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.
New 2024 FHA loan limits updated on siteUPDATE
FHA loan limits have gone up from $472,030 to $498,257 for 1-unit properties in non high cost markets in 2024. This change is now reflected on ReviewMyMortgage!
New 2024 conforming loan limits updated on siteUPDATE
Standard conforming loan limits have gone up from $726,200 to $766,550 for 1-unit properties in non high cost markets in 2024. This change is now reflected on ReviewMyMortgage!
5% down conventional now available for multifamily propertiesANNOUNCEMENT
Fannie Mae has lowered down payment requirements on conventional loans for owner-occupied 2-, 3-, and 4-unit multifamily homes to 5%, effective from November 18, 2023. Borrowers purchasing multifamily properties can now access loans of up to $1,396,800 in most areas and leverage rental income to help offset costs.
Updated Area Median Income (AMIs) for 2023UPDATE
The AMIs for 2023 have been updated, with an average increase of 7.73%. This significant rise may allow more borrowers to meet the AMI requirements for loan programs that use it as an income limit.
Learn MoreCalHFA 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 MoreNew 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 MoreVA 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 MoreSignificant 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 MoreNew 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!
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