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.
How Much Cash Do I Need to Buy a Home besides the Down Payment and Closing Cost?
May 9, 2014 by 1 Comment
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.
Grant Down Payment Assistance: a Seattle Real Estate Chat Video
April 26, 2014 by Leave a Comment
I’m real excited that we’re able to offer the NHB Grant Program at our company. During this week’s episode of Seattle Real Estate Chat with Jim Reppond, we covered some of the details about this down payment assistance program that home buyers do not pay back.
If you are interested in this or any mortgage program for homes located in the state of Washington, please contact me.
Burien Home Buyer Class on May 10, 2014
April 24, 2014 by Leave a Comment
The next home buyer education class that I’m teaching is coming up on Saturday, May 10th, 2014 at the Burien Library. Ira Sacharoff, Real Estate Broker with Better Properties Real Estate is my fellow instructor.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage, House Key (state bond) or Home Possible as well as various down payment assistance programs and MCC (mortgage credit certificates) tax credits.If you are considering buying a home with your spouse, partner or friend, they need to attend the class too in order to qualify for programs. You do not need to be a first time home buyer to qualify for many of these programs. And you’re welcome to attend if you’re just interested in learning more about the process.
Comparing Low Down Payment Mortgage Programs
April 23, 2014 by Leave a Comment
EDITORS NOTE: Fannie Mae is no longer offering the FannieMae HomePath mortgage program. If you are considering buying a Fannie Mae HomePath property (foreclosure that is owned by Fannie Mae) in Washington state, I’m happy to help you.
Home buyers have so many options today for selecting a mortgage today. We have several mortgage programs designed to help people buy a home who want to use less down payment. Many of these programs do not require the borrower to be a first time home buyer. Home buyers should compare all possible options before making a decision on what program is best suited for their personal financial scenario.
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