An article (hat tip to Julie Hall) caught my eye in my Facebook stream regarding how much income a household needs in order to be able to buy a home in various metropolitan cities. According to New York Smash, if you’re going to buy a home in Seattle, you’re going to need an annual income of at least $63,145.41. There’s more to just how much income one makes when it comes to determining “how much” home someone can qualify for. The article does not mention how much down payment a person will need. Let’s run some figures to see just how much income one needs to buy a home in Seattle.
Seattle Real Estate Chat: Mold, Asbestos and Lead – Oh My! [Video]
November 16, 2013 by 1 Comment
This week’s episode of Seattle RE Chat featured a special guest, James Mallory, President of Environix. James shared a lot of important information about mold, asbestos and lead, all of which can be potentially be found in Seattle area homes.
Fannie Mae HomePath Minimum Down increased to 5%
November 14, 2013 by 2 Comments
This weekend, Fannie Mae will be updating DU (Desktop Underwriter) to reflect the new higher minimum down payment requirements. I’ve written about that here.
This new underwriting guideline will also impact Fannie Mae HomePath mortgages, bringing the minimum down payment from 3% for owner occupied purchases to 5% down.
VA Loans are a benefit our Veterans have earned
November 13, 2013 by Leave a Comment
VA loans offer eligible Veterans very competitive financing with little to no down payment. Veterans who have served a specific amount of time may earn of Certificate of Eligibility which allows them to apply for a VA mortgage loan.
In the Seattle – King County area, the VA “loan limit” is currently $500,000. I have quotes around “loan limit” because technically VA does not have loan limits – this is the limit to the amount VA will lend up to 100% loan to value ie a VA home buyer can buy a $500,000 home with zero down payment.
What May Move Mortgage Rates this Week: November 11, 2013
November 11, 2013 by Leave a Comment
On Friday, markets were surprised by the strong Jobs Report, adding 204,000 jobs vs the 100,000 expected. This caused mortgage rates to tick higher (although they are still at historically very low levels) catching borrowers who had not locked prior to Friday a bit of a surprise as well. Bond markets are closed today in observance of Veterans Day.
Been turned down by a big bank for a mortgage? You’re not alone!
November 9, 2013 by Leave a Comment
A recent report from the Federal Financial Institutions Examination Council revealed that big banks have a very high cancellation rate for home loan applicants.
In 2012, according to this data, Chase declined almost a third of their mortgage applicants with Bank of America denying 25.6% and Wells Fargo rejecting 21% of their mortgage applicants. Quicken Loans and U.S. Bank turned down 17% of their mortgage applicants.
[Read more…]
We’ve Moved!!
November 5, 2013 by Leave a Comment
Our office, Mortgage Master Service Corporation recently moved to Center Point office park. As the name implies, it’s a very central location just south of Southcenter, off of West Valley Highway. Our new space is beautiful and includes a great conference room for home buyer classes, loan applications and mortgage consultations.
What May Impact Mortgage Rates this Week: November 4, 2013
November 4, 2013 by 1 Comment
Mortgage rates continue to be at very low levels. Although they’re not at the lows from May, Freddie Mac’s Mortgage Market Survey reports that mortgage rates have been trending lower for the last four months. If you missed the refi-boat a few months ago, this may be your second chance. You may want to contact a local licensed mortgage professional for an updated mortgage rate quote (if your home is located anywhere in Washington state, I’m happy to help you).
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