Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
A limited-cash out refinance is a refinance where typically, the home owner receives little to no-cash back at closing. It’s also referred to as a “rate-term” refinance. A limited cash-out or rate-term refinance offers better interest rates and/or pricing for interest rates than a true “cash out” refinance. [Read more…]
UPDATE: Be sure to check out our up-to-date guide on Renovation Mortgages for your next home remodel!
Fannie Mae’s HomeStyle Renovation Mortgage allows for higher loan to value (low down payment). Loan amounts over 80% loan-to-value will have private mortgage insurance that will eventually drop off the mortgage. [Read more…]
Homes in the greater Seattle – King County area have been experiencing higher home values. The demand for homes with the strong employment market in Seattle and lack of inventory has been pushing home prices higher and higher. What is not great news for home buyers wanting to live in the greater Seattle area, this does create an opportunity for homeowners. Homeowners can either sell their home to take advantage of the appreciate that we currently have, or they can consider a cash out refinance. The reasons for a cash out refinance can vary from wanting to consolidate debts, funding retirement, cashing out an ex-spouse or improving your home…just to name a few. [Read more…]
Please visit our updated Refinance Guide for Homes in Washington.
In order to be eligible for to have an appraisal waived, Fannie Mae’s automated underwriting system, Desktop Underwriter (specifically version DU 10) must determine the property qualifies. This process takes place once the lender has an application and has ran it through Desktop Underwriter.
Refinance transactions that are eligible to have an appraisal waived include: [Read more…]
Fannie Mae will be increasing the income limits for HomeReady effective July 16, 2016 making it easier for more people to qualify for this mortgage program. [Read more…]
