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
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
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.
At Indigo Mortgage in New Mexico, we strive to educate borrowers on the options available. If you or someone you know is interested in building their dream home from scratch, we are here to help! Here’s what we think you should know about one-time close (OTC) construction loans. Just recently, United Wholesale Mortgage, now the
When it comes to VA loans, Indigo Mortgage in New Mexico are experts. The Indigo team is here to educate buyers on VA or Veteran purchase loans and to help them better understand what these types of loans cover. The VA or Veterans mortgage loan is the best mortgage loan on the market, as it
Finding the right mortgage lender is half the battle of purchasing a home. At Indigo Mortgage New Mexico, we take home purchases and home loans very seriously. Our experts are here to explain the difference between local and online mortgage lenders. Why not stay local if a local mortgage broker can offer what an online
Purchasing a new home is more involved than it may seem. If you watch television commercials that have people seemingly push a button to finance their home purchase, you should know that obtaining a home mortgage is not that simple. The commercials sound like it’s as easy as buying a pair of shoes online, but