Category: Blog
Purchase Apps Surge, Driven by Jumbos
Purchase mortgage application activity picked up significantly during the week ended November 18. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 5.5 percent on a seasonally adjusted basis from the week ended November 11 and was up 3.0 percen
Bank Statement Mortgage Planning for Self-Employed Borrowers
Bank-statement mortgage planning can be a useful topic for self-employed borrowers whose business activity and documentation deserve a closer review. Bank statements are one type of record that may be considered; they do not by themselves establish qualifying income, product availability, or an approval outcome.
FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase. In most of the country, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase
Last Week in Review
Last Week in Review: Consumers pull back on retail spending, while home loan rates hit their lowest levels of the year. Forecast for the Week: Housing and manufacturing will fight for a headline in the midst of geopolitical events. View: Activate those brain cells when you have 30 minutes. "I like spending
Falling Demand, Competition, Push Lenders Toward Easing Standards
As home buying affordability has declined, it has indirectly moved lenders' apparent willingness to loosen credit standards in the opposite direction. Fannie Mae says its second quarter Mortgage Lender Sentiment Survey shows the net share of lenders reporting they have eased credit standards over the p
Perceived Sellers’ Market Could Lead to Inventory Gains
Is there relief in sight for those oft cited, much maligned tight housing inventories? The National Association of Realtors® (NAR) sees a glimmer of hope in the responses it received to a recent survey. The Housing Opportunities and Market Experience (HOME) survey for the second quar
7-Year ARM Rates: How They Work and What to Compare
A 7-year adjustable-rate mortgage (ARM) has an initial interest-rate period scheduled to last seven years. After that period, the rate may adjust under the loan's terms. “Seven-year” describes the initial period; it does not tell you how often the rate can change afterward or how much your payment could rise.
Low Down Payment Mortgage Options: Compare Costs and Eligibility
Low down payment mortgage options can help eligible buyers purchase with less money toward the price of the home. Compare the full cost before choosing: the down payment, cash needed at closing, monthly payment, and any mortgage-insurance or program fees can differ. Which low down payment options should you comp
Thank You for 10 Wonderful Years!
A letter from our President - Joseph M. Pisa On behalf of the entire Northstar Funding team I would like to take this opportunity to thank each and every one of our business partners and most importantly, our clients. Even through all the ups and downs (and the market has definitely provided plenty of both), it's
Mortgage With an Employment Offer: Documents and Timing
Starting a new job while buying a home? Planning a mortgage with an employment offer starts with questions about documents and timing. Discuss your scenario before committing to a purchase schedule. Use this guide to prepare questions about a job change. It does not establish availability or approval for a North
More Buyers are Achieving Home Ownership with HomeReady
HomeReady Mortgage is a Fannie Mae Program and offered by Northstar Home Funding General Terms and Guidelines to Review: 97% financing purchase -1 unit /Owner Occupied. No minimum borrower contribution (1 Unit properties) - use flexible sources of funds for down payment and closing c
Home Prices Rise
"A house with love in it is rich indeed." Nat King Cole. Families may find themselves living on love as they invest more on increasing home prices. The S&P/Case-Shiller 20-City Home Price Index saw another gain of 5.7 percent from April 2016 to April 2017. Price increases are due in part to limited supp