Archives for May 2015

Fannie Mae no longer requires revolving debts to be closed

May 30, 2015 by Leave a Comment

MortgageThis week, Fannie Mae issued new underwriting guidelines for conforming loans approved through DU (Fannie Mae’s automated underwriting system). One of the new guidelines that is catching a lot of attention is that Fannie Mae will no longer require that revolving debts that are paid off in order to reduce a borrowers debt to income ratios and help them qualify, to also be closed.  The new guidelines will allow a revolving debts that are paid down to zero balance to no longer be factored for qualifying purposes.

If I can help you with your purchase or refi mortgage needs for your home located anywhere in Washington state, please contact me.

 

Filed Under: Underwriting and Qualifying Tagged With: , ,

IRS breach potentially delaying real estate transactions

May 29, 2015 by 3 Comments

iStock-000017972256XSmallEarlier this week, it was revealed that over 100,000 tax payers may have had their personal information stolen from the IRS. This data breach is potentially causing hiccups with real estate transactions currently in process too.

[Read more…]

Filed Under: Current Affairs Tagged With: , , ,

What May Impact Mortgage Rates this Week: May 26, 2015

May 27, 2015 by 1 Comment

mortgageporter-economyThis is a short week, thanks to the Memorial Day weekend. Mortgage rates continue to be volatile following the Fed’s commentary that they may start hiking rates soon. Remember, the Fed does not directly control mortgage rates – the Fed does control the Fed funds rate. Mortgage rates react to the Fed’s actions as mortgage rates are based on bonds (mortgage backed securities) and are bought and sold, like stocks. Speaking of stocks, yesterday the Dow had it’s biggest loss in three weeks closing down 190 points.

[Read more…]

Filed Under: Interest Rates

Do you own a rental property in Seattle? Read this!

May 21, 2015 by 3 Comments

Seattle_RRIOIf you own rental property located in Seattle, you need to be aware of fairly new requirements, created by the Seattle City Council, to register your investment property. This city ordinance, the Rental Registration and Inspection Ordinance (RRIO) impacts landlords and property managers who have multiple units to those who have just one rental home. There are some exceptions, check the ordinance for more information.

[Read more…]

Filed Under: Investment Property, Seattle

HomeStyle Mortgage is now available at Mortgage Master Service Corporation

May 19, 2015 by Leave a Comment

mortgageporterhouseThe HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.

Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.

[Read more…]

Filed Under: FHA, FHA 203k, HomeStyle Tagged With: , ,

What May Impact Mortgage Rates this Week: May 18, 2015

May 18, 2015 by 1 Comment

mortgageporter-economyMortgage rates have been seen more volatility over the last few weeks than what we’ve experienced in quite a while. Mortgage rates have been trying to trend higher.

Here are some of the economic indicators that are scheduled to be released this week:

[Read more…]

Filed Under: Interest Rates Tagged With:

Want to stop your rent from increasing? Buy a home.

May 15, 2015 by 1 Comment

It’s no secret that rents, along with home prices, in the greater Seattle area have been trending higher. Rent Jungle reports that as of March 2015, the average rent for a 2 bedroom apartment within a 10 mile radius of Seattle is $1907. This is up 4% in the last six months.

[Read more…]

Filed Under: Closing Cost, FHA, First Time Home Buyer, Home Advantage Program, MCC - Mortgage Credit Certificate

HARP extended through 2016

May 12, 2015 by 1 Comment

MortgagePorter-HARP2Earlier this week, Director of the FHFA, Mel Watts announced that HARP (the Home Affordable Refinance Program) will be extended for one more year. From his prepared remarks:

“The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.

[Read more…]

Filed Under: HARP - Home Affordable Refi Tagged With: ,
Next Page »