Key highlights from this article: Sometimes jumbo loans have higher mortgage rates than conforming. Other times, they can offer a lower average rate for borrowers. It partly depends on the demand from investors, which can change. So far in 2021, jumbo loans have higher average rates than conforming. Home buyers tend to have a lot […]
The Loan Limits Blog
Austin FHA Loan Limits 2021: Bastrop, Caldwell Hays, Travis & Williamson Counties
At a glance: the 2021 FHA loan limit for Austin, Texas is $416,300, for a single-family home purchase. This cap applies to all five counties within the metropolitan area. This is the maximum mortgage amount for loans insured through the Federal Housing Administration. Below, you will find the 2021 FHA loan limits for the Austin […]
Arizona FHA Loan Limits 2021: Phoenix, Tucson, Maricopa County, etc.
The 2021 FHA loan limits for all Arizona counties were increased in response to rising home prices. Federal housing officials announced this change at the end of 2020. Below, you can find the maximum FHA mortgage amount for all counties of Arizona, and for major metro areas like Phoenix and Tucson. 2021 FHA Loan Limits […]
Here’s Why Phoenix Home Prices Won’t Go Down in 2021
Well, we made it to 2021. But there is still a lot of uncertainty out there due to the coronavirus pandemic and economic slowdown. As a result, we’ve begun to publish reports to address common questions and concerns among home buyers nationwide. We call them “Micro Market Reports.” Today, we will zero in on the […]
How Much Does a Mortgage Point Cost, and What Will I Save?
At a glance: This article answers two common questions among home buyers and homeowners. How much does a mortgage point cost, for the borrower? And how much can I save over the long term by paying points? What Is a Mortgage Point, Exactly? When researching home loans, you’ve probably encountered the term “mortgage point.” In […]
Is a 5% Down Payment Enough to Get a Mortgage Loan?
Reader question: “Can I buy a house with a down payment of only 5%? Is that enough money to put down to qualify for a mortgage loan?” This is a common question among home buyers and mortgage shoppers. The short answer is yes, a well-qualified borrower can certainly get a mortgage loan with 5% down. […]
What’s the Most I Can Borrow With a VA Loan?
Key highlights from this article: Mortgage lenders determine the most you can borrow on a VA loan. The government used to set official loan limits, but that ended in 2020. Your income and debt are largely what determine your borrowing limit. Many lenders set a “debt-to-income” limit at around 45%, for VA borrowers. We encourage […]
Government-Insured Mortgage Loan Programs, Explained
If you’ve been doing some home loan research online, you’ve probably encountered the terms “government-backed mortgage” and “government-insured mortgage.” But what does that mean, exactly? This article explains what these programs are and how they work. What Is a Government-Insured Mortgage Loan? The term “government mortgage loan” can mean a couple of different things. In […]
Is a Conforming Loan the Same as Conventional?
Mortgage loans can be confusing. The terminology alone can leave first-time home buyers and mortgage shoppers scratching their heads. For example, take the whole conforming and conventional loan thing. What do these labels mean? Is a conforming loan the same as conventional? Or are they different? Here’s what you need to know! At a glance: […]
Can I Buy a Home With Less Than a 10% Down Payment?
Can I buy a home with less than 10% down? This is a common question among home buyers, especially first-time buyers who have limited funds saved up. The short answer is yes, it’s possible to buy a home with less than 10% down. In fact, the median down payment in 2017 was 5% for home […]