Why use an FHA Mortgage for your home loan?

November 2, 2014 by 3 Comments

mortgageporter-thinkingEDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂

When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.

What’s not so hot about FHA?

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Conforming Mortgages set to Reduce Minimum Down Payment

October 22, 2014 by Leave a Comment

Mel_WattAt the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.

From his prepared speech:

“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. [Read more…]

Filed Under: Fannie, Freddie and FHFA, Home Advantage Program, WSHFC Tagged With: , , , ,

How Much Income and Down Payment do You *Really* Need to Buy a Home in Seattle?

May 22, 2014 by 2 Comments

The local media is picking up on an article written by HSH.com that could depress Seattle area home buyers regarding how much income is needed to buy a home in various metropolitan cities. The report relies on data provided by NAR and… ready for this… claims that you need to have an income of $73,851.06 in order to buy a home in the Emerald City.

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Filed Under: Down Payment Assistance, Interest Rates, Residential Purchase Tagged With: , ,

National Home Buyers Fund Down Payment Assistance now available!

March 20, 2014 by 8 Comments

2013-03-07_0746EDITORS NOTE: It appears as though this program is being suspended effective the end of February 2016. If you’re considering using a grant, you might want to check out other down payment assistance options such as Home Advantage.

I am just learning about a down payment assistance program (dpa) that I now have available at Mortgage Master Service Corporation. The NHF Platinum Program is a little different than what you may be used to as it’s a grant that does not have to be repaid.

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Filed Under: Down Payment Assistance, Grants, Residential Purchase Tagged With: , , , , ,

Reader Question regarding Down Payments for Second Homes

February 13, 2014 by Leave a Comment

mortgageporter-thinkingI received this comment from one of my readers on a post about occupancy and I thought it would make a good post all on it’s own.

What is the normal down payment on a second home? Our credit is in the “good” range and our debt to income is very good.

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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.

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Fannie Mae to increase minimum down payment in November

August 22, 2013 by 1 Comment

Fannie Mae is scheduled to update their automated underwriting system (aus) Desktop Underwriter (DU) to DU Version 9.1 on November 16, 2013.  In their release notes from August 20, 2013, Fannie Mae reveals that for they will increase the minimum down payment from 3% to 5% for Fannie Mae conventional loans.

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Filed Under: Fannie, Freddie and FHFA, Residential Purchase, Underwriting and Qualifying Tagged With: , , , , , ,

Home Buyer Education Class on July 20, 2013

June 14, 2013 by Leave a Comment

Do you or someone you know want to learn more about the home buying process?

Jim Reppond from Coldwell Banker Danforth and I will be instructing a free home buyers class on Saturday, July 20, 2013 at the Green Lake Library.

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Filed Under: Classes for Home Buyers, Events, Home Advantage Program, House Key Opportunity Tagged With: , , , , ,
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