July 19, 2024

Home Mortgage Loans

San Diego real estate marketFor 2015, the federal housing finance agency, recently announced that it will keep their maximum conforming loan limits for loans issued by Fannie Mae and Freddie Mac at $417,000 on one unit properties in most areas and 625,500 in high-cost areas. San Diego is considered a high-cost area , and so has higher conforming loan limits.

While on the topic of home mortgage loans. A recent study by JD power showed that first-time home buyers reported challenges with understanding the mortgage process and the options that are available to them.

The respondents to this survey were 58% first-time home buyers. This survey also showed that 48% of the respondents went to a local lender’s office to meet with a loan representative in person and receive personalized advice.

Lastly, a recent initiative to help military members become homeowners has increased the number of VA loans being issued.

These VA home loans made up 7% of national mortgages issued in 2014. That percentage is actually up from 3% of the national mortgages issued in 2011.

There are approximately 22,000,000  nationwide, and lenders say many are eligible for these mortgages.

Nonprofits and lenders are working together to help veterans achieve home ownership. Banks and other lenders donate money to the nonprofits who, in turn, purchase and donate homes to military families.

 

 

Home Mortgage Loans