Loan limits to increase for conventional, FHA, and VA mortgages Like an early Christmas present, Fannie Mae, Freddie Mac, FHA, and VA have all announced increased mortgage limits for South Carolina and the rest of the country. The increase will go into effect for all VA and conventional loans closed after January 1 and for all FHA loans with application dates after...
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Cash-out mortgage financing Borrowers often want to cash out equity from their homes to pay for home improvements, consolidate a home equity line into a single mortgage, consolidate debt, or pay for other expenses. Guidelines for cash-out loans vary from program to program. Mark Wells of Preferred Financial Services addresses questions regarding this type of mortgage...
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Mortgage lending and property types Day in and day out, Mark Wells at Preferred Financial Services talks to homebuyers planning to purchase a new residence. Questions often arise about whether a particular type of property can be purchased using standard mortgage financing programs. Here, he answers questions about how lenders view various property types in the mortgage...
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