mortgage

Financing a Home Could be Easier in 2020

December 12, 2019 By Scott Sandberg Leave a Comment

New FHA Loan Limits Set to Rise Next Year

Home prices have been on the rise, both nationally and locally. To help consumers keep pace, the Federal Housing Administration (FHA) is set to increase its loan limit in 2020. This is important, as fewer home buyers will be required to qualify for “jumbo” loans, which can’t be purchased or securitized by the FHA. These jumbo loans typically require exceptional credit scores and a very low debt-to-income ratio.

Beginning in 2020, FHA loan limits for single family homes in St. Johns, Duval, Clay and Nassau will be $373,750.

That’s up from $358,800 in 2019.

If you’re considering buying a home next year, or would just like to get pre-qualified to see how much home you can afford, check out some of the lenders on our Service Providers for Home Buyers page. They’ll be happy to help you determine how much home you can afford, and what loan products make the most sense for you.

5 Reasons Why the Appraisal May Have Come in Low

January 10, 2018 By Scott Sandberg Leave a Comment

Keep these tips in mind when pricing your home, so you won’t be blindsided before you get to closing.

Unless you’re selling your home for all cash, there will likely be an appraisal involved in the transaction. And when an appraisal comes in low, it can create complications. Often times, the contract will need to be renegotiated, to reflect the appraised value, or some other concession will need to be made. The deal can be cancelled all together. Or, you may be able to contest the appraiser’s findings, if you can show the appraised value is inaccurate.

Before you jump to any conclusions, however, it’s important to know some of the factors that may go into an appraiser’s final number. Some of these aren’t immediately apparent to most home sellers, but they are all valid considerations for an appraiser. [Read more…]

New Disclosures for Home Buyers Arrive Oct. 3

August 26, 2015 By Scott Sandberg Leave a Comment

New, streamlined forms designed to make mortgage lending process more transparent

Beginning in October of this year, the forms homebuyers and their lenders use in completing a real estate transaction will change. Thanks to new requirements from the Dodd-Frank Wall Street Reform and Consumer Protection Act, homebuyers will now have fewer documents to review, and the documents provided during the loan application phase, and at the closing table, will be much more closely aligned.

[Read more…]

Why a Counter Offer Always Makes Sense

July 31, 2013 By Scott Sandberg Leave a Comment

Let’s say you have your home listed for sale. Now let’s pretend you receive an extremely low offer, nowhere near your asking price.

Your best response would be:

a) None. You wouldn’t dignify such an insulting offer with a response.

b) A business-like counter offer, perhaps only reducing the asking price by $100 or $1,000 or so.

Option “a” sure would feel good. But option “b” might actually do a better job of getting your point across, and potentially getting your home sold. [Read more…]

The Case for a 203(k) Loan

December 3, 2012 By Scott Sandberg 1 Comment

“Good bones.” It’s a phrase that’s used a lot to describe a structurally sound, usually older and somewhat unique home that, to put it gently, needs a little work. Maybe the kitchen and baths need updating. Maybe it could do with an addition. Whatever the case, the FHA’s 203(k) loan program has helped a lot of people purchase, and renovate, homes with “good bones”.

[Read more…]