Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
Fannie Mae (conventional lending) recently changed their underwriting guidelines to no longer factor in credit scores for underwriting approval!
Before this guideline change, borrowers needed to have a mid-score of at least 620 to qualify for a conventional mortgage. Scores below 620 could mean that someone may have to opt for an FHA mortgage, which has both upfront and monthly mortgage insurance regardless of the amount of down payment or equity with the property. [Read more…]
One of the more pleasant surprises in a mortgage transaction is when the automated underwriting system comes back and tells you an appraisal isn’t required. It saves time, saves money, and removes one of the more unpredictable variables from the process.
Here’s what appraisal waivers are, what they’re called now, and what you need to know about how they work on conventional conforming loans in Washington state. [Read more…]
