The following mortgage lending info is from Home Mortgage Alliance.
- CHFA down payment assistance no longer has their 5% grant/down payment program. It went official on 4/1 that they only offer 3% and 4% grant options for their down payment assistance programs. Here’s CHFA’s website if you want to learn more but feel free to reach out with any questions: https://www.chfainfo.com/
- FHA and VA cash out refi’s—must have 12 months of seasoning (240 days since first payment made) to be eligible to pull cash out of the home or do a streamline refinance.
- High balance loans – always check county websites to make sure that the county a property is listed in qualifies for a high balance loan-otherwise they need to qualify for a jumbo loan/non-conforming loan. FHA has its own limits, VA follows standard FHFA rules/Conventional–Use these links to look up properties:
Conventional & VA: https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx
Mountain Living Real Estate is passing along this mortgage lending info because we are committed to connecting you to great people to help handle all of your real estate needs; from lenders to inspectors to property management and more. Enjoy one stop shopping when you work with us.
See some local lenders we have worked with in the past and are comfortable recommending.