top of page
Search

Mortgage Rates

Updated: Nov 2, 2022

Not everyone has cash to throw down on the purchase of a home, am I right? What a beautiful world it would be if no one had to finance. That being said, many people in today's real estate market need to finance their property in order to make a purchase. Check out the information below for all the nitty gritty details to help you understand your loan options. Updated as of 11.2.2022.


GOVERNMENT LOANS

Conventional

  • New conforming loan limit will be increased to approx. $715,000 at end of 2022

  • 3% down payment option if you have not owned a home in the past 3 years

  • Other down payment option programs include: 5%, 10%, 15%, 20%+

  • You can use gifts as down payments (from family, employer, not friends)

  • You can use future income for full-time employees

  • Jumbo programs are available

  • PMI (private mortgage insurance) can be removed

FHA

  • FHA has great rates with as little as 3.5% down

  • Mortgage insurance - lifetime of the loan or less than 90% LTV canceled after 11 years

  • If you have lower credit, the interest rates for FHA are great

  • Appraisals are similar to VA standards in that all flooring must be completed, the roof needs at least 3 years of life remaining, there can be no exposed exterior wood (like on window trim, decks, and outbuildings)

  • These loans are hard to use to finance condos

VA

  • Thank you for your service!

  • 0% down payment

  • No mortgage insurance

  • You need a certificate of eligibility

  • Appraisals have been faster as of late, but plan on 21 days.

  • Same appraisal conditions apply as FHA (all flooring must be completed, the roof needs at least 3 years of life remaining, there can be no exposed exterior wood (like on window trim, decks, and outbuildings, but also it can't have only wood heat, there must be wall heaters as an alternative to wood being the primary heat source)

  • A water test is required, if there is a well

  • Septic permit or pumped within the last 12 months

  • There must be a road maintenance agreement on a private road (RMA)

  • Borrowers need to be married for both individuals to be on the loan

  • New construction homes (or never lived in homes) need to be built by an approved VA builder, and an occupancy certificate or 10 year warrant

CONVENTIONAL/VA LOAN new loan limits will be announced end of 2022

  • 1 Unit: $647,200

  • 2 Units: $828,700

  • 3 Units: $1,001,650

  • 4 Units: $1,244,850

FHA LOAN LIMITS new loan limits will be announced end of 2022

  • 1 Unit: $471,500

  • 2 Units: $603,600

  • 3 Units: $729,600

  • 4 Units: $906,750

What you need to know about financing Manufactured Homes...

  1. Single-wide or multi-wide, 1 unit dwellings

  2. Built on or after June 15th, 1976 in order to qualify for financing

  3. At least 12-feet wide

  4. 600 square feet of gross living area

  5. Affixed to a permanent foundation

  6. Anchoring system to meet HUD codes

  7. Must meet all local, state, and federal codes. All modifications (like decks and/or additions) require an inspection and certification by a licensed contractor/engineer

  8. Legally classified as real property until it is de-titled by the Department of Revenue

  9. Legible HUD certification label affixed to the exterior of each transportable section

  10. HUD date plate/compliance certificate must be mounted inside of the home

  11. Wheels, axel(s), towing hitches removed, and the unit is skirted

  12. Permanently connected to utilities


Have questions about anything above? Feel free to contact us.


All above information courtesy Renee Endicott, Loan Originator, with Capital Family Mortgage.



Comments

bottom of page