Homebuyers struggling to come up with a downpayment just received some welcomed good news. The IRS announced an increase in the gift funds limit for 2023. The new limit for the year per person, per recipient, is $17,000, up from the previous $16,000. This means that a homebuyer can receive up to $17,000 as a gift from a person without having to pay taxes on the gift.

In March, the US Department of Housing and Urban Development (HUD) will be reducing the annual mortgage insurance premiums (MIP) on FHA mortgages, which are insured by HUD's Federal Housing Administration. Currently, FHA mortgage borrowers must pay 1.75% of their loan amount in upfront mortgage insurance costs, and they typically pay an annual premium of 0.85%, which is added to their monthly mortgage payment. However, with the new lower rates, borrowers of new FHA mortgages will pay only 0.55% of their loan amount annually in mortgage insurance costs.

Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.

Believe it or not, it’s already time to start prepping those tax returns for 2022! This time of year we get many questions regarding what information is needed regarding mortgages to file taxes, as well as what could be a tax deduction.

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

The housing market is undergoing a shift, and Wall Street has taken notice. Institutional investors have amassed a massive $110 billion to purchase or build single-family rentals, marking the largest amount of investment ever made for acquiring US homes.

Buying a home is a momentous event for any couple, but for those who are not married, the process can come with additional challenges. If you're in a committed relationship and considering co-owning a property, it's important to understand the legal and financial implications and to take the necessary steps to protect both of your interests.

Buying a home is an exciting time in a newly married or engaged couple's life, but it can also be a little overwhelming. With so many factors to consider, it's important to be well-prepared and informed. In this blog, we'll share tips and advice to help make the process of buying your first home together as smooth and stress-free as possible. So, let's start this exciting journey together!

Are you tired of hearing rumors of a housing crash and skyrocketing mortgage rates? Look no further! Chris and the team are here to set the record straight and give you the real scoop on the current real estate market. Despite what the media may have you believe, Chris and Mindy have the data to prove that a housing crash is not imminent and that mortgage rates are not destined to soar. The current market is vastly different from the 2008 market, with stricter credit standards, a shortage of homes, and home equity. With low unemployment rates and qualified loan recipients, a housing crash is not likely. The team also touches on the effect of the COVID pandemic on mortgage rates, which were artificially low, but have since been adjusted. Don't miss out on the opportunity to learn about the real estate market from an expert and get the facts straight. Watch now to stay ahead of the game!