Helping Washington State homeowners learn more about their mortgage options.
Today, much deserved gratitude will be shared to our Veterans. We honor their courage, sacrifice and service that allow us to have our freedom.
As a mortgage professional, I am thrilled when I have received a purchase and sales agreement where the seller has agreed to allow the Veteran to use their VA loan.
A VA Loan is a benefit that the Veteran has earned. There are no loan limits and offers low to no down payment. [Read more…]
Where are mortgage rates following the stronger than expected Jobs Report last Friday? Check out my latest video to learn more about mortgage interest rates and I have a spotlight on VA Loans.
The funding fee for VA mortgages for 2023 have been announced. Great news – the fees for 2023 have been reduced from 2022!
The VA Funding Fee is a one-time charge often added to the loan amount and financed over the term of the mortgage. VA mortgages do not have monthly mortgage insurance premiums (unlike FHA mortgages).
Here are the VA Funding Fees for 2023: [Read more…]
Many Veterans who have served our country have earned the right to have a VA mortgage loan. It’s unfortunate that some sellers as well as real estate agents have a bad image of VA loans and often discourage them. Many years ago, VA loans were sometimes more challenging than conventional financing – this is rarely the case anymore. Some people may falsely assume that if a Veteran is using a VA loan, they must have poor credit or not enough funds for a down payment. A majority of the Veteran’s I have provided mortgages for have excellent credit and plenty of funds for down payment, they opt for the VA loan because they either don’t want to use all of their funds for down payment, or the VA mortgage loan could be providing a lower interest rate than what they would receive with conventional financing. Bottom line, it’s their entitlement that they sacrificed and worked hard to earn. [Read more…]
Veterans who have their full entitlement, do not have a loan limit. Mortgage Master Service Corporation works with investors who will lend up to $2,000,000 for VA loans with no down payment required.
If a Veteran has remaining entitlement (not full entitlement) the the loan amounts are based on conforming loan limits in the county the home is located in. Here are the conforming loan limits for single family dwellings for 2021: [Read more…]
The loan limits for VA mortgage loans have been announced. 2020 VA loan limits will follow conforming mortgage limits for single family homes.
Mortgage Master Service Corporation will lend up to $2,000,000 subject to Veteran entitlement eligibility requirements.
Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.
If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.
The loan limits for VA mortgage loans have been announced. 2019 VA loan limits will follow conforming mortgage limits for single family homes.
Here are the 2019 VA Loan Limits:
King County, Pierce County and Snohomish County: $726,525
All other counties: $484,350
VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment. Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.
If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.
Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.
If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.
I’ve been trying to think about how to title this post without “shaming” real estate agents or home sellers… but I do feel that it’s really unfortunate that some still have a low view of VA mortgages. Men and women who have dedicated their lives to serve our country and protect our freedom have EARNED the privilege to have a VA mortgage loan. Those of us who have not committed to serve do not have this benefit… and it is a benefit. [Read more…]
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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