Over the past few years, home owners have enjoyed deducting private mortgage insurance (pmi) premiums from their income tax. This is also true for government forms of mortgage insurance (aka funding fee or guarantee fee) with FHA, VA and USDA mortgage loans. This benefit is coming to an end effective on 2014 tax returns.
Mortgage Insurance loses tax deduction benefit in 2014
May 21, 2014 by 2 Comments
What May Impact Rates this Week: May 19, 2014
May 20, 2014 by Leave a Comment
This week we have the following scheduled economic indicators that may impact mortgage interest rates:
- Wednesday, May 21: FOMC Minutes
- Thursday, May 22: Initial Jobless Claims and Existing Home Sales
- Friday, May 23: New Home Sales
What May Impact Mortgage Rates this Week: May 12, 2014
May 12, 2014 by Leave a Comment
I hope all you Moms had a wonderful Mother’s Day weekend. 🙂
On Friday, the DOW enjoyed a record high close at 16,583. Mortgage rates are based on mortgage backed securities (bonds) and often change throughout the day. Here’s what may impact the direction of mortgage interest rates this week:
How Much Cash Do I Need to Buy a Home besides the Down Payment and Closing Cost?
May 9, 2014 by 1 Comment
In addition to the down payment and standard closing cost associated to buying a home, additional funds may be required from the buyer prior to closing on a home. Here’s an example of what home buyers in the greater Seattle area should be prepared for.
What May Impact Mortgage Rates this Week: May 5, 2014
May 5, 2014 by 1 Comment
Happy Cinco de Mayo! This week’s calendar is very light, especially when you compare it to the amount of economic data that was released last week. It’s not just economic reports that may move mortgage rates. The stock markets or world events, such as what’s going on with Russia, may impact the direction of mortgage rates. Here are the economic indicators scheduled to be released this week:
Now offering FULL FHA 203k Rehab Mortgages
May 2, 2014 by 7 Comments
An FHA 203k rehab mortgage is great for fixing up a home that you’re considering buying and may even be used to make improvements to your primary residence with an FHA 203k refi. Many lenders offer the “FHA streamlined 203k rehab” loan which limits the amount of funds that can be used for the rehab project. Unlike a streamline 203k, the rehab process is allowed to take up to six months to complete. I’m very pleased that Mortgage Master Service Company is now offering the FULL FHA 203k program.
It’s Official: Washington State Bond Mortgage Program has funds!
April 30, 2014 by 13 Comments
I just received the official announcement that House Key Opportunity (aka the Washington State Bond program) will start accepting reservations (locks) tomorrow, May 1, 2014.
The state bond program offers below market interest rates to home buyers who have household incomes limited to 80% or lower of the HUD’s income limits. In King County, a family of four would qualify for this program if their household income is $63,900 or lower. House Key will allow credit scores of 620 or higher – there may be additional credit score or income limits with combined down payment assistance programs.
UPDATE 5/30/2014: Income limits above are for when home buyers do not use a down payment assistance program in conjunction with House Key Opportunity state bond program. Income limits for the Seattle – King County area are $90,000 for a 1-2 family home or $97,000 for a 3+ family home.
What May Impact Mortgage Rates this Week: April 28, 2014 – Mortgage Rates are Lower!
April 28, 2014 by 1 Comment
This week is jam packed with data that may impact the direction of mortgage interest rates. Mortgage rates are based on bonds (mortgage backed securities) and are traded similar to stocks. Often times, mortgage rates will improve when we see the stock market taking a hit or rise when the stock market is rallying. This is because investors will trade the safety of bonds for the greater returns potentially found with stocks. The reverse is also true.
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