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AMI Limits UP and So Is Borrowing Power
Some of our “low income” home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) recently updated its area median income (AMI) limits. Limits increased an average of 7.73% across 95% of US counties. This change is expected to open the door to homeownership for more borrowers.…
Read MoreYes, You Should Always Get Prequalified First!
Yes, You Should Always Get Prequalified First! Why is this so important to do BEFORE you start looking for homes? Address any known or unknown credit issues Ensure all your income is usable Get an idea and understanding of the money you may or may not need Know what borrowing and buying power you have…
Read MoreFed Raises Their Lending Rate – Mortgage Rates Improve
Fed Raises Their Lending Rate – Mortgage Rates Improve. Yes! You read that right. Why is that you ask? Simply put, what the Fed does with their lending rate (Prime Rate) does NOT directly affect mortgage rates. Mortgage rates move differently. As expected, the Fed raised policy rates by 0.25% at their February meeting. This…
Read MoreBuying a Home When Rates Have Risen
So interest rates went up in 2022. No denying it. They peaked around October/November, but have trickled down some. Either way, higher rates may be a concern or impacting whether you buy or not. In all actuality, they really shouldn’t. The real estate market has changed since last fall and that’s a good thing for…
Read MoreSeller Paid TEMPORARY Buydowns
This is a follow up to my prior post that touched on Seller Paid PERMANENT Buydowns. The permanent option is great for borrowers that need help in “bumping up” their borrowing power by having the interest rate permanently lowered for the life of the loan. In contrast, you can also leverage the same money from…
Read MoreSeller Paid PERMANENT Buydowns
You may have been hearing a lot about temporary buydown or 2/1 buydown solutions from some of my colleagues. Well, yeah, it’s a good solution for the right borrower. They do help get introductory payments and rates well below current market the first two years, but what they don’t do is help a borrower qualify…
Read MoreThe Truth About Mortgage Rates
This is an obvious topic at the forefront of our industry. However, its our job to also put things in the proper perspective. I keep saying what we had in 2020 and 2021 were “fake” rates and that’s a fairly accurate statement. We are at more normal levels and below historical averages. It’s just a…
Read MoreGet Your Pink On!
We at Acela Mortgage Partners recognize the impact breast cancer can have on the women and men in our lives. Especially during Breast Cancer Awareness Month, we want to show our support for all who have been affected by the disease. Awareness is Power. Early Detection Saves Lives. #breastcancermonth #getyourpinkon #cancersucks
Read MoreFree Total Cost Analysis!
If you’re shopping around and what to get some cost and payment comparisons, fill out the form below for a freebie!
Read MoreMortgage Market Update – May 1, 2020
Let’s kick off the 1st day of May with a little updated economic data and mortgage and housing news. I especially like the part about housing and how sellers react in a recession. I think it’s about time to get those houses on the market. We’re almost through this thing. Kudos to those sellers that…
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