Helping Washington State homeowners learn more about their mortgage options.
A limited-cash out refinance is a refinance where typically, the home owner receives little to no-cash back at closing. It’s also referred to as a “rate-term” refinance. A limited cash-out or rate-term refinance offers better interest rates and/or pricing for interest rates than a true “cash out” refinance. [Read more…]
Freddie Mac’s Prime Mortgage Market Survey reveals mortgage rates are at very low levels.
The low rates are due to the volatility taking place in the stock market. Sam Khater, Chief Economist states, “it will be interesting to see how the recent turmoil in the stock market will affect home buying activity in the coming months.” [Read more…]
HUD had just announced the FHA loan limits for 2019. Homes in the greater Seattle area, including King, Pierce and Snohomish counties, will have a higher loan limit, often referred to as an FHA jumbo. Not all counties received higher loan limits for 2019. Clark, Island, King, Kitsap, Pierce, Skagit, Skamania, Snohomish, Thurston and Whatcom counties have increased loan limits for 2019.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
HUD had just announced the FHA loan limits for 2019. Homes in the greater Seattle area, including King, Pierce and Snohomish counties, will have a higher loan limit, often referred to as an FHA jumbo. The FHA loan limits match those of conforming high balance loan amounts in these counties.
The 2019 FHA Loan Limits for homes located in King County, Snohomish County and Pierce County are:
Stay tuned for a follow up post which will include all counties in Washington state.
The loan limits for VA mortgage loans have been announced. 2019 VA loan limits will follow conforming mortgage limits for single family homes.
Here are the 2019 VA Loan Limits:
King County, Pierce County and Snohomish County: $726,525
All other counties: $484,350
VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment. Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.
If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.
Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.
If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.
Freddie Mac’s PMMS report shows that mortgage interest rates have dropped this week largely due to the market volatility with the on again off again trade war with China.
Conforming loan limits are increasing again this year with the “base” loan limit for a single family home raised to $484,350.
Conforming high balance areas for King, Snohomish and Pierce counties have have higher limits for 2019 as well. San Juan County will no longer has a high balance limit effective 2019.
King County, Snohomish County and Pierce County: [Read more…]
Conforming loan limits effective 2019 will be increased from $453,100 to $484,350 for a single family dwelling. Homes located in “high balance areas” such as King County, Pierce County or Snohomish County, will have a conforming high balance loan limit of $726,525 from $667,000.
Stay tuned for a complete list of the 2019 conforming loan limits for homes located in Washington state.
PS: If you are considering refinancing or buying a home and want the higher loan limits with today’s interest rates, you may not have to wait! Contact me for more information if your home is located any where in Washington state, where I’m licensed.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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