Last night, Fannie Mae announced they are essentially going to be limiting how many second homes and investment properties they will provide mortgages for. This is largely due to the additional risk associated with second homes and investment properties. This goes into effect with loans delivered to Fannie Mae on April 1, 2021 – which pretty much means “immediately” as mortgage loans are delivered to Fannie Mae (or Freddie Mac) after they close…sometimes weeks after they close with the originating mortgage company. [Read more…]
2021 Conforming Loan Limits for Washington
November 24, 2020 by Leave a Comment
Conforming loan limits are increasing again this year with the “base” loan limit for a single family home raised to $548,250.
Conforming high balance areas for King, Snohomish and Pierce counties have have higher limits for 2021 as well.
King County, Snohomish County and Pierce County:
- One Unit: $776,250
- Two Unit: $993,750
- Three Unit: $1,201,200
- Four Unit: $1,492,800
Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, Kitsap, Kittatas, Klickitat, Lewis, Mason, Okanogan, Pacific, Pend Oreille, San Juan, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima Counties:
- One Unit: $548,250
- Two Unit: $702,000
- Three Unit: $848,500
- Four Unit: $1,054,500
I have been helping people refinance and buy homes in Washington state since 2000 at Mortgage Master Service Corporation. If I can help you with your mortgage needs, please contact me.
Breaking News: 2021 Conforming Loan Limits Increased to $548,250
November 24, 2020 by Leave a Comment
The Federal Housing Finance Agency has just announced the 2021 conforming loan limits for a single family dwelling will increase to $548,250. This is a jump higher from 2020’s limit of $510,400.
This amount is considered the base loan limit. Homes located in designated high cost areas, like King County, Pierce County and Snohomish County, will have a “high balance” conforming loan limit of $776,250.
Click here for a complete list of Washington state counties and their 2021 conforming loan limits.
I will let you know when FHA and VA announce 2021 loan limits.
Appraisal Waivers on Conforming Mortgages
September 25, 2020 by Leave a Comment
Some conforming mortgages for refinances or home purchases may not require an appraisal. It all boils down to what the response is from Fannie Mae or Freddie Mac’s automated underwriting systems on whether or not an appraisal is required. You may have perfect credit and tons of equity in your home, yet no appraisal waiver if Fannie or Freddie’s underwriting systems determine it’s not eligible.
Your next conforming mortgage might be eligible to not have an appraisal if it meets the following criteria: [Read more…]
FHFA delays Refi Tax until December 1, 2020
August 25, 2020 by Leave a Comment
The Federal Housing Finance Agency that oversees Fannie Mae and Freddie Mac (conventional lenders), has announced they are delaying the “adverse market fee” until December 1, 2020.
There was significant balking across the mortgage industry when the FHFA announced the fee back on the evening of August 12th which effectively went into effect immediately on new refi’s (since it’s based on when loans are delivered to Fannie Mae or Freddie Mac). This was essentially a 0.5% tax on mortgage lenders existing pipelines – some loans in the pipeline were not able to have the 0.5% hit factored into the pricing of the interest rate. [Read more…]
Federal Housing Finance Agency issues half-point fee on conventional refinances
August 12, 2020 by Leave a Comment
Fannie Mae and Freddie Mac (regulated by the Federal Housing Finance Agency) announced they are adding an “Adverse Market Refinance Fee” of 50 basis points that is effective on refinance mortgages delivered to Fannie Mae or Freddie Mac starting September 1, 2020. This is a huge hit to mortgage lenders across the country. [Read more…]
Forbearance Guidelines Updated for Conventional Financing
May 23, 2020 by Leave a Comment
This week Fannie Mae and Freddie Mac updated guidelines for how soon home owners can obtain a new mortgage if they have entered into a forbearance agreement with their current lender. Most of the focus with this program is that it’s not suppose to impact their credit score. Although the credit score may not be impacted, the credit report reflects that payments were not made on the mortgage. It seems that many home owners are not aware that taking advantage of not having to make mortgage payments will impact their ability to get a new mortgage for refinancing or buying a new home [Read more…]
Conforming Loan Limits for 2020 for Washington State
November 26, 2019 by Leave a Comment
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…]
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