Conforming Mortgages set to Reduce Minimum Down Payment

Mel_WattAt the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.

From his prepared speech:

“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent.  Through these revised guidelines, we believe that the Enterprises will be able to responsibly serve a targeted segment of creditworthy borrowers with lower-down payment mortgages by taking into account “compensating factors.”  While this is a much more narrow effort than our work on the Representation and Warranty Framework, it is yet another much needed piece to the broader access to credit puzzle.  Further details about these new guidelines will be available in the coming weeks as we continue to advance FHFA’s mission of ensuring safety, soundness and liquidity in the housing finance markets.”

Washington state home-buyers can already buy a home using a conventional mortgage with lower down payments (and down payment assistance) if they use a program like WSHFC’s Home Advantage Mortgage. However, this program requires the borrowers attend a WSHFC sponsored home-buyer education class.

Bottom line, if you’re wanting a reduced down payment conforming mortgage, you don’t need to wait on the FHFA to make it happen. It’s available now!  For more information, or a hassle-free rate quote, please contact me.

What May Impact Mortgage Rates this Week: October 20, 2014 – LOWER RATES

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Rent or Buy in Seattle: Seattle RE Chat [Video]

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Comparing the 20 Year Fixed Conventional Mortgage to a 15 Year and 30 Year [Mortgage Rate Post]

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How much can mortgage rates change in a day?

Today was one of the most volatile days we’ve seen in years. I believe it’s the biggest hit the DOW has seen in three years. Mortgage rates started off surprisingly low this morning and this afternoon, they are heading back up. I still have a couple lenders who are still under 4% for a 30 year fixed conventional mortgage, as I write this post (3:09 pm, October 15, 2014).

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Mortgage Rates Drop to new 2014 Lows

The 30 year fixed  is back under 4.000% as I write this post. Rates change constantly and with how volatile the markets have been, we could see mortgage rates bounce back up as quickly as they’ve dropped down.

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I’m a Finalist!

311029_2412128996877_1249122151_nI am humbled to be a finalist in three categories at the 2014 Business and Humanitarian Awards Leadership Awards Gala. This annual dinner is an event that is organized by the Washington Association of Mortgage Professionals (WAMP).  I am a finalist in the following categories: Loan Originator, Media/Marketing Company (Mortgage Porter) and Media/Marketing Individual (Mortgage Porter).

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What May Impact Mortgage Rates this Week: October 13, 2014 – Mortgage Rates are LOWER

mortgageporter-economyHappy Columbus Day from Seattle – oh snap, I mean Happy Indigenous People’s Day. Regardless of which holiday you chose to celebrate, today is a Federal holiday and many offices are closed, including recording offices (no closings will be taking place today). Our office is open and I’m happy to help you with your mortgage needs. As today is a holiday, markets are closed. Here are some of the economic indicators scheduled to be released the rest of this week:

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