Lowest Mortgage Rates of 2017

Freddie Mac just released their weekly survey of mortgage rates showing that rates have hit the lowest point so far this year with the 30 year fixed averging 3.95% with 0.5 points.

So if you’ve been waiting to refinance, my suggestion is to jump on it as rates can change quickly. If your home is located anywhere in the state of Washington, where I’m licensed, I’m happy to help you with your refi or purchase. Click here for a mortgage rate quote.

Mortgage Master is now financing Manufactured Homes

Mortgage Master Service Corporation has started allowing the financing of manufactured homes again using FHA or VA mortgages. Here are some of our basic guidelines:

  • Manufactured home must be newer than June 15, 1976
  • Must be at least a double-wide (i.e. no single wide homes)
  • Must have the HUD labels on the exterior of each transportable section
  • Home must be 400 square feet or larger
  • The manufactured home has to be above the 100 year flood level for the area & must have a properly ventilated crawl space.
  • For a new manufactured home, it must have a minimum of a one year manufacturer’s warranty.
  • The home cannot have been moved other than from the manufacturer to the permanent site.
  • Manufactured home must be on it’s own land (not leasing in a park).
  • If a manufactured has had a home addition e.g. a new deck, re-roofed, added wood stove & has pierced the skin of the manufactured home, there must be an L&I inspection (Labor & Industries) approving these additions.

Foundation Requirements

  • To be considered FHA approval, the foundation must be permanently affixed to a foundation that meets FHA’s standards
  • The foundation’s installation must comply with the guidelines outlined in the HUD manual “Permanent Foundations Guide for Manufactured Housing” Code 4930.3
  • A structural engineering certification for the home and foundation is required to ensure the foundation meets FHA requirements. This inspection has to be done prior to ordering the FHA appraisal.

If you’re interested in buying or refinancing a manufactured home located in Washington state, I’m happy to help you. Click here for a mortgage rate quote.

FHA vs Conventional Low Down Payment Mortgages for Home Buyers

It is a very competitive market for home buyers in the greater Seattle area. I’m finding that many of my clients who are using FHA for financing are not feeling the love from home sellers. It’s not unusual for home sellers, or more likely their Listing Agent, to steer away from FHA offers when a conventional offer is in hand. [Read more…]

HARP Refi’s are still available…for a few more months!

The Home Affordable Refinance Program (also known as HARP) which helped many home owners refinance their underwater homes into lower rates following the melt-down, is scheduled to end later this summer. [Read more…]

Improvements to Credit Scoring

Earlier this year, the three major credit bureaus (aka “credit reporting agencies” or “CRAs”), Experian, Equifax and Transunion, came to a settlement with the New York Attorney General impacting credit reporting. It is anticipated that the settlement will help some consumers improve their scores by 10-40 points. [Read more…]

USDA Income Limits

USDA offers a no-down payment mortgage program which is available in rural areas (typically a town with population of 10,000 or less). USDA does not have loan limits, the program is limited by household income and if the property is in a USDA designated location. [Read more…]

Updates to Fannie Mae Guidelines

Last week, Fannie Mae released Selling Guide Announcement SEL-2017-04 with underwriting updates, including the special pricing for when home owners refinance their home to pay off student loans. Fannie Mae is the Federal National Mortgage Association and basically provides funding for conventional “conforming” loans. [Read more…]

Are you remodeling your greater Seattle or Tacoma area home?

We’re getting ready to remodel our kitchen and recently discovered Second Use. Second Use is locations in Seattle Tacoma. They sell second-hand items for your home from furniture to all types of fixtures. [Read more…]