The local media is picking up on an article written by HSH.com that could depress Seattle area home buyers regarding how much income is needed to buy a home in various metropolitan cities. The report relies on data provided by NAR and… ready for this… claims that you need to have an income of $73,851.06 in order to buy a home in the Emerald City.
I am just learning about a down payment assistance program (dpa) that I now have available at Mortgage Master Service Corporation. The NHF Platinum Program is a little different than what you may be used to as it’s a grant that does not have to be repaid.
This past weekend, Fannie Mae implemented new underwriting standards raising the minimum down payment for a conventional loan from 3% to 5% down…with an exception. The exception allows for certain community based programs, like those offered through the Washington State Housing Finance Commission to still provide 3% down conventional mortgages. I have confirmed with WSHFC that the Home Advantage Program will continue to all a minimum 3% down payment.
For more information about the Home Advantage Mortgage Program, please click here.
This weekend, Fannie Mae will be updating DU (Desktop Underwriter) to reflect the new higher minimum down payment requirements. I’ve written about that here.
This new underwriting guideline will also impact Fannie Mae HomePath mortgages, bringing the minimum down payment from 3% for owner occupied purchases to 5% down.