How do I know the Maximum Loan Amount I can get?
When qualifying for a Mortgage Loan, many factors are considered when calculating the Maximum Loan available. Most importantly you should consider a monthly payment you can afford that works for your family’s budget. Just because you can qualify for x loan amount doesn’t mean that you can comfortably afford y payment associated with that loan […]
Can I purchase or Refinance my home without an Appraisal?
While you might have heard of the infamous ‘appraisal waiver,’ most folks don’t understand the guidelines behind them and when you will be likely to receive one. It is a proprietary algorithm so what I’m sharing here is all information publicly available that Fanniemae has released on their ‘value acceptance’ program that allows you to […]
Appraisal Waiver Update, Inflation Data, Fed Talk
Appraisal Waivers – Fanie Mae updated their guidelines and increased the scope to which they will grant ‘value acceptance’ or ‘appraisal waivers’. It is now possible to get an appraisal waiver on a primary residence when you put as little as 3% down! For more information on appraisal waivers please refer to Fannie Mae’s selling […]
Can I Use a Gift for My Down Payment?
If you recently received inheritance or gift from a relative or have been offered a gift towards down-payment for buying a home, you have come to the right place! This post covers the guidelines and rules around using gift funds (or even equity) as down payment for a home purchase. Fanniemae defines acceptable donors as: […]
Tariffs? Home Sales, CBO Budget Outlook, SFR Rents
Potential Tariffs while it’s still unclear if these are negotiated sticks or intended policy, the ramifications would be massive and likely inflationary (which we know is the archnemesis of Mortgage Rates). Purposed tariffs include a 25% tariff with Canada and Mexico and a 10% tariff with China. The Conservative premier in Ontario plans to call […]
How Can I get a Mortgage when I haven’t been at My Job for 2 years?
A common misconception is that you need to be on your job for two years to qualify for a mortgage. This myth exists for two reasons. 1) History of income – lenders typically need a two-year history of income (could be different jobs) and will collect documents from the previous two years to verify income […]
Treasury Secretary Nominee, Manufacturing and Inflation Update
Scott Bessent is Trump’s nominee for treasury secretary. A longtime investor and hedge fund manager confirmed during his hearing he plans to extend the tax code overhaul from 2017. According to the nonpartisan Committee for a Responsible Federal Budget this will increase the national debt by $4T over 10 years. With at least $500 Million […]
I’d like to Help My Parents Downsize into a Smaller Home but they are Retired and Can’t Qualify for a Mortgage Anymore
If you are looking to purchase a home for your aging parents who are no longer able to qualify for a mortgage you are in luck because there is a conventional loan program made just for you! Formerly known as a ‘family opportunity mortgage,’ you can purchase a single-family residence (up to 4 units) for […]
Top Financial Searches of 2024, Job Report Impacts Rates, Home Values Strong
Investopedia released their top 10 searched terms for 2024. Inflation and Tariffs were clearly hot political topics. NVIDIA’s 10-1 split in June was the most popular of the 340-odd companies that announced splits in 2024 (Walmart among them). I won’t be surprised if Homeowners Insurance reprises the list in 2025. I personally opened a High-Yield […]
How to Get a Conventional Mortgage as a US Expat
If you currently live and work in a foreign country but are a US citizen, you can still qualify for a conventional mortgage under conforming (Fannie Mae and Freddie Mac) guidelines. However, the requirements are more complex. These “expat loans” require a manual underwrite, involving additional paperwork and stricter guidelines. Not all banks or mortgage […]