Sun American Mortgage

In a recent news release, the Federal Housing Finance Agency announced an increase in the maximum conforming loan limit by nearly $100,000 since 2016! Starting January 1, 2020, the conventional loan limits for Fannie Mae and Freddie Mac will be more than $510,000, an increase from $484,350 in 2019. This new update applies to one-unit properties only. For the areas where the cost of living is higher, there will be an increase beyond this baseline limit depending on the county. Over the last year, the median home values have increased generally, and particularly in the high-cost areas. Maximum loan limits will increase in many counties. For the high-cost areas, the new ceiling loan limit for a one-unit property will rise to $765,600 or 150% of $510,400. For areas like Alaska, Hawaii, Guam and the US Virgin Islands where a special statutory provision exists, the baseline loan limit will be $765,600 for a one-unit property. The recent announcement by FHFA marks the fourth strai...

When my friend, Tony started to reach his mid 50’s, the old back injuries he’d sustained decades ago, playing college football, started to flare up & get worse. Patrice, his wife, had been in Healthcare for her whole career & just knew as they got older & injuries & age caught up with them that they’d end up forking over quite a bit of money to pay for medical bills. They’d done what most Americans do, & had a good career & funded a 401K for a few decades, but the reality is, it’s just not enough when you factor in health issues & unexpected expenses. They knew they needed extra financing and chose to get a Reverse Mortgage. They planned to find financial backup so that they could be prepared for anything that might come up.   Likewise, if you’re hitting your retirement years and you don’t want to, or can’t touch your lifetime savings yet, a reverse mortgage might be a lifesaving option for you like it was for Tony & Patrice.   Let me ex...

Saving enough money to afford a high down payment for a home purchase can take a long time. Luckily there is an option of mortgage loans with a low down payment, to no down payment. The typical required 20% down payment is outdated. New homebuyers have been taking the low down payment loans and the experience has been not just enjoyable, but a huge financial relief. In this post, we share what we learned after analyzing the home loan options available at Sun American mortgage. 1. FHA PROGRAMS FHA home loans are designed to favor the low to moderate-income earners, which allows new homebuyers to take advantage of the lenient credit score requirements. An FHA loan only requires a 3.5% down payment & has more flexible qualification guidelines. If you can’t qualify for the traditional mortgage loan types, FHA is a good alternative, thanks to the FHA guarantee. At Sun American Mortgage, you can get approved for an FHA loan if you have a decent credit score with at least 600s a...

Whether you’re looking to build a new home or refinance your existing one, you’re going to come across lots of different loan types in the process. The one I’d like to recommend is a conventional loan. You can even get a Conventional Loan right here in St. George, at Sun American Mortgage! You’re probably wondering how getting a Conventional loan will benefit you, right? Well In this post, we feature many of the benefits a conventional can give you, as well as how you can get one! WHAT IS A CONVENTIONAL LOAN? A conventional loan refers to a loan type that is not backed by government agencies. The conventional home mortgage conforms to standards set by Fannie Mae and Freddie Mac, the largest buyers of mortgage loans here in the US.  Conventional loans fall under two subcategories. These are conforming and non-conforming loans. Conforming loans follow the guidelines that are set by Fannie Mae and Freddie Mac. There are several kinds of non-conforming loans, the most common ...

Here are the need to know details for the 2018 Saint George Parade of Homes! When:  February 16 th -25 th ! Hours:  The homes are open from 10am -7pm Where:  The locations to the houses will be announced on February 15 th . You can also download the free mobile app for details on each home! Cost:  The tickets run $15 per person Details:  The 2018 Saint George Parade of Homes is almost here! The 2018 Parade of Homes features 28 brand new homes from some of the best builders in Southern Utah. To help make navigation easier this year we are recommend that you download the mobile app that are available for both Android and iPhone users. You can purchase your tickets online  here  or at the Red Cliffs Mall. If you purchase your ticket on-line, you will be instructed how to obtain the map/addresses. Please note that most builders would prefer you to remove your shoes or wear booties as there are over 30,000 visitors that come to the h...

I get a lot of questions from clients wondering what they can do to prepare to purchase a home a year or more down the road. Here are the apps I tend to recommend to my clients! 1.Clarity Money!  – This wonderful app helps us save our $$ by identifying waste. This free app does this by helping identify subscriptions you aren’t using or just don’t need. Another great perk is that it helps you negotiate your monthly expenses down to a lower rate! Lastly, it helps you with accountability and ensure you stay on your budget! I love this! 2. Acorns!  – I cannot overstate how much I love this one. Acorns helps you round up your purchases on your credit and debit cards that you link to the app. The differences that are rounded up to the nearest dollar are then transferred to your Acorns account. This account starts to work for you as it is invested into exchange traded funds. These funds are manageable as you can direct them to conservative or aggressive funds based on you...

When homeowners refinance, it gives them access to a new mortgage loan replacing its existing one. Homeowners can customize the details of a new mortgage loan including the loan’s mortgage rate, loan length in years and the amount borrowed. So, what makes a refinance attractive?  Refinancing  can be taken advantage of to reduce the monthly mortgage payment, withdraw cash for home improvement projects, cancel mortgage insurance, among other helpful uses. Here, we will break down the different types of refinance mortgages. RATE AND TERM REFINANCE This type of refinancing changes the interest rate and/or the length of the term and does not change the amount of principal. Perhaps the original mortgage terms made sense for you when you initially agreed to it but as time goes on, circumstances may change. For example, if you’re looking to trade your 7-year adjustable rate mortgage for long-term stability, doing a rate and term refinance into a 30-year fixed rate loan may...