3 Ways Mortgages Are Easier to Get in 2016
Relaxed rules help retirees, first-time buyers and buyers in expensive markets.
Changes to look for in 2016:
Higher loan limits. Home buyers in nine high-cost metro areas can borrow more before resorting to “jumbo” loans. For most of the country, the limit is still $417,000 for loans backed by Fannie Mae or Freddie Mac.
Regulators raised the conforming-loan ceilings in Napa, Salinas, San Diego and Santa Rosa, Calif.; Denver and Boulder, Colo.; Boston, Nashville and Seattle. New limits range from $437,000 in Nashville to $625,500 in Napa.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
More qualifying assets. Freddie Mac allows borrowers to include the full value—up from 70%—of retirement-account assets to meet reserve requirements. Borrowers can also use vested stock options as a source of funds for reserves, down payments and closing costs.
First-time-buyer help. Buyers whose parents help them as co-borrowers don’t have to ante up a minimum of 5% of the down payment, as long as the total down payment is more than 20% of the purchase price. Co-borrowers can also contribute toward reserves, down payments and closing costs.
-
The New Rules of RetirementPopular guidelines about how to save, invest and spend need to be updated and personalized to ensure you'll never run out of money.
-
Humanoid Robots Are About to be Put to the TestThe Kiplinger Letter Robot makers are in a full-on sprint to take over factories, warehouses and homes, but lofty visions of rapid adoption are outpacing the technology’s reality.
-
A Value Focus Clips Returns for This Mairs & Power Growth FundRough years for UnitedHealth and Fiserv have weighed on returns for one of our favorite mutual funds.
-
9 Types of Insurance You Probably Don't NeedFinancial Planning If you're paying for these types of insurance, you may be wasting your money. Here's what you need to know.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2026Roth IRAs Roth IRAs allow you to save for retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.
-
How to Search For Foreclosures Near You: Best Websites for ListingsMaking Your Money Last Searching for a foreclosed home? These top-rated foreclosure websites — including free, paid and government options — can help you find listings near you.
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage RatesLuxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
