Helping Washington State homeowners learn more about their mortgage options.
I have a great tip for you if you’re currently renting with a roommate and considering buying a home.The HomeReady program allows for you to use “boarder income” to qualify for your next home. If you’re thinking about buying a home where your roommate will continue to pay you rent, you may be able to use that rental income for qualifying for your new mortgage on a one-unit home. [Read more…]
Last week, the FHFA (Federal Housing Finance Agency) announced changes to how conforming mortgages are priced with loan-level price adjustments (LLPAs). Some borrowers will find improved pricing where others will have to pay more in fees. The fees are typically incorporated into the interest rate for the mortgage.
From Fannie Mae’s Lender Letter dated January 19, 2023:
“We are implementing additional changes to our LLPA framework that represent the next step in our effort to increase support for borrowers historically underserved by the housing finance market…”.
Recently I helped a couple buy a home in King County. They’re engaged, had been living together for many years and were ready to purchase their first home. One of them, Billy Bellevue, had some credit issues and it made more sense for them to only have Susie Seattle’s on the transaction. [Read more…]
I love my pets, Rocko and Hitch. We have had pets before we had (our now adult) children. I totally understand someone’s anguish when they are trying to deal with where they are going to live when they have pets.
This morning, I was catching up on Facebook and in our local neighborhood group for West Seattle, a neighbor is worried about if their landlord is getting ready to sell the home they are currently renting. [Read more…]
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 will be increasing the income limits for HomeReady effective July 16, 2016 making it easier for more people to qualify for this mortgage program. [Read more…]
Fannie Mae’s HomeReady Mortgage program offers low down payment, reduced mortgage insurance and no price adjustments (LLPA) translates to lower mortgage interest rates…AND is not just for home buyers. Fannie Mae’s HomeReady mortgage program is also available for home owners interested in refinancing. [Read more…]
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.
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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