Helping Washington State homeowners learn more about their mortgage options.
HUD has just announced FHA loan limits for 2018. Due to the increased value of homes, the FHA base loan amount was increased to $294,515 for single family dwellings. FHA loan limits also match the conforming high balance limits in applicable counties. Not all counties saw an increase in FHA loan limits.
Loan limits for 2018 are in effect with FHA case numbers issued in 2018.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
It’s becoming more common for families to have multiple generations living under the same roof. Some families opt to commit to buying a “multi-generational” home together designed to accommodate their lifestyle, whether it’s a home with an attached or detached dwelling unit (aka mother-in-law apartment) or even a home built specifically for generations to live together, there are options available for living with your parents and/or grown children. [Read more…]
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: [Read more…]
It is a very competitive market for home buyers in the greater Seattle area. I’m finding that many of my clients who are using FHA for financing are not feeling the love from home sellers. It’s not unusual for home sellers, or more likely their Listing Agent, to steer away from FHA offers when a conventional offer is in hand. [Read more…]
Yesterday, Dr. Ben Carson was formally sworn in as the Secretary of HUD. Secretary Carson, from HUD’s press release, stated:
“”I am immensely grateful and deeply humbled to take on such an important role in service to the American people,” said Secretary Carson. “Working directly with patients and their families for many years taught me that there is a deep relationship between health and housing. I learned that it’s difficult for a child to realize their dreams if he or she doesn’t have a proper place to live, and I’ve seen firsthand how poor housing conditions can rob a person of their potential. I am excited to roll up my sleeves and to get to work.” [Read more…]
As President Trump’s inauguration ceremony is in process, HUD has suspended the reduction of the annual FHA mortgage insurance indefinitely. Mortgage Letter 2017-07 cancels Mortgage Letter 2017-01, issued by HUD just 9 days ago. [Read more…]
HUD Secretary Castro proudly announced the reduction of FHA’s annual mortgage insurance premium just a week ago as his parting gift of tenure before having to leave his position. There has been a lot of discussion on if this will be an action that Trump’s new administration will roll back. [Read more…]
UPDATE January 20, 2016: HUD has suspended the reduction to FHA mortgage insurance effective immediately.
HUD has announced today that mortgage insurance will be reduced on most FHA mortgages. FHA mortgages have two types of “mortgage insurance” the borrowers pay regardless of loan to value. There is the upfront mortgage insurance (currently 1.75% of the loan amount) that is typically added to the base loan amount and financed over the life of the loan and there is the annual mortgage insurance that is actually paid as part of the monthly mortgage payment. This reduction of 25 basis points is on the annual mortgage insurance premium.
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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