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.

Why would anyone want an FHA mortgage?

January 16, 2014 by Leave a Comment

UPDATE: Mortgage programs and guidelines have changed since writing this post. Please check out our updated guide featuring current mortgage programs for first time home buyers.

Let 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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2014 FHA Loan Limits Reduced in Washington State

December 12, 2013 by Leave a Comment

UPDATE: Please visit our FHA Guide that includes current FHA loan limits for homes located in Washington state.

Last week, HUD announced the FHA loan limits for 2014 with most counties in Washington having loan limits reduced from 2013 levels. In the Seattle/King County area, FHA loan amounts for a single unit dwelling will be reduced by $61,500 from $567,500 to $506,000 in 2014. Kitsap County was hit the hardest with a reduction of $167,950 for single unit dwellings. The higher loan limits that we have appreciated over the past few years were intended to be “temporary” and HUD has been attempting to shrink FHA’s footprint, so we shouldn’t be too surprised over the lower loan limits.

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2014 FHA Loan Limits for Washington State

December 7, 2013 by 3 Comments

UPDATE: Visit our complete FHA guide which includes current FHA loan limits for homes located in Washington state.

FHA loan limits for 2014 have been reduced from 2013. For a home located in greater Seattle, the new FHA loan limit is reduced from $567,500 to $506,000 in 2014. The reductions are across the board for Washington state counties and some loan limits are below 2014 conforming loan limits.

FHA streamline refinances without appraisals and with loan amounts over the the 2014 loan limits will not be subject to the new loan limits.

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Fannie Mae HomePath for Conforming High Balance Mortgages

November 27, 2013 by 8 Comments

⚠ Program Ended October 2014

This post covered a 2013 guideline change to HomePath’s minimum down payment. The program was retired entirely in October 2014, so these guidelines no longer apply. Today’s conventional 3% down programs — HomeReady and Home Possible — are available on any eligible property, not just Fannie Mae foreclosures. See the updated HomePath guide for today’s alternatives →

Earlier this week, a real estate agent emailed me this question regarding Fannie Mae HomePath mortgages:

I have a client looking at a HomePath home in King County.  It’s listed at $470,000 and she wants to put down 5%.  Is that possible?  I had the impression that HomePath still has to conform to standards on loans and the limit would be 417,000.

Here’s my reply:

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Can You Get an FHA Mortgage during the Government Shutdown?

October 1, 2013 by 3 Comments

The simple answer to that question is YES!  HUD drafted a 67 page contingency plan in the event of a government shutdown. The HUD 2013 Contingency Plan Draft 9/25/2013 states the Office of Single Family Housing will:

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Filed Under: Mortgage Programs
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