Not so good karma for your credit?

I just received an email from a popular credit reporting service suggesting that I open new accounts.

Carma

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Friday Funny on Debt

All sarcasm aside, if you want to buy or refinance a home, think twice before going deeper into debt.

If buying or refinancing a home in Washington state is on your radar, please contact me – I’m happy to help you with your mortgage needs and develop a game plan.

Fannie Mae Changes Reserves Requirements for Multiple Financed Properties

Fannie Mae is requiring additional reserves when a borrower has more than one financed property. The amount of reserves is based on a percentage of the unpaid principal balance (UPB).  Reserves are liquid funds that you have access to.  Reserves are funds you need to have after closing your transaction. Funds for reserves cannot be your funds for down payment or closing cost.

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Freddie Mac PMMS: Lowest Rates since May 2013

This morning Freddie Mac released their Prime Mortgage Market Survey which revealed that last weeks rates hit another low for this year.
2016 apri 14 pmms
If you are interested in seeing if refinancing makes sense, I am happy to review your scenario and provide you with a no-hassle rate quote. Of course I’m happy to help you buy a home too. 🙂 Click here to start the preapproval process.

FHA revises guidelines for calculating student loans

mortgageporter_student_loansTonight HUD announced that they are backing off how they have been treating student loan debts for people who are trying to qualify for a mortgage.

From HUD’s announcement:

“…FHA believes that its approach provides the appropriate balance between expanding access to credit and ensuring that the borrower is able to maintain successful, long-term homeownership.

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Fannie Mae’s Home Ready Mortgage

2013-03-07_0746The Home Ready Mortgage is a mortgage program created by Fannie Mae intended to help low-to-moderate income borrowers with good credit buy or refinance a home.

Here are more details about the Home Ready Mortgage:

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Home Buyer Class in Kent

Seattle Home Buyer Classes****THIS CLASS HAS BEEN CANCELLED****

I will be teaching a home buyer class in Kent with Ira Sacharoff of Better Properties Real Estate on Saturday, April 23, 2016 at Mortgage Master Service Corporation’s home office which is located just south of South Center on West Valley Highway.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs 

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Freddie Mac PMMS Reports lowest rates of 2016

freddie mac pmms April 7 2016
Freddie Mac’s Prime Market Mortgage Survey reports that the 30 year fixed conventional mortgage had an average interest rate of 3.59% with 0.5 points last week.

Mortgage rates are indeed very low right now making this a great opportunity to consider refinancing your current home or investment property. If your home is located anywhere in Washington state, I’m more than happy to help you. Click here for a no-hassle rate quote.