Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]
How Does Dave Ramsey’s Advice on Mortgages Pencil Out?
October 14, 2021 by Leave a Comment
Income Limits increased for Home Advantage with Down Payment Assistance
July 1, 2021 by Leave a Comment
Hot off the press! Washington State Housing Finance Commission has just announced that income limits for the Home Advantage program are being increased to $160,000 effective July 2, 2021. Click here for current mortgage rates for your scenario. [Read more…]
A First Time Home Buyer’s Story
February 22, 2019 by Leave a Comment
I’m so excited for some clients I helped buy their first home a couple of years ago. I thought I’d share their story – at least the Readers Digest version! 🙂
This couple attended a home buyers class that I was teaching back in 2014. They purchased their first home in Seattle in 2014 using a down payment assistance program we offer through the Washington State Housing Finance Commission. [Read more…]
BREAKING NEWS: Higher Income Limits for Down Payment Assistance Mortgages
August 28, 2018 by Leave a Comment
The Washington State Housing Finance Commission has just announced they are increasing the income limits on all of their Home Advantage mortgage programs. The income limits are being increased effective immediately from $97,000 to $145,000! [Read more…]
Reduced Down Payment Conventional Loans may require Compensating Factors
November 7, 2014 by 1 Comment
Mel Watt, Director of the FHFA, has released his prepared remarks for the National Association of Realtors Conference. In his remarks, he addresses the lower down payment options that should be available soon with conforming mortgages and that they will require compensating factors.
Conforming Mortgages set to Reduce Minimum Down Payment
October 22, 2014 by Leave a Comment
At 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.
“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…]
Seattle Home Buyer Education Class on November 8, 2014
September 20, 2014 by Leave a Comment
NOTE: This class has been rescheduled for another date and location.
I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, November 8, 2014 at the Greenwood Library in Seattle.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).
Home Advantage Mortgage with or without Points
July 31, 2014 by Leave a Comment
The Washington State Housing Finance Commission has recently offered more pricing options with their Home Advantage first mortgage program. Â Originally, all Home Advantage products were priced with 1 point. Â One point equals 1 percent of the loan amount and is paid at closing. This closing cost cuts into the down payment assistance that many home buyers are hoping to utilize when they are using the Home Advantage Mortgage program.
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