Breaking News: 2021 Conforming Loan Limits Increased to $548,250

November 24, 2020 by Leave a Comment

The Federal Housing Finance Agency has just announced the 2021 conforming loan limits for a single family dwelling will increase to $548,250. This is a jump higher from 2020’s limit of $510,400.

This amount is considered the base loan limit. Homes located in designated high cost areas, like King County, Pierce County and Snohomish County, will have a “high balance” conforming loan limit of $776,250.

Click here for a complete list of Washington state counties and their 2021 conforming loan limits.

I will let you know when FHA and VA announce 2021 loan limits.

Filed Under: Fannie, Freddie and FHFA Tagged With: , ,

Mortgage Rates following the Election

November 9, 2020 by Leave a Comment

Mortgage rates were slightly higher today from Friday. The Dow soared this morning after news from Pfizer of a successful vaccine for Covid-19. The Dow closed up a whopping 834 points on this good news. The markets also seemed to respond favorably to Biden winning the election and becoming our 46th President. [Read more…]

Filed Under: Interest Rates

Recent Interview in the Seattle Times about Seattle Homebuyers

October 8, 2020 by Leave a Comment

I’m honored to have been quoted in the Seattle Time‘s yesterday in Katherine Khashimova Long’s article “Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs”. My quote wound up being a tid-bit in the article and I thought it would be interesting to share some of the points that we discussed during the interview. [Read more…]

Filed Under: Appraisals, Interviews, Refinance, Residential Purchase

Potential Recording Delays for Properties in King County

September 29, 2020 by Leave a Comment

The entire real estate industry is inundated from the historically low mortgage rates that have caused a refi boom during a pandemic, no less! When you buy or refinance a home, documents are recorded in that specific county to give “public notice” of the transaction. Once your transaction is “recorded” it is typically considered “closed”. [Read more…]

Filed Under: Current Affairs Tagged With: , ,

Appraisal Waivers on Conforming Mortgages

September 25, 2020 by Leave a Comment

Some conforming mortgages for refinances or home purchases may not require an appraisal. It all boils down to what the response is from Fannie Mae or Freddie Mac’s automated underwriting systems on whether or not an appraisal is required. You may have perfect credit and tons of equity in your home, yet no appraisal waiver if Fannie or Freddie’s underwriting systems determine it’s not eligible.

Your next conforming mortgage might be eligible to not have an appraisal if it meets the following criteria: [Read more…]

Filed Under: Appraisals, Fannie, Freddie and FHFA Tagged With: ,

Mortgage Rates Still at Extreme Lows

September 18, 2020 by 2 Comments

Freddie Mac’s weekly survey of mortgage rates show that interest rates are still at extremely low levels although I have noticed rates bouncing around a bit more this past week.

[Read more…]

Filed Under: Interest Rates Tagged With: ,

FHFA delays Refi Tax until December 1, 2020

August 25, 2020 by Leave a Comment

The Federal Housing Finance Agency that oversees Fannie Mae and Freddie Mac (conventional lenders), has announced they are delaying the “adverse market fee” until December 1, 2020.

There was significant balking across the mortgage industry when the FHFA announced the fee back on the evening of August 12th which effectively went into effect immediately on new refi’s (since it’s based on when loans are delivered to Fannie Mae or Freddie Mac). This was essentially a 0.5% tax on mortgage lenders existing pipelines – some loans in the pipeline were not able to have the 0.5% hit factored into the pricing of the interest rate. [Read more…]

Filed Under: Fannie, Freddie and FHFA, Refinance

Extremely Low Mortgage Rates trending higher

August 20, 2020 by Leave a Comment

Freddie Mac released their PMMS (Prime Mortgage Market Survey) this morning stating “Mortgage Rates Inch Up“.  Even if mortgage rates have bounced slightly higher, they are still ridiculously low. PLEASE REMEMBER: the PMMS data shown in the picture is old news! This is from an average of rates from last week. If you would like current rates for your scenario on your home located in Washington, click here.

[Read more…]

Filed Under: Interest Rates
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