Helping Washington State homeowners learn more about their mortgage options.
I have just updated my guide on how to finance your first home.
If you’re thinking about buying a home located anywhere in Washington state, even if it’s a couple years away, I am happy to help you! You really cannot start the preapproval process too soon. If I can help you, please contact me.
Fannie Mae’s HomeReady mortgage allows a home buyer to qualify using “boarder income”. What does this mean? Remember our favorite roommates Laverne and Shirley?
Fannie Mae HomeReady Mortgage Program in Washington StateThe Fannie Mae HomeReady mortgage is a popular low-down-payment home loan designed to help first-time and repeat homebuyers in Washington State achieve homeownership with more flexibility than many traditional mortgage programs.
With just 3% down, reduced mortgage insurance, and flexible income guidelines, HomeReady can be an excellent option for buyers in the Seattle area, King County, and throughout Washington — especially when layered with eligible down payment assistance programs.
Update: This article reflects current HomeReady mortgage guidelines for 2026. Loan limits, income caps, and program details are subject to change — always verify eligibility before applying.
EDITORS NOTE 4/13/2016: FHA has revised their calculation requirements for student loans! It is now the greater of the actual payment or 1% of the balance or what is reported on the credit report.
My son graduated from Seattle University a few months ago and has recently landed his first “real job” in the tech world. I couldn’t be more proud of him! Many first time home buyers, who have gone to college may be surprised to learn how student loans may impact how much mortgage they qualify for. Different types of mortgages have different guidelines with how they treat student loans and other debts with deferred payments. The guidelines below apply to both home purchases and refinances…and, of course, are subject to change.
It’s no secret that rents, along with home prices, in the greater Seattle area have been trending higher. Rent Jungle reports that as of March 2015, the average rent for a 2 bedroom apartment within a 10 mile radius of Seattle is $1907. This is up 4% in the last six months.
Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
Get Rich Slowly recently posted How to Save Up for a Down Payment Fast. I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.
Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).
A 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.
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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