BREAKING NEWS: 2015 FHA Loan Limits HIGHER for King, Snohomish and Pierce Counties

December 5, 2014 by 3 Comments

HUD just released the loan limits for 2015. All Washington state counties will have the same FHA loan limits as 2014 with exception to King County, Snohomish County and Pierce County. The tri-county area has higher loan limits that mirror 2015 conforming loan limits.

2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:

  • One Unit: $517,500 (up from $506,000)
  • Two Unit: $662,500 (up from $647,750)
  • Three Unit: $800,800 (up from $783,000)
  • Four Unit: $995,200 (up from $973,100)

I will do a follow up post with a complete list of all counties soon!

UPDATE December 15, 2014: Here is a complete list of the FHA 2015 loan limits of all Washington state counties.

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Why use an FHA Mortgage for your home loan?

November 2, 2014 by 3 Comments

mortgageporter-thinkingEDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂

When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.

What’s not so hot about FHA?

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Where do I start with an FHA 203k Rehab loan?

August 7, 2014 by Leave a Comment

mortgageporterhouseI just received this question from one of my readers:

My wife and I are very interested in pursuing a 203K type mortgage, but do not know where or how to start.  I would appreciate any assistance you could offer.  Thanks!

An FHA 203k mortgage allows improvements to be made to a home using an FHA insured mortgage. The borrower is able to finance the cost of the improvements with one mortgage. Since it is an FHA mortgage, it has a reduced down payment, FHA upfront and monthly mortgage insurance and the loan is subject to FHA loan limits in the county the property is located in.

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Seattle RE Chat – FHA’s HAWK Program [Video]

July 13, 2014 by Leave a Comment

In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss FHA’s HAWK program with special guest, Frances Flynn Thorsen.

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Is it time to refi your FHA mortgage?

June 25, 2014 by 3 Comments

mortgageporter-thinkingWith the appreciation homes are seeing in the greater Seattle – King County area, home owners who purchased their home a couple years ago using an FHA mortgage may now be able to refinance into a conventional mortgage. FHA mortgages are often used when a home buyer needs a lower down payment option or if credit scores are lower. FHA jumbo mortgages offer home buyers lower down payment with higher loan amounts than what conforming mortgages will permit. There are many reasons why someone might opt for an FHA mortgage when buying a home.

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The FHA HAWK Program for Homebuyers

June 10, 2014 by 4 Comments

Osprey_muralA few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.

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Now offering FULL FHA 203k Rehab Mortgages

May 2, 2014 by 7 Comments

mortgageporterhouseAn FHA 203k rehab mortgage is great for fixing up a home that you’re considering buying and may even be used to make improvements to your primary residence with an FHA 203k refi. Many lenders offer the “FHA streamlined 203k rehab” loan which limits the amount of funds that can be used for the rehab project. Unlike a streamline 203k, the rehab process is allowed to take up to six months to complete.  I’m very pleased that Mortgage Master Service Company is now offering the FULL FHA 203k program.

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Why would anyone want an FHA mortgage?

January 16, 2014 by Leave a Comment

mortgageporter-thinkingLet me start by saying there’s nothing wrong with having an FHA insured mortgage. FHA mortgages have been a resource for first time home buyers and borrowers who lack significant down payment since their inception 40 years ago…. BUT with the increases to the upfront and monthly mortgage insurance premiums and the reduced loan limits, many borrowers could be better off considering loans other than FHA.

When I’m working with a home buyer who’s considering an FHA mortgage, here are some of the other mortgage programs I suggest they consider:

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Filed Under: FHA, First Time Home Buyer, Residential Purchase
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