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FHA Reduces Mortgage Insurance Premiums

On Monday, the Federal Housing Administration announced it would be reducing monthly mortgage insurance premiums on loans closing or disbursing January 27th or later. This change means more borrowers may be eligible to purchase a home through the FHA in 2017. The FHA provides government backed mortgages for as little as 3.5% down, which is… Read More

FHFA Increases Loan Limits for 2017

Last week, the Federal Housing Finance Agency (FHFA) announced loan limits would increase for the first time since 2006. For over 10 years, the maximum loan limit for single family homes has been $417,000 in most counties across the country. In 2017, the loan limit will rise to $424,100, an increase of 1.7%. Why did… Read More

How the Election Affects the Housing Market

After Hillary Clinton’s defeat became evident, and Donald Trump became our president-elect, markets started going a bit haywire. Overnight trading in stock market futures, which provides a speculative and hedging market for what the stock market will open at the next day, started sinking precipitously. However, by morning, everyone had changed their tune and the stock… Read More

Why Are Rates Going Down?

In the past couple weeks, there have been some international events driving interest rates down. Well what really drives mortgage rates? The old story from George Bailey in “It’s a Wonderful Life” is still true, for those that need a reminder there is a run on the Bank, and George explains that the money is… Read More