Yearly Archives: 2018

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Happy New Year!

Thanks and happy new year!

As we enter into the new year, I and the Everist Mortgage team want to sincerely thank you for your continued support and referrals. Your trust and relationship is the lifeblood of my¬† business, and I want you to know that I don’t take you for granted. I hope to stay in touch with you this year and beyond and remain a trusted resource to you and those you care about who need mortgage financing advice and counsel.

 

The Central Texas real estate market is going strong, and values continue to rise. Rates are still very low, and it’s a great time to invest in real estate! Some of the new year’s changes in the mortgage industry include:

 

  • Higher conforming loan limits: To keep up with rising home prices, Conventional, FHA and VA loan limits have gone up this year. Here are some of the new loan limits:
  1. Conventional conforming & VA limits: single family homes: $453,100
  2. Duplexes: $580,150
  3. Triplex: $701,250
  4. Fouplex: $871,450

The FHA loan program has also increased its loan limits in this area, making it easier for first time homebuyers to access the low downpayment options and flexible underwriting requirements offered with FHA. Single family home loan maximum is $384,100 and fourplex loan maximum is now $738,650.

 

Other new changes in the industry to expect for 2018 involve a re-vamped loan application form with more regulatory data collected, especially the “HMDA” data. This is data regarding the borrower’s ethnicity, gender and other reference points. 48 new data points have been added to the new form, which should be coming out soon. One of the purposes of the HMDA data is to monitor lending activity to minimize discrimination.

 

2018 should be a great year in the Central Texas real estate market! Call or email me if I can help you or someone you know to better understand their mortgage financing options. I’m here to help and would love to talk about your personal goals and plans.