New Conforming Loan Limits in 2017
The Federal Housing Finance Agency (FHFA) announced new maximum loan limits for conforming loans acquired by Fannie Mae and Freddie Mac. This is the first increase since 2006.
Effective January 1, 2017, the maximum loan limit for one-unit properties in much of the country will be $424,100, up from $417,000. Higher loan limits will be in effect in higher-cost areas.
What prompted this change?
The baseline loan limit of $417,000 was established by the Housing and Economic Recovery Act of 2008 (HERA). The law requires that this loan limit be adjusted each year to reflect changes in the national average home price.
FHFA's most recent third quarter Home Price Index report showed average home prices have risen about 1.7 percent above where they were in the third quarter of 2007, prompting an equivalent increase in loan limits.
With home prices on the rise, the conforming loan limit increase opens up opportunities and helps keep home loans more affordable for more Americans.
If you'd like to learn more about these new loan limits or other loan products, please contact Homestead Funding Corp. today!
Happy Veterans Day
In order to honor Veterans, Active Duty Military & Reservists who are eligible for a VA loan, Homestead Funding will be offering a $195 lender credit*. You served your country with honor now let Homestead honor your service! To learn more about this special credit or the VA Program contact your Homestead Funding Loan Originator.
*$195 Closing Cost Discount offer good for purchases and refinances. Veterans discount must be mentioned at initial mortgage application. Application must be made starting November 1, 2016 through November 30, 2016, but the transaction may close at any time within 90 days of application. Loan must close to receive discount. DD-214/Certificate of Eligibility may be required. This discount may not be combined with any other discount offer.
When we think “winter,” most people don’t generally think “landscaping,” but preparing the exterior of your home is one of the most important projects to tackle before the harsh weather hits. Taking care of your yard now can make getting through the winter months significantly less stressful while also bringing ease to the coming spring. Focusing on these tasks can extend the life of your home and save you money down the line by avoiding costly repairs. Here are 3 key projects to look into this autumn:
- Take a look at your trees before the seasons change. If you live in an area where it snows or the winds can get excessive, low hanging branches could present a problem. Look for and trim any branches that hang over your house, driveway, or walkways as their weight could cause them to snap and damage your home or vehicle. It is best to trim trees in the fall or early spring as these are the least likely times trimming will cause damage to the tree.
- Inspect for any exterior damage that could be made worse during the winter. Check your roof for any repairs that may need to be made and be sure to replace any loose or missing shingles. Walk around your home and look for any low spots near your foundation. Fill these areas with soil so water runoff will slope away from your home. This will help prevent water damage to your home’s foundation or basement, which could potentially become a costly repair.
- Work on cleaning up your lawn before the winter weather hits. Rake leaves and get rid of dead shrubs, bushes, or broken branches that litter your yard. Aerate, fertilize, and reseed your lawn, especially in any dead spots. This may not seem like much fun now, but it will make your life significantly easier once winter turns to spring.
Are You Haunted By Bad Credit?
You could save thousands of dollars by refinancing your mortgage!
Higher credit scores translate into lower interest rates! If you have successfully made your mortgage payments on time and in full, your credit score may have improved significantly since you first took out your mortgage. Refinancing could save you thousands of dollars by securing a lower interest rate based on an improved score. Call Homestead Funding Corp. today to see if refinancing is in your bag of treats!
Pumpkin season is here and so are the delicious breads, cakes, and pies that come with it. However, if you’re looking for lighter pumpkin treat this fall, this Pumpkin Cheesecake Mousse is the answer!
8 ounce package of cream cheese, softened
1 cup pumpkin puree
¼ cup sugar
1 teaspoon vanilla
1 teaspoon cinnamon
¼ teaspoon ginger
2 cups whipped cream
6-8 ginger cookies, crushed (optional)
cinnamon or nutmeg
Whip together cream cheese and pumpkin puree. Add sugar to mixture and beat until sugar is fully incorporated. Blend vanilla, cinnamon, and ginger into cream cheese and pumpkin mixture. Slowly fold in whipped cream and refrigerate for about 1 hour.
Seal ginger cookies in a plastic bag and crush into large crumbs. Leftover crumbs can be crushed further to create a cookie dust topping. Place a layer of cookie crumbs on the bottom of each serving dish. Spoon pumpkin mixture on top of cookie layer and top with whipped cream and/or cinnamon, nutmeg, or ginger cookie dust.