USDA Income Limits updated for 2017

The income limits for USDA no-down payment mortgages has been recently updated…of course this took place soon after I posted income limits! ūüėČ ¬†Just goes to show you that you have to keep in mind that guidelines are constantly changing in the mortgage industry and just because it’s published on a blog (or any website), it may not be the most current or accurate information. What that said…here is the updated post. [Read more…]

Lowest Mortgage Rates of 2017

Freddie Mac just released their weekly survey of mortgage rates showing that rates have hit the lowest point so far this year with the 30 year fixed averging 3.95% with 0.5 points.


So if you’ve been waiting to refinance, my suggestion is to jump on it as rates can change quickly. If your home is located anywhere in the state of Washington, where I’m licensed, I’m happy to help you with your refi or purchase. Click here for a mortgage rate quote.

Mortgage Master is now financing Manufactured Homes

Mortgage Master Service Corporation has started allowing the financing of manufactured homes again using FHA or VA mortgages. Here are some of our basic guidelines: [Read more…]

FHA vs Conventional Low Down Payment Mortgages for Home Buyers

It is a very competitive market for home buyers in the greater Seattle area. I’m finding that many of my clients who are using FHA for financing are not feeling the love from home sellers. It’s not unusual for home sellers, or more likely their Listing Agent, to steer away from FHA offers when a conventional offer is in hand. [Read more…]

HARP Refi’s are still available…for a few more months!

The Home Affordable Refinance Program (also known as HARP) which helped many home owners refinance their underwater homes into lower rates following the melt-down, is scheduled to end later this summer. [Read more…]

Improvements to Credit Scoring

Earlier this year, the three major credit bureaus (aka “credit reporting agencies” or “CRAs”), Experian, Equifax and Transunion, came to a settlement with the New York Attorney General impacting credit reporting. It is anticipated that the settlement will help some consumers improve their scores by 10-40 points. [Read more…]

USDA Income Limits

EDITORS NOTE June 5, 2017: Of course USDA income limits were updated right after I published this post! Please click here for 2017 income limits for USDA mortgages in Washington state.

USDA offers a no-down payment mortgage program which is available in rural areas (typically a town with population of 10,000 or less). USDA does not have loan limits, the program is limited by household income and if the property is in a USDA designated location. [Read more…]

Updates to Fannie Mae Guidelines

Last week, Fannie Mae released Selling Guide Announcement SEL-2017-04 with underwriting updates, including the special pricing for when home owners refinance their home to pay off student loans. Fannie Mae is the Federal National Mortgage Association and basically provides funding for conventional “conforming” loans. [Read more…]