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08Dec 2023 by super_admin


MARKET REPORT: WINTER WARMUP


This year has seen challenges for home buyers, with higher rates and lower
inventory. However as the year closes, current trends suggest a shift that could
be beneficial for homebuyers. This change is primarily due to falling mortgage
rates and an increase in the number of properties for sale. Decrease in Mortgage
Rates: Freddie Mac reports that the rate for a 30-year fixed mortgage has fallen
to an average of 7.03%. This is a considerable drop from its 23-year peak of
just over 8% recorded in early October. Such a reduction in mortgage rates can
greatly influence the affordability and appeal of buying a home. Surge in
Mortgage Applications: In response to lower mortgage rates, Redfin has observed
a 15% increase in mortgage applications since early November, which previously
reached a 28-year low. This rise in applications reflects a growing interest in
purchasing homes, spurred by more favorable lending conditions. More Homes on
the Market: Additionally, there's been a 7% increase in new home listings
compared to last year, when interest rates were on the rise. This increase in
available properties provides more choices for buyers and may help reduce the
intense competition for homes. Gradual Recovery of the Housing Market: Despite
these positive signs, the recovery of the housing market is progressing slowly.
Freddie Mac warns that the increase in applications is beginning to slow down,
indicating that while the market is improving, a full recovery is not immediate.
Impact of Federal Reserve's Rate Increases: The recent decline in mortgage rates
is partly linked to expectations that the Federal Reserve may pause its interest
rate hikes. From March 2022 to July 2023, the Fed significantly raised its
benchmark rate, affecting the cost of mortgages. This has been a major factor in
the sluggish movement of the housing market. Homeowners’ Hesitance to Sell:
Elevated rates also meant that homeowners with mortgages at rates between 3% and
4% were less likely to sell, leading to fewer homes on the market. This shortage
played a role in driving up home prices, adding another hurdle for new buyers.
The current changes in the housing market, characterized by lower mortgage rates
and an increase in home listings, offer positive news for homebuyers. However,
the market's recovery is ongoing, and its future trajectory remains uncertain.
Homebuyers should stay informed and alert to navigate these shifting market
conditions.
01Dec 2023 by super_admin


FHA ANNOUNCES NEW LOAN LIMITS FOR 2024


The Federal Housing Administration (FHA) has recently made a significant
announcement that will impact many homebuyers and homeowners across the United
States. As we step into the calendar year 2024, the FHA has updated its loan
limits for both Single Family Title II forward and Home Equity Conversion
Mortgage (HECM) insurance programs. This change, driven by the persistent rise
in home prices throughout 2023, brings new opportunities and considerations for
borrowers. Reflecting on the Housing Market Trends Julia Gordon, the Assistant
Secretary for Housing and Federal Housing Commissioner, highlighted the changes
as a response to the continuous upsurge in home prices witnessed nationwide in
2023. With affordability becoming a growing concern, these increased loan limits
aim to make FHA’s low-down-payment financing more accessible, ensuring that
well-qualified borrowers can still enter the market. Understanding the New Loan
Limits The FHA adheres to a formula prescribed in the National Housing Act for
setting annual loan limits. This involves analyzing county or Metropolitan
Statistical Area (MSA) home sale data to adjust loan limits across different
cost categories. For 2024, the loan limits are as follows: One-Unit Properties:
The low-cost area “floor” is set at $498,257, with the high-cost area “ceiling”
at $1,149,825. For Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the
ceiling is $1,724,725. Two-Unit Properties: Limits range from $637,950 in
low-cost areas to $1,472,250 in high-cost areas, and up to $2,208,375 in the
special exception areas. Three-Unit Properties: These start at $771,125 and go
up to $1,779,525 and $2,669,275 in high-cost and special exception areas,
respectively. Four-Unit Properties: The limits are set at $958,350 for low-cost
areas, $2,211,600 for high-cost areas, and $3,317,400 for the special exception
areas. These adjustments, particularly for the special exception areas, account
for the higher costs of construction in regions like Alaska, Hawaii, Guam, and
the U.S. Virgin Islands. The changes will be effective for FHA case numbers
assigned on or after January 1, 2024. HECM Loan Limits on the Rise The HECM
maximum claim amount is also seeing an increase. From $1,089,300 in 2023, it
will rise to $1,149,825 in 2024, applicable to all areas including the special
exception regions. The Calculation Process The process of setting these limits
is detailed and follows specific guidelines. The FHA sets Single Family forward
mortgage loan limits at 115 percent of area median house prices, subject to
established floor and ceiling limits. These are based on the national conforming
loan limit set by the Federal Housing Finance Agency (FHFA) for conventional
mortgages. For 2024, the national conforming loan limit for a one-unit property
is $766,550. The FHA’s minimum national loan limit floor for a one-unit property
is 65 percent of this, equating to $498,257. High-cost areas are those where the
loan limit exceeds this floor, and the maximum loan limit ceiling for such areas
is $1,149,825. Accessing Detailed Information For those seeking more information
or a complete list of FHA loan limits, including areas at the FHA ceiling and
between the floor and ceiling, the FHA’s Loan Limits Page offers comprehensive
details. As we navigate through these changes, it’s essential for borrowers,
real estate professionals, and lenders to stay informed and understand how these
new limits might influence their decisions and opportunities in the housing
market. The FHA’s adjustments for 2024 are a clear response to the dynamic
housing market and aim to support sustainable homeownership in a diverse range
of economic environments. If you want to see what you can qualify for in the
coming year please fill our our quick mortgage analysis on our website!
24Nov 2023 by super_admin


OPENING THE DOOR TO HOMEOWNERSHIP



Starting the journey to buy your first home is an exciting venture, filled with
hopes and dreams. For many first-time buyers, the financial aspect of purchasing
a home, particularly the initial down payment and closing costs, can be a
significant hurdle. This is where first-time home buyer grants come into the
picture, providing essential support. These grants, often funded by government
agencies or non-profit organizations, are designed to make the dream of
homeownership more achievable for those new to the property market.

A Deep Dive into National Grant Programs

Several national programs offer substantial assistance to first-time home
buyers. The U.S. Department of Housing and Urban Development (HUD) provides
valuable resources, including grants for down payment assistance and closing
costs. The HUD’s Good Neighbor Next Door program is particularly notable,
offering a 50% discount on the list price of homes in revitalization areas to
public servants like teachers, firefighters, and law enforcement officers.
Another significant program is the HomePath Ready Buyer program from Fannie Mae,
which provides up to 3% in closing cost assistance to first-time home buyers who
complete an educational course. Additionally, the USDA offers programs for those
looking to buy in rural areas, providing loans with no down payment
requirements.

Eligibility and Application Insights

Eligibility for these grants usually hinges on factors like income level, credit
score, and first-time homebuyer status, often defined as someone who hasn’t
owned a home in the previous three years. Some programs focus on particular
groups, such as veterans or low-to-moderate income families. It’s essential for
applicants to thoroughly understand the requirements of each grant they
consider. Education is also a key component, with many programs requiring
participants to complete homebuyer education courses to qualify, thereby
ensuring they are well-informed about the responsibilities of homeownership.

Your Gateway to a New Home

If you are dreaming of owning your first home, these grants can significantly
reduce the financial challenges. They provide more than just monetary
assistance; they also bring confidence to first-time buyers, supporting them
through their journey into homeownership. Prospective buyers should consult with
local housing authorities, real estate professionals, or financial advisors to
identify the best grant opportunities. The path to homeownership, facilitated by
these grants, becomes less intimidating and more achievable, turning aspirations
of owning a home into a tangible reality.

If you are looking to prequalify or learn how much you can qualify for and what
specific programs and grants you can apply for schedule a call on our website
and we can help you review your options.

17Nov 2023 by super_admin


MARKET WATCH – RATES LOWER


In the ever-changing landscape of real estate finance, understanding the latest
mortgage rate trends is crucial for both prospective and current homeowners. The
rates for 30-year fixed, 15-year fixed, 5/1 Adjustable Rate Mortgages (ARMs),
and jumbo loans have all moved lower, marking a change from previous weeks.
After climbing above 8 percent, mortgage rates have now dipped back into the 7
percent range. This shift is partly attributed to cooling inflation, hinting at
potential changes in the Federal Reserve's approach. The Federal Reserve's
Stance The Federal Reserve's decision to raise its key interest rate in July
significantly impacted borrowing costs across various financial products,
including mortgages. Despite the recent cooling of inflation, the central bank
maintained its stance on another rate hike this month, signaling that higher
rates may be the new normal for some time. The Impact on Homebuying This
fluctuation in mortgage rates coincides with rising home prices, a combination
that has significantly affected homebuying activity. Data from Black Knight
indicates that over half of the home purchase mortgages originated in July had a
monthly payment exceeding $2,000, with 23 percent surpassing $3,000. This
affordability squeeze is particularly challenging for first-time homebuyers,
many of whom are finding themselves priced out of the market. As we navigate
these turbulent times in the mortgage market, staying informed and seeking
expert advice is more important than ever. Please schedule an appointment on our
website and we can give you a personalized quote.
11Nov 2023 by super_admin


MORTGAGE OPTIONS: A GUIDE FOR VETERANS


Today, we're dedicating our post to the brave men and women who have served our
country. As a veteran, you have access to unique mortgage options tailored to
your service and sacrifice. This guide aims to navigate the various loan choices
available to you, helping you find the path to homeownership that best suits
your needs. VA Loans - A Prime Option for Veterans VA loans stand out as one of
the most beneficial mortgage options for veterans. Administered by the
Department of Veterans Affairs, these loans offer several advantages: No down
payment: Most veterans can purchase a home with no down payment. No private
mortgage insurance (PMI): This can significantly lower your monthly payments.
Competitive interest rates: VA loans typically have lower rates compared to
conventional loans. Flexible credit requirements: These loans are often more
accessible to those with less-than-perfect credit scores. To be eligible, you
need to have served a minimum period in the military, National Guard, or
Reserves, with specifics depending on when and how long you served. To get
started, obtain a Certificate of Eligibility (COE) from the VA, then approach a
VA-approved lender for the application process. Other Mortgage Options for
Veterans While VA loans are a fantastic option, they're not the only path to
homeownership: Conventional Loans: If you have a strong credit score and can
afford a down payment, a conventional loan might offer more flexibility in terms
of property types and loan structures. FHA Loans: Backed by the Federal Housing
Administration, these loans are great for veterans with lower credit scores or
limited savings for a down payment. USDA Loans: Ideal for veterans looking to
settle in rural areas, offering low-interest rates and no down payment options.
Factors to Consider When Choosing a Loan Selecting the right mortgage isn't just
about eligibility; it's about what fits your financial situation and future
plans. Here are key factors to consider: Financial Health: Assess your credit
score, income, savings, and debt-to-income ratio. Future Plans: Are you looking
for a forever home, or is this a stepping stone? Your duration of stay can
influence the type of loan you choose. Professional Advice: Consult with a
financial advisor or mortgage professional to understand the nuances of each
option. Additional Resources and Assistance for Veterans Beyond these loan
options, numerous programs offer counseling and assistance to veteran
homebuyers. Look into state-specific benefits and educational resources provided
by the VA to make an informed decision. Ready to take the next step towards
homeownership? Complete our 60 second prequal on our website orschedule an
appointment to speak with one of our mortgage experts today.
03Nov 2023 by super_admin


SHOULD YOU BUY A FIXER-UPPER?


The housing market is making affordability a big issue for many would be buyers.
This can make buying a fixer-upper a lot more tempting. We’ve all seen the home
make-over shows with amazing before and afters, but should you do it? Here are a
few things to consider: 1. Know Your Limits How much of the work can you do. How
much time do you have to put into renovations. Are you prepared to live in a
work zone for a while 2. Work Out Costs In Advance Have a contractor walk
through the inspection with you and get a written estimate for work he would do.
If you are doing the work yourself price the costs of supplies, either way add
15% to the costs because surprises are likely. 3. Check Permitting Costs and
Procedures C heck with local officials to see if the work requires a permit and
the permit costs. 4. Be Extra Careful with Structural Issues If the house
requires structural repairs then double check the work and pricing. Hire a
structural engineer to do an inspection and if structural work needs to be done
make sure your bid discounts this work 5. Include Inspection Contingencies Make
sure you hire professional inspectors and check for hidden issues like mold,
piping issues, pest damage etc. And if things come up ask for discounts. And if
too many red flags come up or the seller won’t properly discount the costs for
repair then you may want walk away and keep looking!
28Oct 2023 by super_admin


FHA VS CONVENTIONAL MORTGAGE LOANS


Today we are going to discuss two common mortgage loan products, and the pros
and cons of both FHA and Conventional Loans. Many people are familiar with the
20% down, good credit 30 year fixed conventional loan scenario. FHA loans on the
other hand are designed for people who might have difficulty qualifying for a
conventional loan to still get funding to buy a house. FHA Loans offer down
payments as low as 3.5% and are more lenient on credit scores and past financial
issues. Borrowers can qualify for FHA loans with as low as 580 credit scores.
One of the downsides of FHA loans are mortgage insurance requirements, if you
put down less than 10% you will be required to pay monthly insurance for the
duration of the loan, as well paying Upfront Mortgage Insurance Premium. The
best choice for you? Give us a call or apply online and we will analysis what
programs suits your needs 😊
20Oct 2023 by super_admin


IS AN ADU FOR YOU?


Throughout the country (and in some areas more than others) low inventory in the
housing market and high rent prices have many home owners adding or considering
adding ADUs (which stands for Accessory Dwelling Units). ADUs often called
granny flats, are guest houses or rooms added to garages to create rental income
for home owners. Home owners typically add ADUs to increase cash flow, as well
as looking for their property value to appreciate. Whether ADUs are right for
you, depends on a number of factors. ADUs often costs at least $100,000 to build
so being in a high rent market helps to offset the initial investment. You’ll
also need to make sure local ordinances allow them and what the regulations are.
The old real estate adage about location stays true for ADUs as well. If you are
in an area where rents are high or a popular vacation destination, then ADUs can
make sense. Again you’ll need to check the local zoning and if you build one you
will also need to have updated insurance to cover the ADU. Check with us to
learn more and to see what financing terms you qualify for.
13Oct 2023 by super_admin


GETTING A MORTGAGE WITH STUDENT LOAN DEBT


A lot of young Americans went to college, studied hard but in addition to
getting a diploma, they also graduated with debt. Having loans is not a deal
breaker but it will factor into the important debt-to-income (or DTI) ratio, and
mortgage underwriters are primarily looking at the numbers so having it be
student loan debt isn't different from a car loan in the math. Strategies to get
approved with student loan debt Pay it down - this maybe easier said than done
but if you have extra money or got a raise then try to pay down the debt
Consolidate it - if you can consolidate your debt and lower your monthly payment
(even not the overall loan amount) this will help your monthly DTI ratio Co-sign
- this can be a delicate process but its one to consider if you have a
trustworthy, reliable family member or friend Programs and Assistance Sometimes
a conventional mortgage might not be possible but there are options! FHA, VA,
and USDA loans offer a lot more flexibility and lower down payments than
traditional mortgages Grants and Programs - there are a number of grants and
programs out there from the federal to local level that you may qualify for If
you're interested in qualifying for a loan but worried about your student debt
give us a call or apply online and we can see what best fits your needs!
06Oct 2023 by super_admin


HOW TO INCREASE YOUR PRE-APPROVAL AMOUNT


The home-buying journey usually starts with a preapproval. This preapproval not
only reflects your seriousness about purchasing a house but also provides
clarity about how much you can afford. However, as the home hunt progresses, you
might need to increase the preapproved amount. What is Mortgage Preapproval?
Mortgage preapproval is essentially a promise from the lender that you are
likely to qualify for a mortgage, based on your financial situation. This
involves a basic application where you submit details about your assets, income,
and debts. This is not a guarantee, but a significant step indicating your
creditworthiness. Determining the Preapproval Amount The preapproval amount is
primarily influenced by factors like your credit score, income, debt load, and
assets. An appraisal of the property ensures its value justifies the mortgage
amount. Enhancing the Preapproval Amount If you need to increase the preapproved
sum, the following strategies can be employed: Boost Your Credit Score: A higher
score can qualify you for a larger loan by lowering the interest rate. Timely
payments and cautious use of available credit can enhance your score. Present
More Income: Besides your primary income, reliable secondary sources like
dividends, rental income, or even alimony can be used to reflect a higher
earning. Pay Off Other Debt: A lower debt-to-income ratio can amplify the loan
you qualify for. Reducing credit card balances or paying off loans can
significantly help. Increase Down Payment: Putting down at least 20 percent can
save you from PMI costs, thus allowing a bigger loan. Explore Varied Loan Types:
While fixed-rate loans offer predictability, adjustable-rate mortgages might
provide lower initial rates. If you're planning to sell or refinance before the
rate adjusts, ARMs might be beneficial. Add a Co-borrower: A co-borrower can
enhance the combined income on the application, potentially leading to a higher
loan amount. Accumulate Cash Reserves: Demonstrating financial responsibility by
showcasing additional assets can boost lender's confidence in you. Ultimately,
securing a high preapproval amount requires a combination of strong credit, a
stable income, and low debt. Getting Started If you aren't sure how much you can
get pre-approved go to our website and fill out our 30 second pre-approval
engine.


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RECENT POSTS

 * Market Report: Winter Warmup
 * FHA Announces New Loan Limits for 2024
 * Opening the Door to Homeownership
 * Market Watch – Rates Lower
 * Mortgage Options: A Guide for Veterans

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