Your mortgage payment typically includes principal and interest and may also include property taxes, home owners insurance. This is often referred to as PITI in the mortgage industry (principal, interest, taxes and insurance). If you have less than 20% down payment or home equity, then you probably have some form of mortgage insurance as well (unless you qualify for a VA mortgage). Some portions of the mortgage payment may change over time. [Read more…]
Mortgage Payment Breakdown
January 23, 2019 by Leave a Comment
Coming Soon: Freddie Mac’s HomeOne Mortgage Program
June 21, 2018 by Leave a Comment
Later next month, Freddie Mac will be offering a new program for first time home buyers. This mortgage program offers low down payment options without the income limit or geographic restrictions that Home Possible has.
HomeOne will be available for both purchases and rate-term refinances on single family dwellings. At least one borrower on the application must be a first time home buyer when the transaction is a purchase and home buyer education is required. [Read more…]
Common Misconceptions about FHA and Conventional Mortgages
June 1, 2018 by Leave a Comment
I just received a newsletter from a local real estate agent which had an article about whether buyers should opt for a conventional or FHA loan. I’m pretty certain the real estate agent didn’t write the article, however the author, whoever they are, got a lot of things wrong regarding these two mortgage programs. Many of the items that were wrong are what I think are fairly common misconceptions with these two popular mortgage programs. So I thought this was a grand opportunity to write a post to correct them…I’ll skip the fine hairs 😉 [Read more…]
Stop paying rent: Mortgages with down payment assistance
April 27, 2018 by Leave a Comment
This post is the last in my series showing different options for buying a home using mortgages with low down payment options. The series started from a posting I saw on Facebook where one of my West Seattle neighbors is trying to find a place to rent that accepts pets. This is my handsome pup, Hitch, who might not be allowed in most apartments since he’s over 65 pounds…even though he’s just a big puppy. 🙂
My previous posts compared using Fannie Mae’s Home Ready program and an FHA mortgage with the goal of keeping the total mortgage payment around $2200.
This post will be using a program from the Washington State Housing Finance Commission which offers down payment assistance. The down payment assistance is actually a second mortgage at zero percent interest that is tacked on to the end of the first mortgage. There are no payments due for 30 years (or when the first mortgage is paid off). Although the down payment assistance interest rate is zero, the interest rates for the first mortgages with this program tend to be higher (as you’ll see with my quote). [Read more…]
eBook: Your First Home Mortgage
January 29, 2018 by Leave a Comment
I have just updated my guide on how to finance your first home.
If you’re thinking about buying a home located anywhere in Washington state, even if it’s a couple years away, I am happy to help you! You really cannot start the preapproval process too soon. If I can help you, please contact me.
New Updated Guide Book for First Time Home Buyers
August 10, 2017 by Leave a Comment
Hot off the press (or keyboard?)! The eBook that I wrote for first time home-buyers has been completely updated. Please feel free to share this with anyone you know who is considering buying a home anywhere in Washington state. You can access the eBook below or by clicking this link: Your First Home Mortgage Guide Book by Rhonda Porter
Of course, if you’re considering buying your first, second home, vacation or rental homes in Washington state, I am happy to help you! Click here for a no hassle rate quote or here to start the preapproval process.
How to Buy a Home with your Roommate
July 19, 2016 by 2 Comments
Fannie Mae’s HomeReady mortgage allows a home buyer to qualify using “boarder income”. What does this mean? Remember our favorite roommates Laverne and Shirley?
UPDATED: First Time Home Buyers Guidebook
May 27, 2016 by Leave a Comment
I have just updated the e-book that I wrote for first time home buyers.
Please feel free to share it with anyone you know who is considering buying a home in Washington state.
Recent Comments