Great news for homebuyers in Los Angeles and in the Bay Area, Fannie Mae and Freddie Mac have set new conforming loan limits for a one-unit residence from $647,200 to $726,200 starting in 2023.  They also establish a ceiling of $1,089,300 for high balance loans on one-unit homes.  The high balance loans are subject to

What’s my purchase power?  How much can I afford?  What information was used to determine the maximum loan amount? Your mortgage professional will review the income documents to calculate the gross income from all sources.  The maximum debt ratio (total debt divided by total income) is generally at 45%.  In other words, if your gross

Credit score plays a very important role in your home shopping experience.  A credit score is a number that represents your credit risk.  Lenders use this to determine whether to issue the loan and the rate they offer is based on this number. You can obtain a copy of your credit report for free annually

The end of year is the perfect time to purchase a home.  Why?  Much less competition.  Most people are busy with the upcoming holidays, Black Friday, Cyber Monday, Year-End Sales, just to name a few. Step three – Q&As time: After providing crucial documents, prepare to ask and answer questions from your mortgage professional.  I