Complete Guide to Accessory Dwelling Units

ADU and DADUs with Seattle Mortgage Expert Rhonda PorterWashington is in the top 3 states for leading the country with the addition to accessory dwelling units!

This type of housing makes it possible for providing housing to aging parents, adult children who are priced out of the market, a workspace or to provide income as a rental property.

If you have been contemplating adding an ADU to your home or finding a home with (or that could have) an ADU, I encourage you to check out my latest resource guide: Accessory Dwelling Units.


If you’re interested in learning more about financing options, I am happy to help you!

Using Roommate or Boarder Income to Qualify for a Mortgage in Washington State

Using roommate or boarder income to qualify for a mortgage

If you’re currently renting with a roommate and thinking about buying a home, there’s a mortgage program feature you should know about: boarder income. Under Fannie Mae’s HomeReady program — and Freddie Mac’s Home Possible — documented rental payments from a roommate or lodger can be counted as qualifying income for your mortgage.

Here’s how it works, which programs allow it, and what documentation you’ll need.

Does Renting a Room Count as Income for a Mortgage?

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Tips for Lowering Your Mortgage Payment

how to lower your mortgage payment on your washington homeYour total mortgage payment consists of the principal, interest, property taxes, homeowners insurance and mortgage insurance (if applicable). If you’re considering buying or refinancing your home, there are some ways that you may be able to lower your total mortgage payment.

Here are some tips to help you lower your monthly mortgage payment:

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Searching for your Dream Home? Consider a Renovation Mortgage.

dream home in renton renovation mortgageIf you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. [Read more…]

Predicting Mortgage Rates is like forecasting Weather

forecasting mortgage ratesTrying to predict mortgage rates is very similar to forecasting our weather in our beautiful Pacific Northwest. There are economic indicators with data that result in mortgage rates going down or raising higher just as there are weather patterns and pressure systems that typically indicate sunnier days or a storm approaching. Sometimes the reports that are being relied on can conflict with each other making it more difficult to make an accurate prediction. [Read more…]