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

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

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.

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

Reduced Down Payment Conventional Loans may require Compensating Factors

November 7, 2014 by 1 Comment

Mel_WattMel 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.

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

Conforming Mortgages set to Reduce Minimum Down Payment

October 22, 2014 by Leave a Comment

Mel_WattAt the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.

From his prepared speech:

“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. [Read more…]

Filed Under: Fannie, Freddie and FHFA, Home Advantage Program, WSHFC Tagged With: , , , ,

Refinancing after paying cash for your home

September 23, 2014 by Leave a Comment

MortgagePorterHourGlassHouseThe greater Seattle – Bellevue competitive housing markets have been experiencing a higher amount of buyers paying “all cash” for homes. Refinancing after you’ve paid cash for a home is also referred to as “delayed financing”. Delayed financing may also take place when a person is buying a foreclosed home at auction at the court house. Historically, “all-cash” buyers who want to refinance after closing to re-coup the cash they used to purchase their homes had to wait six months after the purchase before they can do a “cash-out” refi. Now, home buyers who used “all-cash” to buy their home no longer have to wait months to refinance to get their cash back.

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

Freddie Mac’s Mortgage Rate Survey reveals some of the lowest mortgage rates of 2014

September 4, 2014 by 1 Comment

Today Freddie Mac released their Primary Mortgage Market Survey showing the 30 year fixed rate at some of the lowest levels for this year. Freddie’s PMMS is based on survey of various lenders from rates quoted the previous week and is intended to show consumers what the average rate and points for that rate were last week.

2014-09-04_1205_Freddie_Mac_Mortgage_Rate_Survey

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Filed Under: Fannie, Freddie and FHFA, Interest Rates

Freddie Mac loosening up on Large Deposits

July 15, 2014 by Leave a Comment

mortgageporterraiseDocumenting large deposits on bank statements has been a royal pain in the behind for many borrowers going through the mortgage process.  I am very pleased to share with you that Freddie Mac has updated guidelines that lenders, including Mortgage Master, are embracing.

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

Lenders Increasing Extension Fees

December 19, 2013 by Leave a Comment

I’m receiving notices from a couple  of the lenders we work with that they are temporarily increasing rate lock extension fees due to Fannie Mae’s increased guarantee fees (LLPA) that will hit us in 2014.  An extension fee is an additional cost that may be charged in order to keep a rate locked when the rate lock is expiring.

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