by Charlene Turner, NMLS # 456052 Since it is Reverse Mortgage Education week, let’s examine changes in the FHA Reverse Mortgage product in the past year. In October 2017, the Reverse Mortgage program introduced more sweeping changes to the Home Equity Conversion Mortgage (HECM), or informally, reverse mortgage. The changes were brought to a continually evolving program and reflect lessons learned as the program has matured. Why change what seemed like a successful program that helped so many? Homeowners over 62 were beginning to understand, accept, and take advantage of the ben...
April 25th, 2018 Reverse Mortgages Post 2017 Changes
by Shikma Rubin, NMLS # 1114873 Let me dispel one of the biggest myths in home buying: Mortgage insurance is something you must avoid at all cost. That is incorrect, and here is why. Mortgage insurance makes it possible to purchase a home even if one can’t make the traditional 20 percent down payment. The insurance allows one to keep more of his or her cash and achieve homeownership. Now that you understand why mortgage insurance plays a key role, let’s break it down on a more technical level. Mortgage insurance protects the lender for losses suffered if the borrower defaults on...
April 2nd, 2018 | mortgages, Attention, first-time homebuyers: Don't fear mortgage insurance.
"The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017." - 11/28/2017For more information... https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx
November 28th, 2017 Fannie Mae and Freddie Mac Announces Maximum Conforming Loan Limits for 2018
Does the holiday season have you stressed? And do you also have plans to buy a new home during the holidays or the early part of 2018?Fear not. My column is here to make the homebuying process a breeze – despite the craziness that comes with all the comings and goings of the holidays. 1. BudgetHow much “house” can you afford? Keep in mind the money you plan to spend on holiday gifts, but also think about the mortgage payment you can handle month over month. Once you have a budget in mind, you can then begin to explore homes in the proper price range.“Doing your own...
November 25th, 2017 Buying a house over the holidays? Don't sweat it.
Sion Carr joins Farmers Bank Home Mortgage, an affiliate of Tidewater Home Funding, as a loan officer in Courtland, Virginia. Carr brings over twenty years of mortgage lending experience to his team and the Hampton Roads community, from Isle of Wight county to Virginia Beach. Carr’s current and previous community involvement includes board positions with Franklin Baptist Church, Cypress Cove Country Club, Franklin Southampton United Way and Franklin YMCA. A graduate of Barton College, Carr has a Bachelor of Science degree in Business Administration.
November 8th, 2017 Farmers Bank Home Mortgage Welcomes Sion Carr