Mortgage Rates Low and Steady…sort of

Freddie Mac released their weekly mortgage rate survey showing that mortgage rates have been keeping pretty low so far this year. It’s important to note that the survey is based on mortgage rates from last week and so therefore, they technically are not “current”. You cannot lock in mortgage rates from last week just as you cannot buy last week’s hot stock price.

You can see from the chart above that rates have actually been a bit bouncy. A lot of that is due to the trade war in China and other world issues. Good news tends and a strong stock market generally causes mortgage rates to trend higher. Where the opposite tends to cause mortgage rates to drop since mortgage rates are based on bonds (mortgage backed securities).

If you are interested in locking in a low mortgage interest rate for your refi or home purchase, I recommend you start an application or get a rate quote (for homes located in Washington state only).

Welcome to 2020!

Happy New Year from our family and Hitch

We are just into our second week of the new year and I hope your new year is off to a great start! I like to use this time of year to review my goals and make adjustments to my plans. [Read more…]

2020 VA Loan Limits for Washington State

The loan limits for VA mortgage loans have been announced. 2020 VA loan limits will follow conforming mortgage limits for single family homes.

Here are the 2020 VA Loan Limits:

King County, Pierce County and Snohomish County: $741,750

All other counties: $510,400

Technically, VA loans do not have “loan limits”. VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment.  Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.

If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.

Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.

If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.

‘Tis the Season to not sabotage your credit

Several weeks before the holiday season sets in, we begin to see those commercials I absolute dread. You know, the luxury cars with giant red bows on them…the recipient gushes, “you shouldn’t have!”… and they’re right, the gift giver probably should not have – especially if they’re considering buying or refinancing a home. [Read more…]

2020 FHA Loan Limits for homes in Washington State

Here is a complete list of FHA loan limits for all counties in Washington for 2020. The new loan limits go into effect on FHA case numbers issued January 1, 2020 and after. [Read more…]

Breaking News: 2020 Loan Limits Announced from HUD

HUD has released the FHA loan limits for 2020.

Seattle – King County, Tacoma – Pierce County and Everett – Snohomish County all have higher loan limits at $741,750 for a single family home.  Homes located in King, Snohomish and Pierce Counties qualify for a higher loan amount as the counties are considered “high cost”. 

FHA mortgage loans are not limited to first time home buyers and do not have income limits. Loan limits do vary by the county the home is located in. Here is a complete list of 2020 FHA loan limits for in Washington State.

If you’re interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help!

 

 

Conforming Loan Limits for 2020 for Washington State

Conforming loan limits are increasing for 2020 to $510,400 for a single family dwelling. Counties that are considered “high cost” such as King County, Pierce County and Snohomish County qualify to have a “high balance conforming” loan limit of $741,750. [Read more…]

New Mortgage Programs!

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