The Washington State Housing Finance Commission (WSHFC) is now allowing borrowers without established credit (aka “non-traditional”) to qualify for a mortgage.
Here are some of the requirements: [Read more…]
Archives for December 2017
NEW! WSHFC now allowing Non-Traditional Credit
December 14, 2017 by Leave a Comment
The Fed Raises Fed Funds Rate by 0.25%
December 13, 2017 by Leave a Comment
In Janet Yellen’s last meeting as the Fed Chair, the FOMC has increased the Fed Funds rate by 0.25% to 1.50%. From the press release:
“Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Averaging through hurricane-related fluctuations, job gains have been solid, and the unemployment rate declined further. Household spending has been expanding at a moderate rate, and growth in business fixed investment has picked up in recent quarters. On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”
The Fed states it’s likely there will be additional increases to the Funds Rate next year. [Read more…]
Avoid being naughty to your mortgage preapproval
December 12, 2017 by Leave a Comment
‘Tis the season to spend, spend, spend give. I love this time of year and I admit that it can be hard for me to not splurge a bit. Overspending doesn’t have to be in the form of extra presents under the tree, it could be getting together with family and friends at a restaurant – or even cooking up something extra special at home. There are endless ways to spend your hard earned cash this time of year whether it’s your savings or using a credit card.
If you’re thinking about buying a home, refinancing or are in the mortgage process, it can be quite easy to forget about your credit or savings during the holidays. [Read more…]
2018 FHA Loan Limits for Washington State
December 7, 2017 by Leave a Comment
HUD has just announced FHA loan limits for 2018. Due to the increased value of homes, the FHA base loan amount was increased to $294,515 for single family dwellings. FHA loan limits also match the conforming high balance limits in applicable counties. Not all counties saw an increase in FHA loan limits.
Loan limits for 2018 are in effect with FHA case numbers issued in 2018.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
2018 VA Loan Limits for Washington State
December 6, 2017 by Leave a Comment
Loan limits for VA mortgages have been announced and, like last few years, will follow the conforming loan limits.
Technically, VA loans do not have “loan limits” like conforming and FHA mortgages. 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. [Read more…]
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