Helping Washington State homeowners learn more about their mortgage options.
HUD has just announced the 2024 loan limits for FHA mortgages. FHA loan limits vary by the county the home is located in. In Washington state, some counties have higher limits than 2023 and other counties have the same loan limits from 2023.
Here are the 2024 FHA loan limits for homes located in Washington state: [Read more…]
FINALLY!!! HUD just announced that the mortgage insurance on FHA mortgages will be reduced by 30 basis points on most mortgage loans.
FHA mortgages typically have two forms of mortgage insurance. Borrowers pay for both an upfront premium, which is often added to the loan amount and financed over the life of the loan and an annual premium, which is paid monthly. The mortgage insurance which has been reduced is the annual mortgage insurance. [Read more…]
HUD has just announced the 2023 loan limits for FHA mortgages. FHA loan limits vary by the county the home is located in. In Washington state, every county except for San Juan County, has higher loan limits.
Here are the 2023 FHA loan limits for homes located in Washington state: [Read more…]
HUD has announced loan limits for FHA mortgages for 2022. Just like conforming loan limits that I announced just a few hours ago, loan limits are higher for 2022 except for San Juan County, which has the same loan limits as 2021. King, Pierce and Snohomish Counties have a loan limit of $891,250 for 1-unit properties.
FHA has more various loan limits by county than conforming. Here is a complete list for counties in Washington state. [Read more…]
Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]
If you are brand new or a little rusty at buying a home, there are some excellent options that are available for you. Some classes feature unique benefits for the students. Before taking one of the courses below, I suggest you reach out to a local, licensed Loan Officer to see if one class may be better suited for your home buying goals.
Here are a few online home buying classes you may want to consider: [Read more…]
FHA mortgages allow for minimum down payment and do not have income limits. FHA tends to have a little more flexible underwriting than conventional mortgages.
Here is a complete list of the 2021 FHA loan limits for homes located in Washington state: [Read more…]
HUD has announced 2021 loan limits for FHA mortgages. Like conforming mortgages, the loan limits will increase in 2021. Here are the limits for homes located in King, Pierce and Snohomish Counties.
Click here for a complete list of 2021 FHA loan limits for homes located in Washington state.
If you are considering buying or refinancing your Washington state home, I’m happy to help you!
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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