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,

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

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

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.
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

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

Washingtonian Magazine Top Mortgage Professional

First Meridian Mortgage’s Kevin Retcher awarded as a Top Mortgage Professional

Washingtonian Magazine Releases Top Mortgage Professional 2021 List

Washington ,DC – March 22, 2021 – First Meridian Mortgage congratulates Kevin Retcher Being Listed in the Washingtonian Magazine April Release of the Top Mortgage Professionals for 2021. First Meridian is Honored to have Kevin Retcher featured as one of the best. The hard work and dedication to the belief that he is helping people achieve the American Dream. This philosophy is the foundation for his business and helps his clients build wealth to pass on to the next generation. Kevin Retcher Produced over $170 million in 2021, helping over 400 families with achieving home ownership or refinancing to build more wealth.

Washingtonian Magazine , the leading resource for news and professional resources in the Washington metropolitan area. Over three dozen financial institutions were contacted and asked who the Top Producing Mortgage Professionals were in 2021 with minimum of $75 million for the Gold Level and Over $100 Million for the Platinum Level.

Kevin Retcher was happy to help over 400 families in 2021 with a refinance or a purchase of a new home. He is proud to be working on finishing his 25^th Year as the owner of First Meridian Mortgage Corporation a veteran owned business. He is also one of only a few to make the list being a Local Mortgage Broker and is often the highest producing Mortgage Loan officer that is also a mortgage broker in Virginia. Kevin Retcher does not have any LO assistants and originates all of the loans personally and provides that one on one loan application experience that helps the experienced or the first time homebuyer get all there questions answered.

To contact Kevin Retcher 703-799-5626 ext 16 or email kevin@firstmeridianmortgage.com See entire list by clicking here.

About First Meridian Mortgage

First Meridian Mortgage offers competitive pricing and cutting-edge residential mortgage loan programs to meet all your home buying needs. As a mortgage broker we offer a broad range of products from over 30 major lenders, mortgage wholesalers and credit unions. This menu includes Purchase loans, Refinancing, No Closing Cost Refinance programs, VA Loan, FHA loans, Conventional, High Balance Jumbo’s, Super Jumbo’s to name a few. This arsenal of resources allows First Meridian Mortgage to one of the most competitive in price and service day in and day out. First Meridian Mortgage is also one of the few that is Veteran owners and operated for nearly 25 years serving Washington DC, Virginia and Maryland.

To contact call 703-799-5626 or www.frstmeridianmortgage.com, email info@firstmeridianmortgage.com

Scotsman Guide Releases Top Originators 2019

First Meridian Mortgage Corp.’s Kevin Retcher Ranked as #1 Virginia Mortgage Broker by Scotsman Guide

Fairfax, VA – 4/28/2020 – First Meridian Mortgage Corp. congratulates Kevin Retcher for ranking in the Scotsman Guide 2019 Top Originator List. Kevin Retcher was ranked #789 in the nation among Top Originators – #1 in Virginia as a Mortgage Broker.

Scotsman Guide, the leading resource for mortgage originators, released its tenth annual Top Originators rankings on April 1. The list, which ranks the nation’s top mortgage producers, appears in Scotsman Guide‘s April 2018 residential edition, and the rankings are available online at ScotsmanGuide.com .

Kevin Retcher was ranked among entries from more than 4,000 mortgage professionals across the country. To be eligible for initial consideration in Scotsman Guide’s Top Originators rankings, originators must have had at least $40 million in loan volume or 100 closed home loans for the 2019 calendar year. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume data from a certified public accountant, the chief financial officer at the originator’s company or a similar source.

From the Company:

Kevin Retcher has been the owner of First Meridian Mortgage since 1996, a Veteran Owned Mortgage Broker, and originates mortgages in Virginia, Maryland and Washington DC. We are Best known for our Low Rates on Purchase transactions and the ” NO Closing Cost Refinance Program” or the “Zero Closing Cost Refinance Program”. As a Mortgage Broker Located in the Mount Vernon / Alexandria Area, of Fairfax County, Virginia We have access to over 30 major lending institutions to find you the very best programs to fit your financial needs. Kevin has been named a Top Producer in the Scotsman Guide multiple times going back to as early as 2009 and is not a stranger to making the list of the Top 200 Loan Originators. Kevin, prides himself that he takes every loan application himself and does not have anyone else do the most important part of the transaction, “Advising the client, and making the loan application”. Yes he says he could do more volume if he delegated that to an assistant but he feels the one on one with the client is more important. He also is very proud of the fact that as a Marine he has never missed a closing date on a purchase in his career, He feels if he is on time he is late and wants all his business partners to meet that standard so clients can count on him. Thanks Scotsman Guide once again for the acknowledgment and looks forward to making the list in the future.

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.To reach First meridian Mortagge Call 703-799-5626

Top Mortgage Broker in Fairfax Virginia Kevin Retcher

Scotsman Guide Releases Top Originators 2018 Rankings

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

Fairfax, VA – May 15, 2019 – First Meridian Mortgage Corp. congratulates Kevin Retcher for ranking as a Scotsman Guide 2018 Top Originator. Kevin Retcher was ranked #26 in Top Originators – Top Mortgage Brokers.

Scotsman Guide, the leading resource for mortgage originators, released its ninth annual Top Originators rankings on April 1. The list, which ranks the nation’s top mortgage producers, appears in Scotsman Guide‘s April 2018 residential edition, and the rankings are available online at ScotsmanGuide.com/Top2018.

Kevin Retcher was ranked among entries from more than 3,000 mortgage professionals across the country. To be eligible for initial consideration in Scotsman Guide’s Top Originators rankings, originators must have had at least $40 million in loan volume or 100 closed home loans for the 2018 calendar year. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume data from a certified public accountant, the chief financial officer at the originator’s company or a similar source.

From the Company: Kevin Retcher has been the owner of First Meridian Mortgage since 1996,a Veteran Owned Mortgage Broker, and has specialized on Purchases in Virginia , Maryland and Washington DC. There most known for their ” NO Closing Cost Refinance Program” or the “Zero Closing Cost Refinance Program”. As a Mortgage Broker Located in Fairfax, Virginia he has access to over 30 major lending institutions to find you the very best programs to fit your financial needs. Kevin has been named a Top Producer in the Scotsman Guide multiple times going back to as early as 2009 and is not a stranger to making the list of the Top 200 Loan Originators in 2009,20010,2012 just to name a few. Kevin, prides himself that he takes every loan application himself and does not have anyone else do the most important part of the transaction, “Advising the client,and making the loan application”. Yes he says he could do more volume if he delegated that to an assistant but he feels the one on one with the client is more important. He Thanks Scotsman guide once again for the acknowledgment and looks forward to making the list in the future.

For more information, call 703-799-5626 or visit www.firstmeridianmortgage.com .

Kevin@firstmeridianmortgage.com

Looking For Low Down Payment Options | 3% Down | FHA | Home Ready | Home Possible

Looking For a Lower Down Payment? Here Are Your Options.

A low down payment doesn’t have to limit you. There are a variety of options designed to help you find the right 3% down financing plan for your home purchase. My favorites are the Home Ready and Home Possible options — aimed squarely at the Millennial and Gen-Z Home Buyers Hustle. If your Seller gives a credit of 3% of the loan amount to help with closing costs and prepaid elements, you can get into a home with as little as that 3% down. Check out these options and let’s talk about the right choice for your home purchase.

Let’s Get Started

When you first think about buying a home, you may find your head filled with thoughts of interior design, landscaping, and entertaining. The reality of home finance, however, is that there are a number of up-front costs associated with the purchase itself, which can leave you short of cash to do the things you’ve planned. Managing those costs ensures that you have the funds you need to both buy your new home and enjoy it.

If you’re thinking about home ownership, one of your biggest concerns may be saving up for your down payment. Alongside closing costs, moving expenses, and other charges associated with a home purchase, the down payment is probably the most expensive part of buying your new home.

The traditional down payment associated with a conventional loan is upwards of 20%. In expensive markets, this could mean tens of thousands of dollars for even the most modest starter home or condo. In order to support the goal of home ownership, therefore, many lenders have created loan products designed to allow for lower down payment amounts; among the best deals are 3% down products.

Home Ready

This program is sponsored by Fannie Mae. The Home Ready loan requires as little as 3% down payment for fixed rate loans of either 10, 15, 20, or 30 years. Here are some of the highlights:

Minimum credit score of 620
No up-front MIP
Gift funds allowed from family
1-4 Unit Properties eligible
Flexible source of income eligible
Not required to be first-time homebuyer
At least one borrower must take a home ownership course
Primary borrower must occupy as their primary residence
Available for purchase or refinance
Higher Ratio’s to 49.99 Debt to Income
Seller can pay 3% toward closing cost, and 6% at 90%

Home Possible

This program is sponsored by Freddie Mac. The Home Possible loan requires as little as 3% down payment for fixed rate loans of either 15, 20, or 30 years. Here are some of the highlights:

Minimum credit score of 620
No up-front MIP
Gift funds allowed from family
1-4 Unit Properties eligible
Flexible source of income eligible
Not required to be first-time homebuyer
If all borrowers are first-time homebuyers, at least one borrower must take a home ownership course
At least one borrower must occupy as their primary residence
Available for purchase or refinance
Higher Ratio’s to 49.99 Debt to Income
Seller can pay 3% toward closing cost, and 6% at 90%

Home One

This program is sponsored by Freddie Mac. The Home Possible loan requires as little as 3% down payment for fixed rate loans of either 15, 20, or 30 years. Here are some of the highlights:

Minimum credit score of 620
No up-front MIP
Gift funds allowed from family
1 unit properties only
No borrower income or geographic limits
At least one homeowner must be a first-time homebuyer
At least one borrower must take a home ownership course
Available for purchase or refinance
No restrictions on income Seller can pay 3% toward closing cost, and 6% at 90%

FHA

Insured by the US Federal Housing Administration, the FHA loan requires as little as 3.5% down payment for fixed rate loans of either 15 or 30 years. Here are some of the highlights:

Minimum credit score of 580 to qualify for 3.5% down
Minimum credit score of 500; maximum 90% Loan-to-Value (LTV) for credit scores under 580
Mortgage Insurance Premium (MIP) required: 1.75% up-front, .45-1.05 annually for the life of the loan ( avoiding fha allows you to not have to pay the 1.75% upfront fee)
Gift funds allowed from family
1-4 Unit Properties eligible
Loan limits determined by county/state location of property
Not required to be first-time homebuyer
Available for purchase or refinance

Higher ratio’s are allowed to a 55 DT
Seller can pay 3% toward closing cost

Which 3% down loan product is right for you?

Interested in financing your home with a low-money down financing option? Choosing the right loan depends on a variety of factors.

Your credit score: If you haven’t yet had time to build an extensive credit history or if you have made some financial mistakes in the past, an FHA loan might be a better option since it is available for borrowers with lower FICO scores. Keep in mind, however, that this will require a higher down payment in some cases, so it is in your interest to start early working on raising your credit score. That will give you the largest number of options.

Little to no credit does not mean you are out of luck! As long as you have credit scores and the automated underwriting engines give you an approval, you will be fine.

Your income: Different products favor different types of income. If your income is stable and based on a regular, consistent salary, you might find a Fannie Mae product like the Home Ready loan is a better option for you. If your income is more variable and based on commissions, bonuses, or contract work, you might better qualify with a Freddie Mac Home Possible loan. Either way, be sure to keep good records so that you can adequately document your income.

And don’t forget: new salaried employment straight out of college does not need a two year employment history; college will count as time on the job.

Your market: Since some loans, like the FHA mortgage, are market-dependent, you may find that the requirements and availability varies according to the type of home, the location of the home, and the price of the home. Home Ready and Home Possible can also be restrictive on income vs. FHA, while being lenient on adjustments for credit scores with potentially a much lower mortgage insurance rate. Be sure that you are working closely with both your lender and your real estate agent to ensure that you choose the right option for the right property and market.

Down payment: All of these programs include the ability to have your down payment gifted from a family member. In addition, many, including Home Ready, feature lower cash reserve requirements. Generally, two months of mortgage payments or less in reserve will work for these loans.

Refinancing: Refinancing can be done on all of these programs, so in some cases a Home Ready or Home Possible mortgage can help a borrower get out of FHA or refinance when in a higher LTV position without paying upfront mortgage insurance.

Depend on Kevin Retcher and First Meridian Mortgage Corporation

As a loan officer, an insurance agent, and a REALTORⓇ, I can offer you the experience, expertise, and market knowledge you need to make the right choice about both your property and your financing options. Let’s talk about your budget and take a look at the numbers to find the right low-money-down loan for you.

Low Down Payment pdf

First Meridian Mortgage NMLS ID# 180004, Kevin Retcher NMLS ID# 1116922

www,nmlsconsumeraccess.org, Kevin Retcher – Realtor – Jobin Realty, 5592 Backlick Rd, Springfield, VA 22151 703-642-8500, lic# 0225055584. KSA Insurance Agency NPN 8036794,VA LIC# 624093, Rates are subject to change

Housing Hustle for Millennial and Gen Z Home Buyers

Housing Hustle for Millennial and Gen Z Home Buyers

How to buy your first home right out of college or grad school .. and begin building wealth sooner than you ever thought possible.

It seems that you can’t read an article on real estate without at least a paragraph bemoaning the “refusal” of Millennial college grads to purchase their first homes. Forget the fact that they graduated during the build-up and aftermath of the Great Recession. Forget unprecedented levels of student loan debt. According to some, these young, highly educated consumers are wasteful with money, unwilling to give up their everyday luxuries to save for a home. One Australian mogul even blamed avocado toast. In reality, of course, Millennial’s are enthusiastically looking for home-buying opportunities.

For Gen Z, the desire to buy a home is a paramount goal, and many are just as motivated as their Millennial friends, siblings, and colleagues to begin looking ahead to home ownership. For each of these groups, student loans and lack of wage growth may make home buying seem like a distant goal. The good news? There are a variety of options to help Gen Z and Millennial’s with every step of financial planning for their home purchase.

Your Complete Guide to Millennial and Gen Z Homebuying

Think ahead and create a plan for home ownership that gets you moving into your own home sooner.

Step One: Plan Ahead

If your goal is to buy a home as soon as possible after graduating from college or grad school, you need to begin early building your professional resume. When you first arrive at college, begin early attending job fairs, even if you are not sure what field you want to major in. The experience you will gain in interview skills and networking will help you when it is time to land your first professional gig.

Secondly, landing internships should be a big part of your professional planning. Landing an internship early in your time as an undergrad can help make you more competitive and make you a front runner for other highly desirable internships. Even college freshmen can and do get internships, especially when reaching out and networking with friends, family, and other acquaintances.

Step Two: Establish Good Credit

At your first opportunity, get a credit card, even if it is a secured card with a $300 limit. The key is to establish credit as early as possible. Mortgage lenders like to see that you have some credit accounts with at least a 12 – 24 month history.

I am often asked if someone can buy a house with no previous credit history and the answer is Yes. However, approval is dependent on the type of financing — FHA or Conventional Fannie or Freddie. These rely on the automated underwriting engine for approval in most cases.

The minimum standards get tougher if a manual underwrite is required. It is better to have a few established credit accounts with you as a primary account holder and not as an authorized user. The key, of course, is to ensure that you use the card sparingly and pay it off completely each month. Late payments or carrying the maximum balance will set back your financial goals and stay on your credit report for years. If you currently have blemishes on your credit report, go ahead and pay them now and begin rebuilding your score.

Step Three: Establish Work History and Income

Once you graduate, the key to moving toward homeownership is a salaried job and a work history of two years in your field. The game-changing news for young home buyers? That time you spent in the classroom counts toward your two years of work history! In fact, all of the preparation you did for your job — internships, field work, and classroom experience — counts toward the time requirement.

Because commissions and bonuses don’t count as income within your first two years of employment for mortgage underwriting, a salaried job is critical to meeting your lender’s income requirements. However, if your company will guarantee a minimum commission and bonus as part of your employment verification, you may be able to include these as part of your income.

As soon as you confirm your new job and salary, contact your lender to start the pre-approval process. Get educated on the cost of a home in your chosen market and the costs associated with your purchase.

Step Four: Save for the Down Payment and Closing Costs

Many College graduates ask how much down payment is required to be able to buy a home. The minimum is typically 3-5% or more depending on the type of financing. Most 3% and 5% down programs do allow a gift from a family member, or money that is remaining from a 529 college savings plan to be used as a gift. In addition, some loan products and programs offer down payment assistance and even grants to help offset costs.

Another strategy is to move back home and save money for 6-7 months to buy your home. Once you have saved $15,000 to $20,000 then you can contact a lender to get pre approved to buy a home. Share your goals and plans with your parents; they will usually be happy to help with this process. They may even choose to provide some gift funds to help you bulk up your savings. Be sure to use this time to save as much as possible; don’t allow yourself to spend more just because your living costs are reduced.

The final step in the home buying process is closing, where you will need to provide several thousand dollars in taxes, fees, and other expenses. These are called closing costs, and depending on the market they can be very expensive. However, most closing costs can be paid for by the seller, the lender, or the real estate agent or broker. In addition, different mortgage programs and first-time homebuyer programs may provide credits and adjustments to the amount of the closing costs.

Step Five: Put it all together

When you’re ready, talk to your lender about real estate agent or broker recommendations. Work with a trusted professional in your chosen market to ensure you have top-notch advice throughout the process. In addition, your agent will help during the negotiation process for the purchase and after the home inspection. The best part? The seller pays for all real estate commissions, so this professional representation comes at no cost to you.

In addition, your lender is a valuable resource for recommendations on title and settlement companies, as well as a variety of other professionals in your market. Don’t hesitate to reach out if you have questions or need a referral.

Benefits and Strategies for Home Ownership

You’ve been together through four years of college. Why not transition into your professional life along with your fraternity brothers, sorority sisters, or college roommates? Renting space to some of your best friends helps to defray your monthly expenses while paying down your mortgage and building equity.

You may also choose to purchase your home along with a trusted friend or family member. This can provide another source of income, helping you qualify more easily and helping to offset the cost of the monthly mortgage.

Delaying home buying because you might want to travel or you might transfer to a new city? No need. Purchase your home now and start building equity. If you find that your career takes you elsewhere, you can always rent out your home and have a property manager maintain it while you continue to build wealth.

Ready? Let’s get started!

Wherever you are in your college or post-graduate journey, there’s no time like the present to start thinking ahead to your home purchase. Let’s discuss the various strategies and financial products available to help you make your dreams of home ownership a reality. I’m here to help with expert guidance for your DC metro home purchase. Call 703-799-5626 for more information.

Click Here to download your personal guide.

Please share with those with whom this article may help .

Rates are subject to change.VA MC-928 | MD4272 | DCMLB3295 | KEVINS RETCHER 116922

Notice; Information about the author: Kevin Retcher is the Owner of First Meridian Mortgage since 1996 and can be reached at 703-799-5636, kevin@firstmeridianmortgage.com. His opinions are his and his alone, and not to be taken as legal advice. Always consult with a licensed professional. Also excuse grammar and spelling, I work with math for a living. © First Meridian Mortgage Corporation. NMLS# 180004 www.nmlsconsumeraccess.org, ©KSA Insurance agency, License NPN 8036794 VA License, Rates are subject to change without notice. Kevin Retcher is a licensed Realtor with Jobin Realty , Springfield Virginia, 703-642-8500

2019 Fannie Mae and Freddie Mac Conforming Loan Limits

New Conforming Loan Limits for 2019

The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018. The average increase for the House price Index rose 6.9% for the year which is the reason for the increase over the 2018 loan limits.

In High Cost counties they are adjusting between 115% to 150% of the Baseline which can result in a new max loan amount in high cost areas of $726,525. This is calculated by taking the baseline $484,350 multiplying by 150 to equal a max of $726,525.

Normally FHA and Veterans administration will follow will follow soon with there new limits if they are going to make any changes. The loan amounts for FHA and VA do not always follow the FHFA limits.

This brings us back to within a .5% of the all time high in the Loan limits which were at a max of $729,750 in July 2007 to Dec 2008. This was done during a stimulus period and they used 175% of $417,000 standard loan limit vs. the 150% of $484,350 they are using now. Shortly thereafter the limits were lowered when the recession and mortgage crisis occurred. Since then we have slowly increased loan limits as the economy has recovered. The new standard loan limit is technically the highest it has been at the new level of $484,350. These limits will allow for better pricing vs some jumbo products available and should be seen as a positive. Refinancing Adjustable Rate Mortgages with no Closing Cost into new fixed or Adjustable Rate Mortgage may benefit from the mortgage increases, allowing to roll in seconds, consolidate debt and lower the rates as they adjust up at there respective change dates.

As Always Semper Fi

For reference https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

Rates are subject to change.VA MC-928 | MD4272 | DCMLB3295 | KEVINS RETCHER 116922

Feb 13

kevin

Why I would not go to a Credit Union for a VA Loan.

Why you should Never Get a VA Loan from a Credit Union

I am a veteran owned Mortgage Company and I do not like our veterans overpaying on their mortgages. Often many of the serviceman’s first choice is to use one of the Credit Unions because they were on each base we served, but we need to help them understand that they should shop elsewhere. I will walk you through the simple steps to check the interest rates through Navy Federal, USAA, and Pentagon Federal. You will then be able to compare the difference to First Meridian Mortgage’s current Interest Rates. I contend that the most efficient place to get a mortgage is through a Mortgage Broker like First Meridian Mortgage. First Meridian Mortgage is a licensed mortgage broker in Virginia, Maryland and Washington DC. A Mortgage Broker will have 20 to 30 lenders to choose from for each product not just one. They can pick and choose which one has the best individual product. The lender that has the best VA Loan might not be the lender that has the best FHA Loan. Having multiple resources for each type of loan is what gives a Mortgage Broker the competitive advantage against on source operations like a Bank or Credit Union.

If you are a Realtor I know you have a tough time trying to steer Veterans away from using the big 3 – Navy Federal, Pentagon Federal, and USAA but showing them this video might help them understand the differences that are available. First Meridian Mortgage is located in Alexandria Virginia just outside of Fort Belvoir, In Fairfax County Virginia and can be contacted at 703-799-5626, or www.firstmeridianmortgage.com

Kevin Retcher – Semper FI – kevin@firstmeridianmortgage.com

VA Loans, Entitlement, Funding Fees, Loan Amounts,