The closing will occur at the office of a title company or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you. In some states, these two events happen separately. During the closing, you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have, or you can feel free to contact your loan advisor if you prefer.
To ensure no surprises at closing, your loan advisor will contact you a few days before closing to review your final fees, loan amount, first payment date, etc. The most important documents you will sign at the closing include The Closing Disclosure, the note, and the mortgage or deed of trust. Ask your loan advisor for details.
VA loans are guaranteed and administered by the Department of Veterans Affairs and are offered as a benefit to qualified individuals who have served in the armed forces. The significant advantage of a VA loan is that a down payment is not required. A VA loan may be your best bet if you are a qualified veteran and wish to purchase a home with little or no down payment. If you have funds that you want to use for a down payment, it is wise to compare Conventional loans with VA loans to determine which financing type is best for you.
To officially determine if you are a qualified veteran, you must request a Certificate of Eligibility (COE) from the VA. This certificate indicates that the VA has determined you are eligible for a VA home loan and shows the available entitlement or guaranty amount. To obtain a certificate of eligibility, complete the 'Request for a Certificate of Eligibility for VA Home Loan Benefits (VA Form 26-1880)' form and submit it to the VA. This form and additional information about VA home loan eligibility requirements are available on the VA website at www.homeloans.va.gov.
The Federal Housing Finance Agency (FHFA) is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System. The FHFA’s mission is to ensure that Fannie Mae and Freddie Mac and the FHL Banks fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity and funding for housing finance and community investment.
The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 is rising to $766,550 which is a 5.5% increase compared to 2023. For more information on this FHFA Loan Limit, check out our blog.
The 150% ceiling of the baseline limit recognizes the diverse nature of housing markets, ensuring that individuals in areas with higher property values can still benefit from the increased limits.
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There is a lot of demand for higher conforming loan limits so you should consider securing the rates promptly. Our team will be able to help you secure these rates and guide you through the whole homebuying process.
-Access your Eligibility : Before beginning the process for this FHFA Loan you must first evaluate if this loan is the right decision. Assess your financial situation to determine your eligibility for these expanded loan amounts. Consider factors such as income, credit score, and existing debt to make informed decisions.
-Explore Loan Packages* : Once you have determined that you are eligible, connect with our team of mortgage specialists to explore various loan packages available. Our team will walk you through the steps and help you understand how the increased conforming loan limits align with your unique financial goals and ownership aspirations. They will also explain how you can secure favorable rates. *Subject to credit approval.