Fannie Mae’s HomeReady Mortgage

April 13, 2016 by 1 Comment

Fannie Mae Homeready Mortgage WA StateFannie Mae HomeReady Mortgage Program in Washington State

The Fannie Mae HomeReady mortgage is a popular low-down-payment home loan designed to help first-time and repeat homebuyers in Washington State achieve homeownership with more flexibility than many traditional mortgage programs.

With just 3% down, reduced mortgage insurance, and flexible income guidelines, HomeReady can be an excellent option for buyers in the Seattle area, King County, and throughout Washington — especially when layered with eligible down payment assistance programs.

Update: This article reflects current HomeReady mortgage guidelines for 2026. Loan limits, income caps, and program details are subject to change — always verify eligibility before applying.

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Filed Under: Adjustable Rate Mortgage (ARM), Fannie, Freddie and FHFA, First Time Home Buyer, HomeReady, Mortgage Tagged With: , , , , ,

Establishing Credit Scores

September 9, 2015 by 1 Comment

2014-06-20_0758If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.

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Filed Under: Credit Scores and Reporting Tagged With: , ,

Fannie Mae offering Home Buyer Incentives

April 24, 2015 by Leave a Comment

mortgageporterraiseFannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost!  A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.

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Filed Under: Classes for Home Buyers, Fannie, Freddie and FHFA, First Time Home Buyer, Homepath Tagged With: , , , , ,

Washington State Down Payment Assistance Programs and Grants

June 18, 2014 by 18 Comments

2013-03-07_0746Washington State home buyers have several various down payment assistance programs available and they’re not just limited to first time home buyers.  These funds can go towards closing cost and the down payment of primary residence.

Here’s an updated list of what I have available.

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Filed Under: Down Payment Assistance, Grants, Home Advantage Program, House Key Opportunity, Uncategorized, WSHFC Tagged With: , , , , , , , , ,

The FHA HAWK Program for Homebuyers

June 10, 2014 by 4 Comments

Osprey_muralA few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.

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Filed Under: FHA, First Time Home Buyer Tagged With: , , ,

What is a Mortgage Credit Certificate or MCC?

April 10, 2014 by 10 Comments

Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes.  The MCC remains available as long as the borrower owns and occupies the property.

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Filed Under: Education, First Time Home Buyer, MCC - Mortgage Credit Certificate Tagged With: , , ,

Freddie Mac Home Possible® Mortgage in Washington State

August 30, 2013 by 17 Comments

Freddie Mac HomePossible Mortgage WA StateFreddie Mac Home Possible® Mortgage in Washington State

The Home Possible® mortgage is a low-down-payment conventional loan program designed to help buyers achieve homeownership with more flexibility and lower upfront costs.

Backed by Freddie Mac, Home Possible allows qualified homebuyers in Washington State to purchase a primary residence with as little as 3% down, while offering reduced mortgage insurance and competitive interest rates.

This program is especially popular with first-time homebuyers in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County, where saving for a large down payment can be challenging.

Update: This article reflects current Home Possible mortgage guidelines for 2026. Program details, income limits, and loan limits are subject to change and should always be verified.

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Filed Under: First Time Home Buyer, Home Possible, Residential Purchase Tagged With: , , ,

More options for Washington home buyers

April 5, 2013 by Leave a Comment

Yesterday I was “in class” at the Washington State Housing Finance Commission learning about programs they have to offer Washington home buyers, including down payment assistance programs.

In order to obtain the down payment assistance, you must use a WSHFC first mortgage product, which includes:

The first mortgages may be FHA, USDA, VA or conventional mortgages with private mortgage insurance.

The down payment assistance (DPA) is in the form of a second mortgage that have specific criteria home buyers must meet to qualify.

  • Home Advantage DPA has an income limit of $97,000 and does not have a “needs assessment”.
  • Commissioned Second Mortgage works with the House Key Opportunity and is available to home buyers with special needs.

Home buyers interested in either program must attend a 5 hour class in order to qualify for these programs. While at class yesterday, I also received training to be a “Commission trained instructor”.

Watch for more details to follow soon!

Filed Under: Down Payment Assistance, FHA, First Time Home Buyer, Home Advantage Program, House Key Opportunity Tagged With: , , , , ,
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