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2023 Conforming Loan Limits

2023 Conforming Loan Limits

The FHFA has just announced the official conforming loan limits for 2023. We are honoring these new 2023 limits starting tomorrow, November 30, for conventional and VA loans. This means:

  • $726,200 for regular one-unit loans (increased from $647,200 in 2022)
  • $1,089,300 for one-unit high-balance loans (increased from $970,800 in 2022)

For a full list of the new limits per county across the nation click here.

For a list of Virginia, Maryland and District of Columbia click here.

The increase is approximate 12.21% increase over the 2022 loan limits. If you have a friend or family member looking buy or refinance in 2023, call First Meridian Mortgage. (703)799-5626 or visit www.firstmeridianmortgage.com.

Get live wholesale mortgage broker rate quotes with no personal information needed click here.

Kevin Retcher of First Meridian Mortgage is ranked as the #1 ranked Mortgage Broker In Virginia by Scotsman Guide 2021.

 

First Meridian Mortgage is Mortgage Broker Lending in Virginia, Maryland and District of Columbia NMLS ID#180004 www.nmlsconsumeraccess.org,

 

Top Veteran Loan Originator List – Kevin Retcher

Scotsman Guide Releases Top Veteran Loan Originators 2022 Rankings

First Meridian Mortgage Corp –  Kevin Retcher Ranked as One of the Nation’s Top Originators

Fairfax, VA – 7/1/2022 – First Meridian Mortgage Corp. congratulates Kevin Retcher for ranking #15 as a Veteran Loan officer by volume in the nation. He was also ranked #1 Veteran Loan Officer in Virginia and is also the #1 ranked Mortgage Broker/loan officer in Virginia.

Congratulations to Kevin Retcher For making the list! Link to List

Scotsman Guide full online edition

From Kevin Retcher

Thank you! I  am privileged to have so many loyal clients and advocates at First Meridian Mortgage. I would like to thank all of my clients and real estate agents and referral partners that continue to send me business.  I am honored to have served in the Marine Corps. and equally honored to continue to serve the Virginia, Maryland and Washington DC communities in the search for home ownership. I am the owner of First Meridian Mortgage and we are veteran- owned and have been servicing the DMV since 1996. As a veteran- owned mortgage broker shop I do take extra pride that I am one of the best priced mortgage broker/companies in the area for the veteran/active duty serviceman. I especially enjoy working with military families that PCS into and out of the area.  I am located in Alexandria, Virginia just outside of Fort Belvoir, near the Pentagon and many other installations.

We are local , so if you would like to come to my office,  I can show you the rates personally or call 703-799-5626. All consultations are free!

I also have other ways to save you money with our No Closing Cost Refinance Program, KSA Insurance Agency Inc. and Homebuyers Bundle that links realtors and our lending services together (a true bundle that will save you money).

Please call Kevin Retcher at the Office 703-799-5626, Cell 703-201-6138, email kevin@firstmeridianmortgage.com

8305 Richmond Hwy 12A, Alexandria VA 22309

 

 

Rankings provided by Scotsman Guide:

Scotsman Guide Media Inc. has been the leading provider of digital tools and resources for the mortgage industry for nearly three decades. Scotsman Guide Media publishes a residential edition and a commercial edition of Scotsman Guide, in addition to Scotsman Guide News, Loan Post and other offerings at ScotsmanGuide.com. Each month, the magazines reach tens of thousands of subscribers nationwide. Scotsman Guide connects mortgage originators with wholesale and commercial lenders.

 

Divorce Lending

Divorce Lending

Navigating a divorce is hard enough but when property is involved it does add another layer of issues.  Learn how a lender will look at your financial picture when you have a home that is part of a divorce.  The approach is different for a purchase or a refinance. These are not the only scenarios but the most common.

Purchase with Contingent Liability

  1. If your borrower wants to buy a house but is still on the mortgage of their current house, this debt does not have to affect their buying power. When a borrower has outstanding debt that was assigned to another party by a court order (such as under a divorce decree or separation agreement) and the creditor does not release the borrower from liability, the borrower has a contingent liability. However, the lender is not required to count this contingent liability as part of the borrower’s recurring monthly debt obligations. The lender is also not required to evaluate the payment history for the assigned debt after the effective date of the assignment. The lender cannot disregard the borrower’s payment history for the debt before its assignment. If a buyout is still needed see below. Download divorce lending flyer

Refinance – Spousal Buyouts

  1. If the borrower has a court order (such as a divorce decree or separation agreement) and one spouse is buying out the other spouse on a conforming loan, the loan is not considered cash- out as long as the spouse keeping the property does not receive any cash-out and all funds are itemized to the spouse on the closing disclosure.
  2. The key in most divorces is that one spouse wants to be removed from title and liability (mainly to protect credit or receive funds). This is the main catalyst in needing to divide up and settle the assets at the earliest possible time frame. The cash to buy out the other spouse is also an issue if cash on hand is not available. Most agreements will state a timeline for removal of the liability and/or sale. Having a court document allows the refinance to be expedited as a non cash-out which saves money.

Value of property

  1. The value of the property (not including alimony, and/or child support) is usually the hardest battle in negotiating the property settlement. Both sides are not usually in agreement on the value of a property. The Appraisal Independence Requirement can help with this. The appraisal is randomly ordered through an Appraisal Management company. All that is required is that the appointment is made by the spouses. This is an excellent tool to use that will save everyone time and money. Alimony, child support and Separate maintenance payments

Alimony, Child Support and Separate Maintenance Payments

  • When the borrower is required to pay alimony, child support, or separate maintenance payments under a divorce decree, separation agreement, or any other written legal agreement and those payments continue to be made for more than ten months, the payments will be considered as part of the borrower’s recurring monthly debt obligations. However, voluntary payments do not need to be taken into consideration and an exception is allowed for alimony. A copy of the divorce decree, separation agreement, court order, or equivalent documentation confirming the amount of the obligation must be obtained and retained in the loan file.
  • For alimony and separate maintenance obligations, the lender has the option to reduce the qualifying income by the amount of the obligation in lieu of including it as a monthly payment in the calculation of the DTI ratio.

** while these are not all the guidelines pertaining to divorce lending, these are the most common that need to be understood. All guidelines and rates are subject to change without notice. **

Call Kevin Retcher 703-799-5626

Licensed in Virginia, Maryland and Washington DC

First Meridian Mortgage Corporation

KSA Insurance Agency

Kevin Retcher, President
kevin@firstmeridianmortgage.com  | Apply Now | Website |NMLS 116922,180004

8305 Richmond Hwy, Suite 12A, Alexandria, VA 22309

703-799-5626 office Ext. 16 | 703-201-6138 cell | 703-799-5636 fax

Recession Risks are high – Mortgage Rates are rising – How to navigate the Market!

The Washington Post

By ABHA Bhattarai Published May 19,2022

U.S. may be barreling toward recession in the next year, more experts say

The U.S. Economy could be heading for a recession in the next year,………

Financial markets fell again on Thursday, a day after the Dow Jones industrial average suffered its worst drop of the year. The S&P 500 inched further into bear market territory – defined as a 20 percent drop from the most recent peak- after Wednesday’s sell-off wiped out more than 4 percent of its value.
“Recession risks are high – uncomfortably high – and rising,” said Mark Zandi, chief economist at Moody’s Analytics. “For the economy to navigate through without suffering a downturn, we need some very deft policymaking from the Fed and a bit of luck.”
This week alone, former Goldman Sachs chief executive Lloyd Blankfein warned of a ‘very, very high risk” of recession; Wells Fargo CEO Charlie Scharf said there was “no question” that the U.S. economy is heading toward a downturn; and former Fed chair Ben Bernanke cautioned that the country could be poised for “stagflation” – a slowing economy combined with high inflation.

“In Alexandria, Va., mortgage lender Kevin Retcher said there is a discernible skittishness among potential home buyers. Refinances began tumbling late last year, around the time the Fed began signaling upcoming rate increases. In the months since, a combination of rising mortgage rates – now at 5.3 percent for a fixed-rate 30-year mortgage, nearly double early 2021 levels – and sky-high home prices have begun deterring buyers, he said. At least three clients have gotten “cold feet” and pulled out of ratified contracts in the past two weeks, he added.
“There is an extreme sense of nervousness out there,” said Retcher, president of First Meridian Mortgage. “It’s rare to have people win contracts and then back out, but that’s what’s been happening.”

           Other types of small businesses say they’re seeing a pullback in consumer demand, too, as customers grapple with rising costs. Aaron Mulherin, who owns a glass repair company in Marion, Iowa, said that while homeowners are continuing to pay for necessities such as fixing broken windows, they’re starting to think twice about spending on luxuries such as custom     showers.”Average, middle-class consumers are starting to hesitate,” Mulherin said. “Everything is getting more expensive, so they’re getting an estimate, then putting it off.”

 

If you would like to contact Kevin Retcher at First Meridian Mortgage call 703-799-5626 email at Kevin@firstmeridianmortgage.com. NMLS ID#180004 WWW.NMLSCONSUMERACCESS.ORG