House Key Washington State Bond financing to return

Washington State Bond House KeyIt’s anticipated that funds will become available for the House Key program in a couple weeks. House Key is the Washington state bond program that offers below market rates to borrowers that meet certain criteria, including income limits. Income limits vary by county and family size.

Home buyers who use House Key for their financing often combine it with one of the many down payment assistance programs offered through the Washington State Housing Finance Commission.

Because the rates are lower and funds are limited, this program typically is available for a short amount of time.

House Key does require borrowers to attend a WSHFC sponsored home buyer class. Here’s a list of WSHFC sponsored classes that I’m teaching.  If you’re interested in House Key

House Key cannot be combined with MCC (mortgage credit certificates).

Do you want to keep informed when funds for House Key become available or other mortgage programs? Subscribe to my blog in the upper right corner. You will receive my articles via email and you can unsubscribe at any time.

 

 

What May Impact Mortgage Rates this Week: April 14, 2014

mortgageporter-economyMy apologies for the late posting… we decided to have a long weekend and so I took Monday off. Here are some of the economic indicators scheduled to be released this week which may impact the direction of mortgage interest rates:

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What is a Mortgage Credit Certificate or MCC?

Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes.  The MCC remains available as long as the borrower owns and occupies the property.

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Home Buyer Class in Green Lake

Seattle Home Buyer ClassesDo you or someone you know want to learn more about the home buying process? If so, you might consider attending my next Home Buyer Class that I will be teaching with Jim Reppond of Coldwell Banker Danforth. This class is sponsored by the Washington State Housing Finance Commission and participants are eligible for down payment assistance, programs like Home Advantage or Home Possible and/or mortgage credit certificates (MCC).

When: Saturday, April 19, 2014 beginning at 11:00 am (when the library opens). The Commission requires their course to be a minimum of 5 hours long and we will do our best to wrap up by 4:00pm.

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What May Impact Mortgage Rates this Week: April 7, 2014

mortgageporter-economyThis week’s calendar may seem on the lighter side with regards to economic indicators scheduled to be released. There are no economic indicator scheduled to be released this week. On Wednesday, the FOMC Minutes are scheduled to be released and this probably has the potential to influence the direction of mortgage interest rates. Remember, mortgage rates are based on bonds (mortgage backed securities) and often move in the opposite direction of stocks.

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WSHFC now offers reduced mortgage rates with no DPA

2013-03-07_0746The Washington State Housing Finance Commission offers several mortgage programs with various types of down payment assistance for home buyers. In order to qualify for the program, home buyers need to have household income of $97,000 or lower and attend a WSHFC sponsored home buyers class.

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What may impact mortgage rates this week: March 31, 2014

MortgagePorter-JobsReportMortgage interest rates bounced around last week more than they have in a while. This week could prove to be turbulent with the Jobs Report being released on Friday. Remember, mortgage rates are based on bonds (mortgage backed securities) and they often move the opposite direction of stocks. This is because traders tend to seek the safety of bonds when the stock market is being hit. The reverse is also true. We may also see mortgage rates trend higher when data reveals signs of inflation. Here are some of the economic indicators scheduled to be released this week:

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Seattle RE Chat: What’s going on in the Seattle real estate market?

In this episode of Seattle RE Chat, Jim Reppond of Coldwell Banker Danforth and I discuss what’s going on in the Seattle real estate market, including the lack of inventory.

Side note: if you have been considering selling your home, today’s lack of inventory could make this a prime time for you to sell your home.

Seattle RE Chat is a Google Hangout that takes place on Tuesdays at 10am Seattle-time. You can follow us on Twitter at @Seattlerechat or #seattlerechat