Freddie Mac released the weekly PMMS (Prime Mortgage Market Survey) showing that mortgage rates continue to be at the lowest levels of 2017 with the 30 year fixed back under 4.000%.
The PMMS reports on average rates from the previous week based on a survey for conforming loans (loan amounts $422,950 and below). Last week, the 30 year fixed averaged 3.89 with 0.5 points. From the PMMS:
“The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
We are noticing an increase in refinances with the 30 year fixed being back below four percent.
If you’re considering refinancing or buying a home located anywhere in Washington state, I’m happy to help you. Click here for a no-hassle mortgage rate quote.
Mortgage Master Service Corporation has started allowing the financing of manufactured homes again using FHA or VA mortgages. Here are some of our basic guidelines: 
The
Earlier this year, the three major credit bureaus (aka “credit reporting agencies” or “CRAs”), 
. USDA does not have loan limits, the program is limited by household income and if the property is in a USDA designated location.<!--more--> This is a government backed program that allows 100% USDA financing (no down payment) on homes that are in a designated rural community for families earning less than a certain income. A majority of Washington State single family residences (homes and condos) qualify...of course if you live in metropolitan areas like Seattle or Bellevue, odds are your home will not. However, if you're considering areas like Duvall, parts of Maple Valley, Vashon or Bainbridge Island, it may qualify for USDA 100% financing. To qualify, families must be without "adequate housing" (may not own a home or adequate home), must have reasonable credit history and be able to afford the mortgage (29/41 is the debt to income ratio guidelines). Income limits vary by county and the entire household income is considered (not just the primary borrowers or those borrowers on the mortgage) for determining if the income meets the guidelines. This is separate from income considered for "debt-to-income" ratios. Income limits vary on household size from 1-4 person or 5-8 person. As of the publishing of this article, in Washington, the income limits by county are: <ul> <li>King and Snohomish Counties: 1-4 Person $102,150 | 5-8 Person $134,850</li> <li>Pierce County: 1-4 Person $83,150 | 5-8 Person $109,750</li> <li>Benton County: 1-4 Person $80,850| 5-8 Person$106,700</li> <li>Clark County: 1-4 Person $84,550 | 5-8 Person $111,600</li> <li>Franklin County: 1-4 Person $80,850| 5-8 Person $106,700</li> <li>Garfield County: 1-4 Person $78,050 | 5-8 Person $103,050</li> <li>Island County: 1-4 Person $89,550 | 5-8 Person $118,200</li> <li>Kitsap County: 1-4 Person $86,950 | 5-8 Person $114,750</li> <li>Kittitas County: 1-4 Person $75,700 | 5-8 Person $99,900</li> <li>San Juan County: 1-4 Person $78,050 | 5-8 Person $103,050</li> <li>Skagit: 1-4 Person: 1-4 Person $78,400 | 5-8 Person $103,500</li> <li>Skamania Counties: 1-4 Person $84,550 | 5-8 Person $111,600</li> <li>Thurston County: 1-4 Person $88,900 | 5-8 Person $117,350</li> <li>Whatcom County: 1-4 Person $80,350 | 5-8 Person $106,050</li> <li>Whitman County: 1-4 Person $77,750 | 5-8 Person $102,650</li> <li>All other Counties*: 1-4 Person $75,650 | 5-8 Person $99,850</li> </ul> *All other counties includes: Adams, Asotin, Chelan, Clallam, Columbia, Cowlitz, Douglas, Ferry, Grant, Grays Harbor, Jefferson, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend O'Reille, Spokane, Stevens, Wahkiakum, Walla Walla, and Yakima. You can check<a href="https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state" target="_blank" rel="noopener noreferrer"> current USDA income limits by visiting the USDA site (clicking here)</a>. Please be sure to click the "guaranteed" option. Income limits can and do change. You can also use <a href="http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11" target="_blank" rel="noopener noreferrer">USDA's income eligibility calculator</a> which will factor in deductions to income, select the "guaranteed" results (not "direct"). Income used to determine if a family is under the household income limits includes all those (18 years and older) who will be living in the home regardless of whether or not they're on the mortgage. Incomes of children over 18 who working AND who are full time students are not factored. Here is more information of <a href="http://eligibility.sc.egov.usda.gov/eligibility/IncomeEligibilityHelp_SFH.jsp#1">how USDA loans calculate household income</a>. Once you've determined that you meet the household income limits, the next step is to see to see what communities in your area are eligible for USDA financing. You don't have to go too far from Seattle or Bellevue to find homes that do qualify for this type of mortgage. <a href="http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11" target="_blank" rel="noopener noreferrer"> Using the USDA site, under "Property Eligibility" click "Single Family Dwelling".</a> From there you can either enter a specific address or click on the map to narrow down your search. <img class="wp-image-12773 alignleft" src="https://mortgageporter.com/images/2017/05/2017-05-usda-173x300.jpg" alt="" width="300" height="519" /> <strong>Sellers and real estate agents who are working in neighborhoods that qualify should be sure to include this program as an option they'll consider for financing on their offers. </strong>USDA often offers a more attractive payment than FHA because of FHA's higher mortgage insurance and funding fees. <span style="color: #1c1c1c;">This map is as of the publishing of this post. Areas that are outside of the peachy orange shade are eligible for USDA 100% financing (no down payment) mortgages.</span> I'm pleased to offer USDA financing as an option for borrowers who meet the criteria. If you have any questions regarding USDA or other mortgage programs for financing homes located anywhere in Washington State, please contact me, I'm happy to help! <a href="https://mortgageporter.com/apply">Click here for a mortgage rate quote for homes located anywhere in Washington.</a>){kind=link}
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