3 Tips for Renters prepping for 2019

The New Year always screams goal setting, right? It’s time to look forward and envision where you see yourself this time next year. Is owning a home on your list of goals?

Before you stumble upon that dream home while out looking at holiday lights, take these three simple year-end steps that will jump-start your journey to homeownership. You’ll be well on your way to a new home before that New Year’s Eve countdown begins. 

1. Simple budget creation and review
2. Talk with a lender
3. Look at your down payment options

How much are you currently spending each month on cars, credit cards, student loans, rent and other housing related expenses, like utilities? What is that amount annually? Do you anticipate any rent increases?

Take a look at your other expenses too. You want to have a solid understanding of your monthly income and expenses so you know what you can handle for a mortgage payment. This exercise will keep you from jumping into a mortgage payment that stretches you and your family too far.

And, with homeownership comes home maintenance so it’s important to have a cushion for those necessary (and sometimes fun!) projects.

Mortgages are not one size fits all. You want to work with a lender who is experienced and can listen to your goals and budget to find the best loan that fits your needs. Make a plan to talk to a lender before year end. Learn about their low down payment options, fees and the monthly and lifetime cost of your mortgage.

Check out our five essential lender interview questions for a guide on what to ask prospective mortgage lenders.

Do you know about homebuyer programs that can help you save on your down payment and closing costs? Down payment programs can give you a major homeownership boost in the form of grants, forgivable loans and tax credits. But, they also require approvals and paperwork so you want to get your options on the table soon.

Investigate what’s available in the area you plan to buy. Use our down payment assistance program finder to answer a few question about your household to narrow down your options.

Good luck and happy New Year!

I am here to help, and if you need guidance on starting a budget just reach out.

Aundrea Beach-Greco
Mortgage Advisor, CMPS - NMLS 333739
702-326-7866
info@aundreabeach.com

Go online to learn more >> www.AundreaBeach.com

FHA Mortgage Loan Limits Increase in 2019

FHA boosts its loan limits for 2019 by nearly 7%

Come January 1, 2019, the Federal Housing Administration's (FHA's) loan limits are set to increase across most areas in the country. The U.S. Department of Housing and Urban Development (HUD) announced that FHA loan limits would be increasing in more than 3,000 counties.

FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set single-family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.

FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65% of the national conforming loan limit of $484,350. This floor applies to those areas where 115% of the median home price is less than the floor limit.

Any areas where the loan limit exceeds this floor is considered a high-cost area, and HERA requires FHA to set its maximum loan limit "ceiling" for high-cost areas at 150% of the national conforming limit.

Loan Limit Look Up 

NEVADA - CLARK COUNTY 

Mortgage maximums as of Tuesday January 01, 2019
(1 records were selected, 1 records displayed.)

MSA Name

MSA Code

Division

County Name

County Code

State

One-Family

Two-Family

Three-Family

Four-Family

Median Sale Price

Last Revised

Limit Year

LAS VEGAS-HENDERSON-PARADISE, NV

29820

CLARK

003

NV

$322,000

$412,200

$498,250

$619,250

$280,000

01/01/2019

CY2019

LOAN LIMITS - 2019

The CY2019 basic standard mortgage limits for FHA insured loans are:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$314,827.00		$403,125.00		$487,250.00		$605,525.00
	HECM		$726,525.00
	Fannie/Freddie		$484,350.00		$620,200.00		$749,650.00		$931,600.00

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High-cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits The ceilings for CY2019 are:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$726,525.00		$930,300.00		$1,124,475.00		$1,397,400.00
	HECM		$726,525.00
	Fannie/Freddie		$726,525.00		$930,300.00		$1,124,475.00		$1,397,400.00

---

Section 214 of the National Housing Act provides that mortgage limits for Alaska, Guam, Hawaii, and the Virgin Islands may be adjusted up to 150 percent of the new ceilings. This results in new CY2019 ceilings for these areas of:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$1,089,775.00		$1,395,450.00		$1,686,700.00		$2,096,100.00
	Fannie/Freddie		$1,089,775.00		$1,395,450.00		$1,686,700.00		$2,096,100.00

---

FHA Motgagee Letter


Call me for details and to get pre-approved today!

Aundrea Beach-Greco
NMLS 333739
702-326-7866
info@aundreabeach.com
www.AundreaBeach.com

Conforming Mortgage Loan Limits Increase in 2019

Conventional Loan Limits

Summary:  In line with the Federal Housing Finance Agency (FHFA) announcement, Fannie Mae and Freddie Mac are increasing their maximum base conforming and high-cost area loan limits on January 1, 2019.

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $484,350

CMG will permit locks under the new limits as noted below:

• Effective Monday, December 3, 2018, loans can be locked under new loan limits; however, the loan must be locked through 12/31/2018.  As long as the lock is valid through 12/31/2018 the loan may be closed/funded prior to 12/31/2018.

Maximum Loan Amount for 2019
Units	Contiguous States, District of Columbia		Alaska, Hawaii
	2019	2018	2019	2018
1	$484,350	$453,100	$726,525	$679,650
2	$620,200	$580,150	$930,300	$930,300
3	$749,650	$701,250	$1,124,475	$1,051,875
4	$931,600	$871,450	$1,397,400	$1,307,175

Maximum Loan Amount for High-Cost Areas 2019 (“High Balance”)
Units	Contiguous States, District of Columbia		Alaska, Hawaii
	2019*	2018	2019	2018
1	$726,525	$679,650	Not applicable	$1,019,475
2	$930,300	$870,225		$1,305,325
3	$1,124,475	$1,051,875		$1,577,800
4	$1,397,400	$1,307,175		$1,960,750

*A number of states (including Alaska and Hawaii) do not have any high-cost areas in 2019.  Twenty states and DC have one or more counties with high costs limits:  click here to look up specific limits in your area.

As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2019 in all but 47 counties or county equivalents in the U.S. 

The above limits apply to conventional conforming loans only, please watch for additional updates in regards to the impact for FHA and VA loans

Link:  For a list of the 2019 maximum loan limits for all counties and county-equivalent areas in the U.S. click here

Equal Housing Opportunity This message is for the designated recipient only and may contain privileged, proprietary, or otherwise private information. Any unauthorized use, dissemination of the information, or copying of this message is prohibited. If you are not the intended addressee, please notify the sender immediately and delete this message. CMG Financial. All Rights Reserved. CMG Financial is a division of CMG Mortgage, Inc. NMLS# 1820. Corporate Address: 3160 Crow Canyon Road Suite 400, San Ramon, CA 94583; www.cmgfi.com. CMG Mortgage, Inc. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act #4150025, California Finance Lenders Law #6053674. To verify our additional state licenses, please log onto the following website, www.nmlsconsumeraccess.org.   ­­  

Want more info?

Aundrea Beach-Greco

Mortgage Advisor, CMPS 

NMLS 333739
Call/Text 702-326-7866

info@aundreabeach.com

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