You may have heard about loan limits changing on FHA mortgages starting October 1st. According to the Department of Housing and Urban Development (HUD), the Shenandoah Valley — at least at this point — will not experience any changes in FHA loan limits. There is a full document on HUD’s...
Tag: mortgage loans
Popular Types of Financing in Harrisonburg and Rockingham County
Most folks have to get a loan of some sort when purchasing a home because, lets face it, it is a large sum of money! In Harrisonburg and Rockingham County, it is typical to see buyers taking advantage of conventional financing, but many others are going with FHA, VA, and...
Mortgage Interest Deduction: Summary and Current Issues
You may have heard by now that the Mortgage Interest Deduction (aka “The MID”) is going through the wringer. Some changes to this tax deduction have been proposed by the Obama Administration, and it could effect many homeowners across the country. We’d like to describe what this deduction is and...
How Much Money Do You Need To Purchase A House?
When first time home buyers begin thinking about purchasing a home, their first thought is usually, “Can I afford it?” or “Do I have enough money?” These are valid questions, and do need to be answered before you begin your home search. The first step in the process of purchasing...
Rehab That House With The FHA 203(k) Loan Program
The Federal Housing Administration (FHA) has a loan program for rehabilitating homes and communities called the 203(k) Loan Program. Better known as a “Rehab Loan.” This program is meant to encourage new home ownership, rehabilitation of neighborhoods, and communities. One advantage of this program is that “buyers can focus on...
Changes to RESPA Will Allow Client to Make More Informed Decisions About Loans
Effective January 1, 2010, changes will be made to the Real Estate Settlement Procedures Act (RESPA), which will improve the client experience with regards to choosing a mortgage loan. Essentially, these changes will allow the client to make a better informed decision about which loan to go with. Less confusion,...