BREAKING NEWS: 2019 FHA Loan Limits for Greater Seattle

December 14, 2018 by Leave a Comment

HUD had just announced the FHA loan limits for 2019. Homes in the greater Seattle area, including King, Pierce and Snohomish counties, will have a higher loan limit, often referred to as an FHA jumbo. The FHA loan limits match those of conforming high balance loan amounts in these counties.

The 2019 FHA Loan Limits for homes located in King County, Snohomish County and Pierce County are:

  • One Unit: $726,525
  • Two Unit: $930,300
  • Three Unit: $1,234,475
  • Four Unit: $1,397,400

Stay tuned for a follow up post which will include all counties in Washington state.

 

Filed Under: FHA Tagged With: , ,

Common Misconceptions about FHA and Conventional Mortgages

June 1, 2018 by Leave a Comment

I just received a newsletter from a local real estate agent which had an article about whether buyers should opt for a conventional or FHA loan. I’m pretty certain the real estate agent didn’t write the article, however the author, whoever they are, got a lot of things wrong regarding these two mortgage programs. Many of the items that were wrong are what I think are fairly common misconceptions with these two popular mortgage programs. So I thought this was a grand opportunity to write a post to correct them…I’ll skip the fine hairs 😉 [Read more…]

Filed Under: Fannie, Freddie and FHFA, FHA, First Time Home Buyer, Home Advantage Program, Home Possible, HomeReady, Rant Tagged With: , ,

Stop paying rent: Mortgages with Low Down Payment Options

April 25, 2018 by Leave a Comment

Recently I wrote about neighbors in West Seattle who were looking for a new place to rent because they have two cats and a dog, limiting their options.  I’ve pets my entire life, this is my cat Rocko at his typical hang-out where he can view everything on our stairs.

In my last post, I shared Fannie Mae’s Home Ready mortgage program which offers a low down payment with improved pricing on rates and mortgage insurance. [Read more…]

Filed Under: FHA, Interest Rates, Residential Purchase Tagged With: ,

2018 FHA Loan Limits for Washington State

December 7, 2017 by Leave a Comment

iStock-000018668640XSmallHUD 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…]

Filed Under: FHA Tagged With: , ,

Financing a “multi-generational” home

June 28, 2017 by Leave a Comment


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…]

Filed Under: Fannie, Freddie and FHFA, FHA, Financial Planning, HomeReady, Residential Purchase, Retirement, Uncategorized

Mortgage Master is now financing Manufactured Homes

May 24, 2017 by Leave a Comment

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…]

Filed Under: FHA, Manufactured Homes, VA Mortgage Loans

FHA vs Conventional Low Down Payment Mortgages for Home Buyers

May 23, 2017 by Leave a Comment

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…]

Filed Under: Fannie, Freddie and FHFA, FHA, Home Possible, HomeReady

Dr. Carson sworn in as new HUD Secretary

March 3, 2017 by Leave a Comment

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…]

Filed Under: FHA, Mortgage Insurance, Politics
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