Helping Washington State homeowners learn more about their mortgage options.
Today the Fed will wrap up their 2 day meeting around 11:00 am PST. All ears will be anxiously awaiting any clues as to what their policy will be in 2015.
It’s interesting to see how the markets react to “Fed Day” so I thought I’d do a “live post” today, updating this throughout the day with current mortgage rates.
I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, January 24, 2015 at the Lake Forest Park Library.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).
If you are considering buying a home with your spouse, partner or friend, they will need to attend the class with you to qualify for the programs. You do not need to be a first time home buyer to qualify for many of the mortgage programs. And of course, you’re welcome to attend if you’re not interested in down payment assistance programs and you just want to learn more about the home buying process.
Space is limited, so please RSVP today
When: Saturday, January 24, 2015 from 11:00 am – 4:00 pm. We do our best to wrap up the class by 4:00 pm. The WSHFC requires that the classes be at least five hours.
Where: Lake Forest Park Library is located at 17171 Bothell Way NE, Lake Forest Park, WA 98155. Click here for map and directions.
Cost: FREE and lunch is provided! Typically lunch is something like pizza. If you have any special dietary needs or preferences, please bring a sack lunch. We will be teaching through lunch in the interest of keeping the class time shorter.
RSVP for our Seattle Home Buyer Class by clicking here.
Click here to see all current home buyer classes that I’m teaching.
Last week, rates bumped along 14 months lows. Those who were in position to lock with a mortgage application started, were able to secure low rates so they will be able to benefit from lower mortgage payments in the New Year. Before a lender locks in an interest rate, they need to have a complete application, including a credit report, so they know how to price the rate (low mid-credit scores are used) and if you actually qualify for the refi. It takes about 20 – 30 minutes to complete an on-line application, so if you are toying with refinancing right now, I highly recommend you contact your local lender (I can help you if your home is located in Washington state) so that you can be ready to lock in a very low mortgage rate.
FHA loan limits for 2015 are the same as 2014 with exception to King County, Snohomish County and Pierce County, which were all increased.
The 2014 FHA loan limits for Washington state are determined by county. Here is a list in alphabetical order by county:
Earlier this month, the FHFA announced the 2015 conforming loan limits for homes located in Washington state. A conforming loan is a conventional loan (ie Fannie Mae or Freddie Mac). Loan amounts that exceed the conforming loan limit are considered jumbo loans (or non-conforming) and have different underwriting guidelines and rates.
The FHFA increased the loan limits in three counties (King, Pierce and Snohomish) effective 2015. All other counties will have the same loan limits as 2014.
2015 Conforming Loan Limits for Homes Located in Washington State
In this episode of Seattle RE Chat, Jim Reppond and I have a special guest, Bob Stewart. Many in the real estate community know Bob as one of the founders of Active Rain. He has recently been involved with launching a new mobile application to created for home buyers and real estate agents called Houseline.
In 2015, VA loan limits will be the same as conforming loan limits. VA loans do not have limits. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment.
Here are the 2015 VA Loan Limits for homes in Washington State:
Mortgage rates trended higher on Friday following the much stronger than expected Jobs Report which even included positive revisions for the two previous months. Weak economic news coming from Europe and China are helping bonds (like mortgage backed securities) improve this morning. Mortgage rates continue to be around 18 month lows so this could be a good time to review your current mortgage to see if refinancing makes sense. You can start the new year off with a lower mortgage payment and more money in your pockets!
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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