Mortgage Programs

Not all mortgage loans are the same — and choosing the right program can make a significant difference in your payment, qualification, and long-term financial flexibility.

This section covers the most common and specialty mortgage programs available to homebuyers and homeowners, including:

  • FHA Loans
  • VA Loans
  • USDA Loans
  • Conventional & Jumbo Loans
  • HomeReady & Home Possible
  • Down payment assistance programs
  • Washington State Housing Finance Commission (WSHFC) programs
  • Specialty programs for medical professionals and unique scenarios

Understanding eligibility guidelines, loan limits, credit requirements, and program benefits allows you to compare options strategically rather than relying on headlines or general advice.

As a Mortgage Advisor with over 25 years of experience, I help clients evaluate which program best aligns with their income, assets, and long-term plans.

Explore the programs below to better understand your options.

BREAKING NEWS: 2019 FHA Loan Limits for Greater Seattle

December 14, 2018 by Leave a Comment

Please visit here for a complete FHA Guide including current FHA loan limits for homes located in Washington state.

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.

 

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The Beauty of a Bridge Loan

June 27, 2018 by Leave a Comment

bridge loans washington stateUPDATE: Please visit our Bridge Loan Guide for updated information.

I recently helped a couple successfully close on their new home in Seattle before having to close on their former home in Everett. By using a bridge loan to access equity on the Everett home, they were able to make a winning offer on the Seattle home without it having to be “subject to the sale” of their former home. This help to make their offer far more attractive in a very competitive real estate market. [Read more…]

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Freddie Mac HomeOne® Mortgage in Washington State

June 21, 2018 by Leave a Comment

Freddie Mac HomeOne Mortgage WA StateFreddie Mac HomeOne® Mortgage in Washington State

The HomeOne® mortgage is a low down payment conventional loan program designed specifically for first-time homebuyers who want to purchase a primary residence with as little as 3% down.

Backed by Freddie Mac, HomeOne offers a simpler path to homeownership for buyers who have solid credit but limited savings — without the income limits found in some other low down payment programs.

This mortgage option is especially attractive to buyers in Seattle, King County, Pierce County, Snohomish County, and throughout Washington State, where affordability and long-term costs matter. [Read more…]

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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…]

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Qualifying for a mortgage when you pay alimony

May 23, 2018 by Leave a Comment

Recently Fannie Mae and Freddie Mac updated their guidelines to treat alimony payments the same way that FHA has.

With conforming mortgages (Fannie/Freddie) where there is more than 10 months remaining for alimony payments, Fannie Mae and Freddie Mac will allow the alimony to be deducted from gross income instead of being treated as a monthly debt. This often dramatically improves debt-to-income ratios. [Read more…]

Filed Under: Mortgage Programs
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