Last night, Fannie Mae announced they are essentially going to be limiting how many second homes and investment properties they will provide mortgages for. This is largely due to the additional risk associated with second homes and investment properties. This goes into effect with loans delivered to Fannie Mae on April 1, 2021 – which pretty much means “immediately” as mortgage loans are delivered to Fannie Mae (or Freddie Mac) after they close…sometimes weeks after they close with the originating mortgage company. [Read more…]
Mortgage Rates Jump on Good News and Inflation
February 25, 2021 by Leave a Comment
Mortgage rates jumped roughly 0.25% today in rate (or about 1% in discount points) today because of strong economic data and possibly signs of inflation. Costco announced it will be raising their minimum pay to $16 per hour – which is great news for Costco employees – however, it’s wage inflation (which we will probably see more of). When wages go up, the cost of goods will follow. Inflation drives mortgage rates higher because of the impact to bonds, like mortgage backed securities. [Read more…]
Mortgage rates trending higher
February 18, 2021 by Leave a Comment
It’s Thursday and that means that Freddie Mac has released their weekly mortgage rate survey: Prime Mortgage Market Survey (aka PMMS). The PMMS is based on an average of conforming rates during the last week…so as soon as the PMMS is released, the data is a week old. The data is good for showing where mortgage rates have been.
Gimme your Best Interest Rate with NO Closing Cost
February 9, 2021 by Leave a Comment
The other day, a Redmond home owner contacted me for a quote to refinance their home. They specifically requested scenarios for “lowest possible interest rate without paying any points or closing costs“. [Read more…]
2021 VA Loan Limit for Washington State
February 2, 2021 by Leave a Comment
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…]
Mortgage Rates at Record Lows
December 24, 2020 by Leave a Comment
Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.
2021 FHA Loan Limits for Washington State
December 3, 2020 by Leave a Comment
FHA mortgages allow for minimum down payment and do not have income limits. FHA tends to have a little more flexible underwriting than conventional mortgages.
Here is a complete list of the 2021 FHA loan limits for homes located in Washington state: [Read more…]
Breaking News: 2021 FHA Loan Limits for King, Snohomish and Pierce Counties
December 2, 2020 by Leave a Comment
HUD has announced 2021 loan limits for FHA mortgages. Like conforming mortgages, the loan limits will increase in 2021. Here are the limits for homes located in King, Pierce and Snohomish Counties.
- 1 Unit: $776,250
- 2 Unit: $993,750
- 3 Unit: $1,201,200
- 4 Unit: $1,492,800
Click here for a complete list of 2021 FHA loan limits for homes located in Washington state.
If you are considering buying or refinancing your Washington state home, I’m happy to help you!
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