Helping Washington State homeowners learn more about their mortgage options.
We have added a new down payment assistance program where eligible home buyers can receive up to 100% financing. This program is not limited to first time home buyers and there are no income limits with an FHA mortgage as the first lien. Would you like more good news? The down payment assistance is in the form of a second mortgage with a 5-year forgivable option OR a 10-year repayable option.
Here’s more: [Read more…]
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]
If you tried buying a home over the last few years, you probably lost out to buyers who made cash offers. Sellers tend to prefer cash offers because they can close faster and there are less uncertainties when they are not relying on a mortgage approval from a lender they don’t know. Even in a buyers’ market, a seller will most likely prefer a cash offer over one that is dependent on financing or the sale of another property.
We have a solution! You can also enjoy the convenience of an all-cash buyer with a cash buyer program. This works for first time home buyers and for clients who want to buy before they sell their existing property. [Read more…]
The Washington State Housing Finance Commission has announced new income limits for some of their mortgage programs.
Here are the new income limits effective May 6, 2019: [Read more…]
Get Rich Slowly recently posted How to Save Up for a Down Payment Fast. I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.
Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).
EDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂
When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.
What’s not so hot about FHA?
Check out the latest edition of Your First Home Mortgage Guide.
Although I wrote this book with first time home buyers in mind, a majority of the content is relevant to all home buyers.
EDITORS NOTE: It appears as though this program is being suspended effective the end of February 2016. If you’re considering using a grant, you might want to check out other down payment assistance options such as Home Advantage.
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.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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