Refinance Archives - E5 Home Loans

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FHA Announces 2024 Loan Limits

The Federal Housing Administration (FHA) announced new 2024 loan limits for the upcoming calendar year. The 2024 limit is $498,257 for one-unit properties in low-cost areas (increased from $472,030 in 2023). The new loan limits are effective for FHA case numbers assigned on or after January 1, 2024. The National Housing Act requires the FHA […]

New 2024 Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) released the new 2024 conforming loan limits for conventional and VA loans* effective November 29, 2024. The 2024 limit is $766,550 for VA and one-unit conventional loans (increased from $726,200 in 2023). Each year, the Federal Housing Finance Agency (FHFA) evaluates conforming loan limits and makes adjustments to account for […]

Divorce and qualifying income for a new mortgage

Determining qualifying income is Part 4 of E5’s Divorce Mortgage Guidance series. Regardless of the spouse, qualifying for a new mortgage requires consistent and ongoing income that can be verified. For a purchase, the source of the down payment funds also needs verification. We review various scenarios and pitfalls. Qualifying Income To calculate income, lenders […]

Divorce housing scenarios – Selling the marital home and buying a new home

Part 3 of the E5’s Divorce Mortgage Guidance series covers selling the marital home and finding a new home. Selling the old home is the most common outcome and can also be the easiest solution. In this case, the next decision is to rent or buy a new house. Selling the house and splitting the […]

Divorce housing scenarios – Retaining the marital home

Part 2 of E5’s divorce series covers one spouse retaining the marital home. This Divorce Mortgage Guidance series focuses on navigating the credit, income, and home financing process during divorce. There are many living scenarios after divorce. Both partners may opt to sell the marital home and go find new homes to buy or rent. […]

Divorce – where will you live?

One of the most significant questions when considering divorce is “where will you live?” E5 developed this multi-part series on navigating the credit, income and home financing process during divorce. E5 Home Loans Divorce Mortgage Guidance Series Part 2 – Divorce Housing Scenarios – Retaining the Marital Home Part 3 – Divorce Housing Scenarios – […]

How much does credit score impact a mortgage payment?

Answer: Your credit score has a HUGE impact on your available mortgage rate. To put a dollar figure on that rate difference, a realistic number could be more than $7,000/yr. Let’s look at a likely home loan scenario. The actual cost difference between a buyer with excellent credit versus someone with fair to good credit […]

[Insert Sensational Headline] re: Housing Market Misinformation

The Real Headline is “Read More” to Arm Yourself with Accurate Information Misinformation riddles our society every day. We live in a world of soundbits and clips incentivizing the public to barely scratch the surface level of understanding issues. News outlets write many headlines and even some entire stories to communicate drama rather than impartial […]

Valuing your house

If you want to sell or refinance, it’s very important to understand the true value of your home. Many factors impact your home’s value, including: Market demand Recent sales in your immediate area (comps) The condition of your home Improvements you’ve made It’s no secret most homeowners go online to get a basic home value […]

How to Get Interior Design on a Budget

Whether you just bought a home or decided to stay in your existing home, some interior design is in order. You want to remodel; you want to repaint, but you could use some advice. We’ve got some tips and resources to get design help when you’re on a tight budget. It’s easy to get lost […]