New Income Limits for WSHFC Down Payment Programs

The Washington State Housing Finance Commission has announced new income limits for some of their mortgage programs.

Here are the new income limits effective May 6, 2019:

Home Advantage Needs Based Down Payment Assistance Program:

  • King County: $108,600
  • Snohomish County: $108,600
  • All other counties: $86,300

The “needs based” program allows home buyers to receive up to $10,000 in down payment assistance instead of 4% of the loan amount (which depending on the loan amount, may be higher than $10,000). In order to qualify for the “needs based” down payment assistance, a home buyer must have a higher debt to income ratio.

Home Choice Down Payment Assistance Program:

  • King County: $108,600
  • Snohomish County: $108,600
  • All other counties: $86,300

Home Choice is a down payment assistance program for qualified home buyers with a disability or a family member with a disability living with them.

Veterans Down Payment Assistance:

  • King County: $108,600
  • Snohomish County: $108,600
  • All other counties: $86,300

NOTE: I have not had the opportunity to use this down payment assistance program as of yet. The Veterans I have had the honor of working with have not needed down payment assistance simply by using rebate pricing (if needed) to help cover closing cost.

Opportunity Down Payment Assistance

COUNTY 1-2 persons 3+ Persons
King/Snohomish $70,600 $88,250
Clark/Island/Kitsap/Pierce/Skamania/Thurston/Whatcom $56,250 $70,300
All other counties $49,950 $62,400

The Opportunity Down Payment Assistance Program is available in targeted areas. Home buyers must also qualify to for a “Opportunity” first mortgage program. Opportunity is also known as the “State Bond” program.

Washington State Housing Finance Commission down payment assistance programs are only available in conjunction with a WSHFC first mortgage and for homes located in Washington state. Programs and guidelines are, of course, subject to change.

At Mortgage Master Service Corporation, we are proud to be able to offer programs provided by the Washington State Housing Finance Commission.  For more information about down payment assistance mortgage programs or any mortgage for homes located in Renton, Redmond, Ravensdale or anywhere in Washington state, where I’m licensed, please contact me!

 

 

 

 

 

 

 

 

Big Changes Coming to Real Estate Excise Tax for Washington State Homes

wordswag_1556818054305The Washington State Senate has passed revisions to excise tax that is paid when real estate is sold or transferred. Instead of having a flat rate, the new tax once signed into law by Governor Inslee, will be graduated. Some will enjoy a lower tax rate while others will pay a significantly higher tax rate. Real estate excise tax is typically a cost paid for by the seller. In San Juan County, the excise tax has been split by both the seller and buyer of real estate. Many would argue that excise tax (as with other cost of selling, such as real estate commission) is often passed onto the buyer as it is factored into the sales price. [Read more…]

Mortgage Rates trending higher

Freddie Mac’s weekly mortgage rate report (PMMS) based on a survey of mortgage interest rates from applications last week show that mortgage rates continued to move higher.

20190425pmms

You can see from the graph that mortgage rates are still very low…just not as low as they were for a couple weeks in late March.

Of course it’s important to note that the report is showing an average from last week… and you can only have a mortgage rate from last week IF you locked in that rate last week.

If you are considering buying or refinancing a home located anywhere in Washington state, or if you would like to see current mortgage rates for your Washington home, please contact me! I am happy to help you or anyone you know.

 

Mortgage Home Loans for Non-Citizen Borrowers

Recently Fannie Mae added clarity to their guidelines regarding non-citizen borrowers being eligible to qualify for a conventional mortgage. According to Fannie Mae, this is not a change to existing policy, it is just (much needed) clarification for lenders.

In order to be eligible, a borrower must be “legally present” in the United States. This means the borrower must have: [Read more…]

RIP RainCityGuide

6a00d834522f5769e2010537042aad970c-600wiRain City Guide, back in the day, was a resource for people interested in all things about Seattle…especially real estate. I was beyond honored to join the RCG panel back in 2007 to represent the mortgage industry. [Read more…]

When should you refi a low FHA mortgage rate?

Beautiful luxury home exterior at twilightMany homeowners are hanging onto very low mortgage rates when they should perhaps consider refinancing the mortgage for a higher rate. What??? [Read more…]

The REAL Income Needed to Buy Median-Priced Home in Seattle

Seattle income

KOMO News is reporting that it takes an income of $105K to buy a median-priced home in the Seattle area. This is based off a report from HSH.com.  When you dig deeper into the report, here’s how HSH.com came up with their numbers: [Read more…]

Buying a Home Using Your S.O.’s Income

Recently I helped a couple buy a home in King County. They’re engaged, had been living together for many years and were ready to purchase their first home. One of them, Billy Bellevue, had some credit issues and it made more sense for them to only have Susie Seattle’s on the transaction. [Read more…]