Last week, HUD announced the FHA loan limits for 2014 with most counties in Washington having loan limits reduced from 2013 levels. In the Seattle/King County area, FHA loan amounts for a single unit dwelling will be reduced by $61,500 from $567,500 to $506,000 in 2014. Kitsap County was hit the hardest with a reduction of $167,950 for single unit dwellings. The higher loan limits that we have appreciated over the past few years were intended to be “temporary” and HUD has been attempting to shrink FHA’s footprint, so we shouldn’t be too surprised over the lower loan limits.
Protect your Preapproval Status over the Holidays
December 11, 2013 by 1 Comment
Tis the Season for holiday shopping. The aggressive sales push this year started BEFORE Thanksgiving with more mega-stores even remaining open on a day when employees should have had the day off (or at least had working on Thanksgiving as being “optional”).Cyber Monday is now cyber week…anyhow, my point is, stores are competing for your dollars. If you are considering buying a home or are currently pre-approved to buy a home, I thought I’d share some tips for you on how to make sure your “pre-approved” status is not jeopardized during the holiday season.
What May Impact Mortgage Rates this Week: December 9, 2013
December 9, 2013 by Leave a Comment
This week’s calendar of economic indicators is very light compared to last week. Here’s what is scheduled to be released this week:
2014 FHA Loan Limits for Washington State
December 7, 2013 by 3 Comments
FHA loan limits for 2014 have been reduced from 2013. For a home located in greater Seattle, the new FHA loan limit is reduced from $567,500 to $506,000 in 2014. The reductions are across the board for Washington state counties and some loan limits are below 2014 conforming loan limits.
FHA streamline refinances without appraisals and with loan amounts over the the 2014 loan limits will not be subject to the new loan limits.
Home Buyer’s Education Class in Kent
December 6, 2013 by Leave a Comment
I will be teaching a Home Buyer’s Education Class at the corporate office of Mortgage Master Service Corporation on Saturday, January 18, 2014. My co-instructor is Ira Sacharoff, a Real Estate Broker with Better Real Estate.
Participants who attend this Washington State Housing Finance Commission sponsored class are eligible for programs like Home Advantage and for down payment assistance. The 5 hour WSHFC course is a requirement in order to qualify for these programs.
NOTE: This post has been updated. We decided to postpone the class, which was originally scheduled for January 11th to January 18th because of the Seahawks game. GO HAWKS!!
What May Impact Mortgage Rates this Week: December 2, 2013
December 2, 2013 by Leave a Comment
This week is packed with economic data that may impact mortgage the direction of mortgage interest rates including the Jobs Report on Friday. Here are some of the economic indicators scheduled to be released:
Fannie Mae HomePath for Conforming High Balance Mortgages
November 27, 2013 by 8 Comments
EDITORS NOTE: Fannie Mae is no longer offering the FannieMae HomePath mortgage program. If you are considering buying a Fannie Mae HomePath property (foreclosure that is owned by Fannie Mae) in Washington state, I’m happy to help you.
Earlier this week, a real estate agent emailed me this question regarding Fannie Mae HomePath mortgages:
I have a client looking at a HomePath home in King County. It’s listed at $470,000 and she wants to put down 5%. Is that possible? I had the impression that HomePath still has to conform to standards on loans and the limit would be 417,000.
Here’s my reply:
2014 Conforming Loan Limits for Washington State
November 26, 2013 by 4 Comments
The Federal Housing Financing Agency (FHFA) who oversees Fannie Mae and Freddie Mac, confirmed that conforming loan limits will remain unchanged from 2013 to 2014. This is great news as a few weeks ago, officials were indicating that we could see conforming loan limits reduced in early 2014. This means that a single family 1-unit residence in the greater Seattle area has a conforming loan limit of $506,000. Loan amounts above conforming limits are considered “jumbo” or non-conforming.
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