Author: Clay Smith
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Jumbo Loans Vs. Conforming Loans
Categories: JumboThe main difference between jumbo loans and conforming loans is the amount you are able to borrow. Conforming loans are limited to loan amounts set by the Federal Housing Finance Agency (FHFA), with the help of Freddie Mac and Fannie Mae. These loan amounts are referred to as conforming limits and change by area and… Read more
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What are the requirements for a Jumbo loan?
Categories: JumboJumbo loans are designed for borrowers looking to buy a home above conforming loan limits set by the Federal Housing Finance Agency (FHFA). Conforming loan limits change every year and differ based on the home price index, which measures the changes in average single-family home prices. Any loan over an area’s conforming limit will be… Read more
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What is a VA jumbo loan?
Categories: JumboThe U.S. Department of Veteran Affair (VA) offers government-back home loans for eligible military servicemembers, veterans and surviving spouses with requirements that aren’t quite as strict as they are for a conventional loan. Jumbo loans are loans with amounts above the conforming limits for an area. A VA jumbo loan is a loan for an… Read more
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What is an FHA jumbo loan?
Categories: JumboAn FHA loan is a government-backed home loan that allows more flexibility for a borrower’s down payment options and credit score. A jumbo loan lets borrowers get a loan larger than what the Federal Housing Finance Agency (FHFA) sets as the conforming limit for a county, or the maximum amount you can borrow with a… Read more
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What Is a Jumbo Loan?
Categories: JumboAny loan that exceeds a county’s conforming loan limit is considered a jumbo loan. Each year, the Federal Housing Financial Agency (FHFA) sets new conforming loan limits, which means what qualifies as a jumbo loan will change with it. Conforming loan limits are the maximum a borrower can receive with a conventional loan. These limits… Read more
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Can you use a HELOC on an investment property?
Categories: HELOCYes, you can use a HELOC on an investment property. Using a HELOC on an investment property to improve or upgrade the property could increase its value or attract prospective tenants. A HELOC allows you to tap into the equity you’ve built up in a property without having to sell it. With a typical HELOC,… Read more
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What’s the difference between a HELOC and a home equity loan?
Categories: HELOCIf you are looking to access the value you’ve built up in your home, you may want to consider a home equity line of credit (HELOC*) or a home equity loan. Both are types of second mortgages and will use your home as collateral, and they allow you to access your home’s equity in different… Read more
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What is a HELOC?
Categories: HELOCA home equity line of credit, or HELOC, allows you access to the value of your home without selling it. A HELOC is an attractive option to many borrowers as it allows them to use funds as expenses arise on a rolling basis, up to a certain limit. Since you are borrowing against it, a… Read more
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How To Get a HELOC With Poor Credit
Categories: HELOCCan you get a heloc with a low credit score? You can qualify for a HELOC even if your credit score isn’t as good as you’d like, though you will need to meet a lender’s minimum requirement. Lenders typically will consider a credit score of 580 or lower as poor credit. A home equity line… Read more
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HELOC vs. Cash-out Refinance: What’s Best For You?
Categories: HELOCIf over the years you have built up equity in your home, you might wonder how to access your home’s equity without having to sell. There are several options to access your home’s equity. Two of the more popular options are a home equity line of credit (HELOC)* and a cash-out refinance**. While both HELOCs… Read more