The FHFA announced today that the pricing of mortgage interest rates for second homes or high balance mortgages will be more expensive. This impacts conventional mortgages (Fannie Mae and Freddie Mac) and is effective for loans that are delivered on or after April 1, 2022 – i.e. I expect to see the price increases to start happening soon. [Read more…]
Mortgage Rates for Second Homes and High Balance Mortgages are Going UP
January 5, 2022 by Leave a Comment
Buying a Vacation Home in Washington
March 29, 2012 by 2 Comments
W
ashington State has so many great areas for folks to vacation in. From the deserts in eastern Washington, rugged mountains, the Pacific coastline or the San Juan Islands; I think our state pretty much has it all to offer. It’s no wonder I’m seeing more clients taking advantage of lower home prices and interest rates to buy a second home.
Here are some requirements lenders have for financing an vacation (or second) home:
Financing a “Kiddie Condo” for your College Student
June 2, 2011 by 1 Comment
UPDATE: Underwriting guidelines have changed since this post was written in 2011. Please contact me for more information on financing a kiddie condo.
A few weeks ago, I helped a Kent couple purchase a condominium located in Seattle for their daughter to live in while she attends college at Seattle University. They were prequalifed with their credit union, however the credit union was treating the transaction as if it were an investment property even though the couple (we’ll call them Mr. and Mrs. Kent) were not going to rent the property.
