit is likely to be over $700,000 across most
Which loan is best for home renovations? The best loan for home renovations depends on your situation. If you want to buy and renovate a fixer-upper, options like the HomeStyle loan, CHOICERenovation loan, or FHA 203k rehab loan could be ideal. If you already own your home and want to make improvements, tapping your equity
Home appraisals are important (and required) A home appraisal determines the fair market value of a property and helps ensure you don’t overpay for it. Appraisals protect both the buyer and the mortgage lender, and most loan programs require one when you purchase a new home. Most borrowers pay between $300 and $425 for a
What income is considered when applying for a mortgage? Home buyers often have multiple income streams. Some have two part-time jobs, a full-time job, and a side hustle, contract work, gig work, or income from investment accounts. Others bring in cash from bonuses, commissions, or government-issued benefits. Fortunately, mortgage lenders are happy to accept most
Mortgage rate forecast for next week (Sept. 26-30) Mortgage rates grew for the fourth week in a row and broke 6% for the first time since 2008. The average 30-year fixed interest rate rose from 5.89% on Sept. 8 to 6.02% on Sept. 15, according to Freddie Mac. With another week of growth, the lending market
Today’s mortgage and refinance rates Average mortgage rates edged modestly higher yesterday, setting another 14-year high. So far this week, we’ve seen three modest rises, one big one and no falls. By approaching 10 a.m. (ET), markets were signaling that mortgage rates today could fall. That would make a welcome change. But, as always, things might
