Common Misconceptions about FHA and Conventional Mortgages

June 1, 2018 by Leave a Comment

I just received a newsletter from a local real estate agent which had an article about whether buyers should opt for a conventional or FHA loan. I’m pretty certain the real estate agent didn’t write the article, however the author, whoever they are, got a lot of things wrong regarding these two mortgage programs. Many of the items that were wrong are what I think are fairly common misconceptions with these two popular mortgage programs. So I thought this was a grand opportunity to write a post to correct them…I’ll skip the fine hairs 😉 [Read more…]

Filed Under: Fannie, Freddie and FHFA, FHA, First Time Home Buyer, Home Advantage Program, Home Possible, HomeReady, Rant Tagged With: , ,

Rehab Mortgage Loans for Remodeling Your New or Existing Home

May 15, 2018 by Leave a Comment

Want to build an ADU on your garage? Are you having a hard time finding a home that has your dream kitchen? Whether you are buying or refinancing a home, you may want to consider a “rehab” mortgage. At Mortgage Master Service Corporation, we currently have a couple options available. [Read more…]

Filed Under: FHA 203k, HomeStyle, Remodel Tagged With: , , , , , ,

Stop paying rent: Mortgages with Low Down Payment Options

April 25, 2018 by Leave a Comment

Recently I wrote about neighbors in West Seattle who were looking for a new place to rent because they have two cats and a dog, limiting their options.  I’ve pets my entire life, this is my cat Rocko at his typical hang-out where he can view everything on our stairs.

In my last post, I shared Fannie Mae’s Home Ready mortgage program which offers a low down payment with improved pricing on rates and mortgage insurance. [Read more…]

Filed Under: FHA, Interest Rates, Residential Purchase Tagged With: ,

2018 FHA Loan Limits for Washington State

December 7, 2017 by Leave a Comment

iStock-000018668640XSmallHUD has just announced FHA loan limits for 2018. Due to the increased value of homes, the FHA base loan amount was increased to $294,515 for single family dwellings. FHA loan limits also match the conforming high balance limits in applicable counties. Not all counties saw an increase in FHA loan limits.

Loan limits for 2018 are in effect with FHA case numbers issued in 2018.

Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]

Filed Under: FHA Tagged With: , ,

HUD’s reducing Mortgage Insurance on FHA Mortgages

January 9, 2017 by Leave a Comment

iStock-000018668640XSmallUPDATE January 20, 2016: HUD has suspended the reduction to FHA mortgage insurance effective immediately.

HUD has announced today that mortgage insurance will be reduced on most FHA mortgages. FHA mortgages have two types of “mortgage insurance” the borrowers pay regardless of loan to value. There is the upfront mortgage insurance (currently 1.75% of the loan amount) that is typically added to the base loan amount and financed over the life of the loan and there is the annual mortgage insurance that is actually paid as part of the monthly mortgage payment. This reduction of 25 basis points is on the annual mortgage insurance premium.

[Read more…]

Filed Under: FHA, Mortgage Insurance Tagged With: ,

2017 FHA Loan Limits for Washington State

December 1, 2016 by Leave a Comment

iStock-000018668640XSmallHUD has just announced FHA loan limits for 2017. Loan amounts were increased for all Washington counties EXCEPT for Chelan, Callam, Douglas, Jefferson, San Juan and Skagit which have the same FHA loan limits as 2016.

Loan limits for 2017 are in effect with FHA case numbers issued in 2017.

[Read more…]

Filed Under: FHA Tagged With: , ,

BREAKING NEWS: 2017 FHA Loan Limits increased for Greater Seattle area

December 1, 2016 by Leave a Comment

HUD has updated their website with the 2017 loan limits for FHA mortgages. King, Pierce and Snohomish counties will match the 2017 conforming high balance loan limits. FHA loan limits are effective with CASE NUMBERS issued in 2017. [Read more…]

Filed Under: FHA Tagged With: , ,

2016 FHA Loan Limits for homes in Washington State

December 9, 2015 by Leave a Comment

iStock-000018668640XSmallHUD has just announced FHA loan limits for 2016. Loan amounts were increased for King County, Pierce County, Snohomish County, Clark County and Skamania County.

All other counties have the same loan limits as they did in 2015.

2016 FHA loan limits for King, Pierce and Snohomish Counties are the same as 2016 Conforming High Balance loan limits.

Here is a complete list of FHA loan limits for all counties in Washington:

[Read more…]

Filed Under: FHA Tagged With: , ,
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