It’s Hard Being a Home Buyer in Seattle – Here are some tips!

May 17, 2018 by Leave a Comment

CNN recently published an article about a couple’s experience buying a home in Seattle. In a nutshell, their seventh offer was accepted with multiple offers well over the list price and they were able to close quickly without contingencies with a large earnest money deposit.

Home prices and lack of inventory (which I hope is starting to change) have created a highly competitive situation for those who want to buy a home in Seattle. Buying a home just about anywhere in the tri-county area these days is not for the feint of heart. [Read more…]

Filed Under: Refinance, Residential Purchase, Seattle Tagged With: , , , , , , ,

Rehab Mortgage Loans for Remodeling Your New or Existing Home

May 15, 2018 by Leave a Comment

Renovation Home Loan MortgageUPDATE: 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…]

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HomeStyle Mortgage is now available at Mortgage Master Service Corporation

May 19, 2015 by Leave a Comment

Renovation Home Loan MortgageThe HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.

Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.

[Read more…]

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Where do I start with an FHA 203k Rehab loan?

August 7, 2014 by Leave a Comment

Renovation Home Loan MortgageA Step-by-Step Guide for Washington Homebuyers (Updated for 2026)

If you’ve found a home that needs work — outdated kitchen, worn roof, cosmetic issues, or more significant repairs — you may be wondering:

“Can I finance the purchase and the renovation together?”

In many cases, the answer is yes — through an FHA 203(k) rehabilitation loan, a program insured by the Federal Housing Administration.

An FHA 203(k) loan allows you to purchase (or refinance) a home and finance eligible repairs into one mortgage.

But where do you actually start?

Here’s a clear, practical breakdown. [Read more…]

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Now offering FULL FHA 203k Rehab Mortgages

May 2, 2014 by 7 Comments

Renovation Home Loan Mortgage

UPDATE: Please visit our updated FHA guide for current information on FHA and 203(k) loans for homes located in Washington state.

An FHA 203k rehab mortgage is great for fixing up a home that you’re considering buying and may even be used to make improvements to your primary residence with an FHA 203k refi. Many lenders offer the “FHA streamlined 203k rehab” loan which limits the amount of funds that can be used for the rehab project. Unlike a streamline 203k, the rehab process is allowed to take up to six months to complete.  I’m very pleased that Mortgage Master Service Company is now offering the FULL FHA 203k program.

[Read more…]

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