HUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).
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.
Lower FHA Mortgage Insurance + Low Mortgage Rates = FHA Streamline Refi’s
February 3, 2015 by 1 Comment
It’s Official: FHA Mortgage Insurance to be reduced
January 9, 2015 by 2 Comments
Today HUD issued Mortgagee Letter 2015-01 officially reducing FHA mortgage insurance effective on case numbers issued on or after January 26, 2015. HUD is also allowing existing case numbers (with the current higher mortgage insurance) to be cancelled as long as they were ordered within 30 days from today.
2015 FHA Loan Limits for Washington State
December 14, 2014 by Leave a Comment
Visit here for a complete FHA guide including current FHA loan limits for homes located in Washington state.
FHA loan limits for 2015 are the same as 2014 with exception to King County, Snohomish County and Pierce County, which were all increased.
The 2014 FHA loan limits for Washington state are determined by county. Here is a list in alphabetical order by county:
2015 Conforming Loan Limits for Washington State
December 14, 2014 by 1 Comment
Please visit our Conforming Mortgage Guide which includes current conforming loan limits for home across Washington state.
Earlier this month, the FHFA announced the 2015 conforming loan limits for homes located in Washington state. A conforming loan is a conventional loan (ie Fannie Mae or Freddie Mac). Loan amounts that exceed the conforming loan limit are considered jumbo loans (or non-conforming) and have different underwriting guidelines and rates.
The FHFA increased the loan limits in three counties (King, Pierce and Snohomish) effective 2015. All other counties will have the same loan limits as 2014.
BREAKING NEWS: 2015 FHA Loan Limits HIGHER for King, Snohomish and Pierce Counties
December 5, 2014 by 3 Comments
UPDATE: Visit here for updated information on FHA loans including current loan limits for homes located in Washington state.
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.
