Breaking News! New Conforming Loan Limits

It’s no secret home prices have been increasing across the country, and today brings good news to help. Homebuyers seeking conforming loans may now borrow up to $766,550 in most counties and up to $1,149,825 in higher-cost areas!

The size of conforming loans, those backed by Fannie Mae and Freddie Mac, is assessed annually. Based on the home sale data from the past year, this limit is being increased by $40,350 year over year. That’s good news for borrowers who want a wider range of financing options.

The conforming loan limit has increased by almost 40% in a three-year period, in response to the challenging home purchase environment. Click here to see how your county compares to the surrounding region — and, as always, don’t hesitate to reach out to one of our qualified loan officers with any questions!

Thanksgiving Gratitude: A Heartfelt Message from Your Mortgage Lender

As the Thanksgiving season approaches, it’s a time to reflect on the many blessings in our lives. At the heart of this gratitude often lies our homes – the place where we find warmth, security, and love. We want to take a moment to express our heartfelt gratitude for the opportunity to help those families find and finance their dream homes. 

The Blessing of Homeownership 

Homeownership is not just a financial investment; it’s a journey that leads to a sense of belonging, stability, and pride. Having a place to call home, where you can create cherished memories, celebrate family gatherings, and build traditions, is an invaluable gift. We are grateful to be a part of your journey towards homeownership and the happiness it brings. 

Home: Where Thanksgiving Memories Are Made 

During Thanksgiving, our homes transform into welcoming havens, where we come together with family and friends to give thanks for our blessings. It’s where we gather around the table, share stories, and enjoy a delicious feast. It’s where we remember moments from Thanksgiving past and create new memories that will be treasured for generations to come. 

The Power of Gratitude 

Gratitude is an integral part of Thanksgiving, reminding us to count our blessings and express our appreciation. Your home, be it a cozy apartment, a suburban house, or a countryside retreat, is one of the greatest blessings in your life, and it’s worthy of our gratitude. 

Our Commitment to Your Homeownership Journey 

At First Home Mortgage, we are dedicated to helping you achieve your homeownership dreams. We understand that your home is not just a physical space; it’s a place where your life unfolds, where you make memories, and where you find comfort. Our mission is to provide you with the support and guidance needed to make that dream a reality, ensuring that you and your family have a place to be thankful for, now and in the years to come. 

As we celebrate this Thanksgiving season, we encourage you to reflect on the gift of homeownership, appreciate the cherished moments you’ve created, and look forward to the memories you’ll make in the future. Your home is a treasure, and we are grateful for your trust in us to help you secure it. 

Wishing you and your loved ones a Thanksgiving filled with gratitude and warmth. 

If you have any questions or are considering taking the next step in your homeownership journey, please don’t hesitate to reach out to us. We’re here to assist you every step of the way. Your dream home might be closer than you think. 

Charting Your Path to Homeownership

Buying a home is one of the most significant financial investments you’ll make in your lifetime. Just as successful businesses have a well-defined strategy, you can benefit from creating a business plan when embarking on your homeownership journey. We are here to guide you through the process of crafting a robust business plan for buying a home.

Define Your Homeownership Objectives:

Start by clearly defining your homeownership objectives. Are you looking for a forever home, an investment property, or a vacation retreat? Understanding your goals will shape the rest of your plan.

Assess Your Financial Situation:

Examine your current financial position. Calculate your income, savings, and credit score. This step is crucial for determining your budget and understanding what you can comfortably afford.

Create a Realistic Budget:

Based on your financial assessment, establish a realistic budget for your new home. Consider factors such as the down payment, closing costs, monthly mortgage payments, and ongoing expenses.

Explore Mortgage Options:

Collaborate with your mortgage lender to explore various mortgage options. Understand the terms, interest rates, and loan types available to you. Choose the one that aligns with your budget and financial goals.

Market Research:

Conduct thorough research on the real estate market in your desired area. Understand trends, property values, and the availability of homes. This knowledge will help you make informed decisions.

Property Analysis:

Evaluate potential properties based on your budget and objectives. Consider factors such as location, size, condition, and amenities. Choose a property that fits your business plan.

Develop a Financing Strategy:

Outline your financing strategy, including how you plan to cover the down payment and closing costs. If you have other financial goals, such as saving for education or retirement, ensure your business plan accommodates them.

Legal and Tax Considerations:

Understand the legal and tax implications of homeownership. Research local regulations, property taxes, and potential tax incentives or deductions available to homeowners.

Negotiation and Purchase Strategy:

When you find a suitable property, develop a negotiation and purchase strategy. Consult with your real estate agent and mortgage lender to make a competitive offer that aligns with your budget.

Future Planning:

Consider your long-term goals for the property. Will you live in it forever, or do you plan to sell or rent it in the future? A forward-thinking business plan can help you adapt to changing circumstances.

Risk Management:

Identify potential risks and challenges in your homeownership journey. Create contingency plans to address unexpected events or changes in your financial situation.

Regular Evaluation:

A business plan is not set in stone. Regularly evaluate your plan, making adjustments as needed to stay on track with your objectives. 

Creating a business plan for buying a home can provide you with clarity, structure, and a path to achieving your homeownership goals. At First Home Mortgage, we’re here to support your journey and provide the financial guidance you need to succeed. Whether you’re a first-time homebuyer or a seasoned investor, a well-crafted business plan will set you on the right course for a successful homeownership experience. 

Chart your path to homeownership with a business plan that aligns with your financial goals and aspirations. Your dream home is within reach, and we’re here to help you achieve it. 

Preparing Your Home for Winter: Essential Steps for a Cozy Season

As the third week of November rolls around, it’s the perfect time to start thinking about preparing your home for the colder months ahead. Winter can be unpredictable, and the last thing you want is to be caught off guard by the dropping temperatures and adverse weather conditions. To help you get ready for the season, here are some crucial tasks you should consider, along with valuable tips to ensure your home stays warm and cozy throughout winter. 

Service the Furnace: Begin by scheduling a professional inspection for your furnace. A well-maintained furnace will not only keep your home warm but also operate efficiently, saving you money on heating bills. Don’t forget to replace the filters to ensure clean, warm air circulation. 

Insulate Pipes: freezing pipes can lead to costly damage. Protect your plumbing by wrapping exposed pipes with insulating foam or fiberglass. Pay special attention to pipes in unheated areas like attics, crawl spaces, and garages. 

Weatherstrip Doors and Windows: Keep the cold air out and the warm air in by using weatherstripping to seal any gaps around doors and windows. This simple step can make a significant difference in energy efficiency, reducing your heating costs. 

Reverse Ceiling Fans: Many people forget that ceiling fans can help in the winter too. By reversing the direction of your fan blades, you can push warm air down into the room, making it feel cozier and more comfortable. 

Clean Gutters and Downspouts: Clear your gutters of leaves and debris to ensure that rain and melting snow can flow freely away from your home. Clogged gutters can lead to ice dams and potential water damage, which can be both costly and inconvenient to fix. 

Trim Trees and Shrubs: Overgrown branches can become a hazard in  wintery conditions, potentially causing damage to your home. Trim back any branches that could pose a risk during the winter months. 

Check the Roof: Inspect your roof for any damaged or missing shingles. A well-maintained roof is essential to keep your home dry and protected from leaks during winter rains and snow. Address any necessary repairs promptly. 

Insulate Attics and Walls: Ensure your home is well-insulated to prevent drafts and maintain a comfortable temperature indoors. Add extra insulation to attics, basements, and exterior walls if needed, as this will keep your home warmer and more energy-efficient. 

Test Smoke and Carbon Monoxide Detectors: Safety should be a top priority during the winter season. Test your smoke and carbon monoxide detectors, and replace batteries if necessary. This ensures that your family is protected in case of emergencies. 

By following these essential winter preparations, you’ll create a more comfortable and energy-efficient living environment in your home. Plus, taking these steps now can save you both time and money by preventing potential damage and reducing your energy bills. Stay warm and enjoy a cozy winter in your well-prepared home! 

Connect With Us