Updates & Alerts
Our team takes the time to stay updated on the latest loan program changes and developments across the nation and publish them here.
CalHFA New Program Launch: Dream For All Shared Appreciation Loan ProgramANNOUNCEMENT
Attention California: CalHFA has introduced the California Dream For All Shared Appreciation Loan, a down payment assistance program for first time homebuyers. Repay the original down payment loan plus a share of the appreciation in the value of the home upon sale or transfer. Income and loan limits apply.Learn More
New Mexico MFA New Program Launch: HomeForward and HomeForwardDPAANNOUNCEMENT
Great news for New Mexico homebuyers! HomeForward is a new mortgage loan program that can be used alone or in combination with HomeForward DPA, a down payment assistance loan of up to 3%. HomeForward is designed for low to moderate income first-time and non-first-time homebuyers. The program finances single-family residences and requires borrowers to occupy the property within 60 days of closing. A minimum credit score of 620 is required, and income and purchase price limits apply.Learn More
VA Funding Fee is reduced for 2023UPDATE
Great news! The VA has announced a reduction to the VA Funding Fee rates for loans closed on or after April 7, 2023. The reduction works out to be about 8%. For loans closed on or after this date, lenders must charge non-exempt veterans the new funding fee percentage from the loan fee table. Our VA Funding Fee calculator has been updated to take this change into account, when you sign up for a free account.Learn More
Significant reduction in FHA annual mortgage insurance premium (MIP)UPDATE
The FHA has announced a 30 basis point reduction in annual premiums for borrowers, resulting in lower mortgage insurance premiums (MIP). This will reduce mortgage payments for eligible FHA borrowers, making homeownership more accessible and providing critical relief from rising home loan rates and prices. Our MIP calculator has been updated to take this change into account, when you sign up for a free account.Learn More
New conforming loan limits updated on siteUPDATE
Standard conforming loan limits have gone up from $647,200 to $726,200 for 1-unit properties in non high cost markets in 2023. This change is now reflected on ReviewMyMortgage!
New FHA loan limits updated on siteUPDATE
FHA loan limits have gone up from $420,680 to $472,030 for 1-unit properties in non high cost markets in 2023. This change is now reflected on ReviewMyMortgage!
Max loan amounts for 1-unit properties are going up in 2023ALERT
Standard conforming loan limits are going up to $715,000 for 1-unit properties in non high cost markets in 2023. Many lenders are already offering higher loan limits for these products, but ReviewMyMortgage.com will not update loan limits until they are officially announced.
New conventional option from Utah Housing Corp (UHC)ANNOUNCEMENT
The Utah Housing Corporation has launched a conventional 1st mortgage loan program that can work with all UHC down payment and closing cost assistance programs (First Home, HomeAgain, and Score). You can find more details by following the link below.Learn More
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