In this week’s episode of Seattle Real Estate Chat we discuss FHA’s “Back to Work”. Back to Work is a newer extenuating circumstance that allows people who had a short sale or foreclosure to be able to buy again as long as the short sale or foreclosure happened because of a loss of income at no fault of their own (due to actions by their employer). You can read more about FHA’s Back to work program here.
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
What May Impact Mortgage Interest Rates this Week: October 28, 2013
October 28, 2013 by 2 Comments
This week is packed with data that may drive mortgage rates higher or lower, including the Fed meeting which wraps up on Wednesday. It’s highly unlikely the Fed will make any changes to the Fed Funds Rate. Traders will be waiting for clues on when tapering may begin (it’s estimated will be pushed out to March 2014). Remember, mortgage interest rates are based on bonds (mortgage backed securities – MBS) and change throughout the day, just like stocks do. It’s not unusual to have bonds react opposite of the stock market as investors will often trade the safety of bonds for the potential return found with stocks (and the reverse is true).
Seattle Real Estate Chat: Title Insurance
October 27, 2013 by Leave a Comment
On Episode 6 of Seattle Real Estate Chat, we’re joined by Barbie Van Horn of First American Title and Escrow. Barbie address what title insurance is and why it’s important for Washington State home buyers. She also addresses sewer capacity charges for King County, Snohomish County and Pierce County.
Reduction to 2014 Conforming Loan Limits May Be Delayed
October 25, 2013 by Leave a Comment
Edward DeMarco, Acting Director of the FHFA, pretty much confirmed that we can anticipate lower conforming loan limits next year. This is from his prepared remarks for “Getting Our House in Order”:
USDA back up and running
October 24, 2013 by Leave a Comment
USDA, which offers zero down loans for homes located in designated rural areas, was effectively shuttered during the government shutdown. Once the shutdown was over, USDA had a delay in getting their cogs moving at full speed. We’ve received word that USDA is back to “normal”.
Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s
October 23, 2013 by 16 Comments
Fannie Mae and Freddie Mac have announced they will start using the Note date to determine if a mortgage qualifies for a HARP refinance in order to make things more transparent for borrowers. Both Fannie and Freddie are standing firm with the date of May 31, 2009. At least the NOTE date is something a borrower can find instead of using the date Fannie Mae or Freddie Mac securitized the mortgage (which the borrower has no control over).
What May Impact Mortgage Rates this Week: October 21, 2013
October 21, 2013 by Leave a Comment
Typically the Jobs Report falls on the first Friday of a month. With the government shutdown in full swing, the September Job’s Report was delayed and is now scheduled to be released tomorrow. Here are some economic indicators that are scheduled to be released this week:
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