Fannie Mae has announced that effective mid-December 2015, high-balance conforming mortgages will have lower down payment requirements. “high balance conforming” mortgages are loan amounts that are higher than “traditional” conforming loan limits ($417,000) and less than non-conforming mortgages and are available only in certain counties that are considered to be “higher cost”. In Washington State, currently (2015) King County, Snohomish County, Pierce County and San Juan County have “high balance conforming” loan limits. The high balance conforming loan limit for King, Snohomish and Pierce County is presently $517,500 for a single family dwelling.
High Balance Conforming Mortgages to Reduce Down Payment Requirements
October 16, 2015 by 2 Comments
Freddie Mac reports Mortgage Rates remain under 4
August 21, 2015 by 1 Comment
Yesterday, Freddie Mac’s PMMS shared that last weeks average conforming rates continue to be under 4.000%. Last week, according to Freddie Mac’s survey, the average rate for a 30 year fixed conforming (FRM) mortgage was 3.93% priced with 0.6 points.
Fannie Mae offering Home Buyer Incentives
April 24, 2015 by Leave a Comment
Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
How will Fannie Mae’s Collateral Underwriter (CU) impact appraisals?
April 15, 2015 by Leave a Comment
Over this weekend (April 18, 2015), Fannie Mae will be releasing the highly anticipated “Collateral Underwriter” (aka CU) to lenders. CU is intended to be a tool for lenders to use to help ensure the quality of appraisals on loans that originated as conventional/Fannie Mae. Fannie Mae’s tagline for CU is “Taking appraisal review to the next level”…many in the industry, from lenders, real estate brokers and appraisers, are a bit anxious over this new “tool”.
Freddie Mac report reveals lowest mortgage rates of 2014
December 18, 2014 by Leave a Comment
Every week, Freddie Mac releases their Prime Mortgage Market Survey (PMMS) based on a survey a mix of 125 lenders on what committed mortgage rates and points were during the previous week. Based on Freddie Mac’s report, the average rate for a 30 year fixed rate mortgage averaged 3.80 percent with an average 0.6 points. This is down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year averaged 4.47 percent.
2015 Conforming Loan Limits for Washington State
December 14, 2014 by 1 Comment
Earlier this month, the FHFA announced the 2015 conforming loan limits for homes located in Washington state. A conforming loan is a conventional loan (ie Fannie Mae or Freddie Mac). Loan amounts that exceed the conforming loan limit are considered jumbo loans (or non-conforming) and have different underwriting guidelines and rates.
The FHFA increased the loan limits in three counties (King, Pierce and Snohomish) effective 2015. All other counties will have the same loan limits as 2014.
2015 Conforming Loan Limits for Homes Located in Washington State
BREAKING NEWS: 2015 Conforming Loan Limits HIGHER for King, Pierce and Snohomish Counties
November 24, 2014 by 3 Comments
I just received notice from FHFA that overall, 2015 loan limits will remain the same for most counties except for a few counties with higher loan limits. In Washington state, the counties with higher loan limits in 2015 are King County, Snohomish County and Pierce County.
2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:
- One Unit: $517,500 (increased from $506,000)
- Two Unit: $662,500 (increased from $647,500)
- Three Unit: $800,800 (increased from $783,000)
- Four Unit: $995,200 (increased from $973,100)
All other counties in Washington state have the same loan limits as 2014.
Stay tuned for announcements on FHA and VA loan limits for 2015.
Reduced Down Payment Conventional Loans may require Compensating Factors
November 7, 2014 by 1 Comment
Mel Watt, Director of the FHFA, has released his prepared remarks for the National Association of Realtors Conference. In his remarks, he addresses the lower down payment options that should be available soon with conforming mortgages and that they will require compensating factors.
Recent Comments