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.

[Read more…]

Filed Under: Mortgage Programs 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.

[Read more…]

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

Fannie Mae offering Home Buyer Incentives

April 24, 2015 by Leave a Comment

⚠ Program Ended October 2014

The Fannie Mae HomePath closing cost incentive for first-time buyers described in this post is no longer available — the HomePath Mortgage program was retired in October 2014. Washington State still has excellent options for first-time buyers today, including down payment assistance grants and 3% down conventional programs. See first-time homebuyer programs in Washington State →  |  See the updated HomePath guide →

Fannie 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.

[Read more…]

Filed Under: Mortgage Programs Tagged With: , , , , ,

Washington State Down Payment Assistance Programs and Grants

June 18, 2014 by 18 Comments

down payment assistance and grants washingtonUPDATE: This was published in 2014. Please be sure to check out our updated Down Payment Assistance Guide and First-Time Home Buyers Programs Guide for more up-to-date information.

Washington 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.

[Read more…]

Filed Under: Mortgage Programs Tagged With: , , , , , , , , ,

The FHA HAWK Program for Homebuyers

June 10, 2014 by 4 Comments

Osprey_muralUPDATE: Please check out our updated FHA guide for current information for FHA mortgages for homes in Washington state.

A 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.

[Read more…]

Filed Under: Mortgage Programs Tagged With: , , ,
« Previous Page
Next Page »