It’s back… the 80/10/10 mortgage program which allows home buyers to put just 10% down and avoid having private mortgage insurance via a second mortgage/home equity line of creedit. The second mortgage/home equity line of credit technically does not have to be at 10% with the first mortgage at 80% of the loan to value (sales price). Often times, the mortgages may be structured around conforming loan limits, as long as the total combined loan to value is 90%.
80 – 10 – 10’s now are back… at Mortgage Master Service Corporation!
December 31, 2013 by Leave a Comment
Protect your Preapproval Status over the Holidays
December 11, 2013 by 1 Comment
Tis the Season for holiday shopping. The aggressive sales push this year started BEFORE Thanksgiving with more mega-stores even remaining open on a day when employees should have had the day off (or at least had working on Thanksgiving as being “optional”).Cyber Monday is now cyber week…anyhow, my point is, stores are competing for your dollars. If you are considering buying a home or are currently pre-approved to buy a home, I thought I’d share some tips for you on how to make sure your “pre-approved” status is not jeopardized during the holiday season.
How much income do you need to buy a home in Seattle?
November 17, 2013 by 3 Comments
An article (hat tip to Julie Hall) caught my eye in my Facebook stream regarding how much income a household needs in order to be able to buy a home in various metropolitan cities. According to New York Smash, if you’re going to buy a home in Seattle, you’re going to need an annual income of at least $63,145.41. There’s more to just how much income one makes when it comes to determining “how much” home someone can qualify for. The article does not mention how much down payment a person will need. Let’s run some figures to see just how much income one needs to buy a home in Seattle.
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
Question about Home Advantage Down Payment Assistance (DPA)
September 17, 2013 by Leave a Comment
Yesterday I received an email with this question that I thought would be helpful to my readers considering the popular Home Advantage Mortgage program with down payment assistance:
I’ve been studying the different loan programs in WA State and came across your website. We’re considering taking out a Home Advantage mortgage but need clarification on one of the restrictions.
What you need to know about multiple offers when buying a home [Video]
September 7, 2013 by Leave a Comment
Earlier this week’ during our Seattle Real Estate Chat, Jim Reppond of Coldwell Banker Danforth and I discussed multiple offers, which we are seeing a lot of in the greater Seattle area.
Here’s our “show” from this week and learn more about what you need to know before you find yourself in a multiple offer situation.
Getting preapproved in today’s market [Video]
September 1, 2013 by 1 Comment
This week, Jim Reppond of Coldwell Banker Danforth and I sat down to discuss getting preapproved for a mortgage and why it’s so important for today’s hot Seattle’s real estate market.
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