The Washington State Housing Finance Commission (WSHFC) is now allowing borrowers without established credit (aka “non-traditional”) to qualify for a mortgage.
Here are some of the requirements: [Read more…]
NEW! WSHFC now allowing Non-Traditional Credit
December 14, 2017 by Leave a Comment
The Fed Raises Fed Funds Rate by 0.25%
December 13, 2017 by Leave a Comment
In Janet Yellen’s last meeting as the Fed Chair, the FOMC has increased the Fed Funds rate by 0.25% to 1.50%. From the press release:
“Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Averaging through hurricane-related fluctuations, job gains have been solid, and the unemployment rate declined further. Household spending has been expanding at a moderate rate, and growth in business fixed investment has picked up in recent quarters. On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”
The Fed states it’s likely there will be additional increases to the Funds Rate next year. [Read more…]
Avoid being naughty to your mortgage preapproval
December 12, 2017 by Leave a Comment
‘Tis the season to spend, spend, spend give. I love this time of year and I admit that it can be hard for me to not splurge a bit. Overspending doesn’t have to be in the form of extra presents under the tree, it could be getting together with family and friends at a restaurant – or even cooking up something extra special at home. There are endless ways to spend your hard earned cash this time of year whether it’s your savings or using a credit card.
If you’re thinking about buying a home, refinancing or are in the mortgage process, it can be quite easy to forget about your credit or savings during the holidays. [Read more…]
2018 FHA Loan Limits for Washington State
December 7, 2017 by Leave a Comment
HUD has just announced FHA loan limits for 2018. Due to the increased value of homes, the FHA base loan amount was increased to $294,515 for single family dwellings. FHA loan limits also match the conforming high balance limits in applicable counties. Not all counties saw an increase in FHA loan limits.
Loan limits for 2018 are in effect with FHA case numbers issued in 2018.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
2018 VA Loan Limits for Washington State
December 6, 2017 by Leave a Comment
Loan limits for VA mortgages have been announced and, like last few years, will follow the conforming loan limits.
Technically, VA loans do not have “loan limits” like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. [Read more…]
2018 Conforming Loan Limits for Washington State
November 28, 2017 by Leave a Comment
Conforming loan limits are increasing again this year with the “base” loan limit for a single family home raised to $453,100.
Conforming high balance areas for King, Snohomish and Pierce counties have have higher limits for 2018 as well.
San Juan County’s high balance loan limits are unchanged from 2017. [Read more…]
BREAKING NEWS: 2018 Conforming Loan Limits INCREASED including Greater Seattle – King, Pierce and Snohomish Counties
November 28, 2017 by 2 Comments
Conforming loan limits for 2018 have been announced. From FHFA’s News Release:
Earlier today, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage. [Read more…]
Freddie Mac’s Weekly Mortgage Survey reveals mortgage rates remain low
November 9, 2017 by Leave a Comment
Every Thursday morning, Freddie Mac publishes the Prime Mortgage Market Survey, a weekly report based on conventional rates from the previous week. It’s an average and it’s also “old news” as a borrower cannot lock in last week’s rates… they can only lock in what’s available “now”. Last week’s survey shows that rates are remaining at historically low levels.
With that said, I don’t anticipate that rates will remain at these low levels forever. It will be interesting to see how having a new Fed Chair, assuming President Trump retires Janet Yellen as he’s indicating, will impact the direction of mortgage interest rates.
What we do know is rates are low “now” and that many home owners are appreciating increased equity… so if you’ve been considering refinancing, you may want to get the ball rolling.
I’m happy to help you with your purchase or refi of homes located anywhere in Washington state, where I’m licensed. Click here for a no-hassle mortgage rate quote.
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