A jumbo loan refers to a loan that exceeds the amount of $726,000, which is the limit guaranteed by Fannie Mae and Freddie Mac, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FMCC), respectively. Due to this, New Mexico borrowers seeking jumbo loans have limited options when it comes to
In its latest requirement update for 2023, the VA has made significant changes regarding jumbo loans for eligible veterans. One notable change is the elimination of the need for down payments. Now, regardless of price, veterans can purchase a home without any down payment. This rule only applies if no other VA loans are active
Recently our biggest wholesale lender, United Wholesale Mortgage (UWM), announced that they are allowing Indigo Mortgage to offer a 1% down payment for mortgages for first-time home buyers. This is a huge win if you’re looking to purchase your first home in Albuquerque, Rio Rancho, or across New Mexico! The program requires a 3% down
Institutional investors on Wall Street now own 40% of all rental properties in America. And builders are now building more multifamily and rental units than they are single family homes for families, to the tune of 60% rental units and 40% single family homes. Experts say that the single best way to gain family wealth
Mortgage brokers offer benefits to those buying or refinancing a home. A mortgage broker is not tied to one lender so they are able to work on the side of the borrower, not the company that employs them. All other lenders, the loan officers, and processors work for the bank or the lender, not the
All the news about the Federal Reserve raising interest rates over the last few months may sound like doom and gloom but that increase doesn’t have the effect on mortgage rates that many people think. When the feds raise their rates, this will affect other kinds of credit like credit cards, home equity lines of
The construction division at Indigo Mortgage has grown over the last few years and we are able to offer a wide range of excellent loan programs. We have the one time close conventional loan with 5% down and the VA one time close loan with zero down. Both of these programs will include paying for
A reverse to purchase loan in the simplest terms is the money a borrower puts down on the purchase of a home is used to make the payments. That borrower then will not have mortgage payments. The amount required to put down is determined by the age of the youngest borrower. The younger a borrower
Recently FHA and VA have reduced their mortgage insurance (MI) premiums and funding fees. Mortgage insurance is a policy that the lenders require if a homeowner doesn’t have the required threshold of equity, typically 20 percent. The MI policy protects lenders in case the borrower defaults on the mortgage. In the case of FHA, they
With a constantly changing housing market comes significant changes to home mortgage loans. The Indigo Mortgage New Mexico team is here to tell you more about these changes and how they impact cash-out refinances. Fannie Mae and Freddie Mac are now making it harder and more expensive for borrowers to do a cash-out mortgage transaction.