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Articles Published in: December 2022

FHA

December 5, 2022

FHA Home Loan Tips: What To Do, What Not To Do

By Joe Wallace

If you are new to the home-buying process, there are some definite things to do and things NOT to do when preparing for your mortgage. Some of these areas may seem obvious, but you might be surprised at the number of people who don’t give themselves enough planning and saving time ahead of the home loan process. FHA Loan Tips: Start Planning Early The moment you realize you want to purchase a home using an FHA mortgage, it is time to begin looking at your finances to see how a new budget can be made. This is because buying a home (no matter what kind of loan you are using) can be an expensive process. You want to start saving immediately for the down payment, but also for the costs | more...

 
FHA/HUD

December 2, 2022

Higher FHA Loan Limits For 2023

By Bruce Reichstein

On Thursday, December 1, 2022, the Federal Housing Administration published the new FHA loan limits for 2023. There are higher loan limits for FHA forward mortgages in 2023 and also higher limits for FHA Home Equity Conversion Mortgages. Most of the country gets this loan limit increase in 2023. The higher limits come thanks to house price appreciation during the first half of 2022. Such home price changes are typically included as part of the calculations FHA makes to set the limits” each new year. A press release at HUD.gov notes these limits, “reflect steep increases in home prices throughout much of the country” according to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon, who was quoted in the press release. Commissioner Gordon adds the higher limits, “…will | more...