Category: News

A VA Streamline Refinance, officially known as the Interest Rate Reduction Refinance Loan (IRRRL), is a mortgage refinancing option for eligible veterans and active-duty military personnel with existing VA home loans. The primary purpose of the VA IRRRL is to help borrowers reduce their monthly mortgage payments by refinancing at a lower interest rate. Here’s how the VA Streamline Refinance works: Eligibility: To qualify for a VA IRRRL, you must already have a VA home loan. Additionally, you need to meet certain eligibility criteria set by the Department of Veterans Affairs (VA). No Appraisal or Credit Underwriting Package: One of the significant advantages of the VA IRRRL is that, in many cases, an appraisal or credit underwriting package is not required. This simplifies and expedites the refinancing process, making it…

This year has seen challenges for home buyers, with higher rates and lower inventory. However as the year closes, current trends suggest a shift that could be beneficial for homebuyers. This change is primarily due to falling mortgage rates and an increase in the number of properties for sale. Decrease in Mortgage Rates: Freddie Mac reports that the rate for a 30-year fixed mortgage has fallen to an average of 7.03%. This is a considerable drop from its 23-year peak of just over 8% recorded in early October. Such a reduction in mortgage rates can greatly influence the affordability and appeal of buying a home. Surge in Mortgage Applications: In response to lower mortgage rates, Redfin has observed a 15% increase in mortgage applications since early November, which previously reached…

The Federal Housing Administration (FHA) has recently made a significant announcement that will impact many homebuyers and homeowners across the United States. As we step into the calendar year 2024, the FHA has updated its loan limits for both Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. This change, driven by the persistent rise in home prices throughout 2023, brings new opportunities and considerations for borrowers. Reflecting on the Housing Market Trends Julia Gordon, the Assistant Secretary for Housing and Federal Housing Commissioner, highlighted the changes as a response to the continuous upsurge in home prices witnessed nationwide in 2023. With affordability becoming a growing concern, these increased loan limits aim to make FHA’s low-down-payment financing more accessible, ensuring that well-qualified borrowers can still enter…

VA Interest Rates Hit a 2-Month Low in Washington State In the ever-shifting landscape of the financial world, news of interest rates hitting a two-month low has sparked both attention and speculation. Whether you're a seasoned investor, a potential homebuyer, or simply someone with an eye on economic trends, the implications of this development are worth exploring. In this blog post, we'll delve into the reasons behind the recent dip in interest rates and how it might impact various aspects of the economy. The Current Landscape: As interest rates take a dip, it's crucial to understand the current economic climate. Various factors contribute to fluctuations in interest rates, including inflation, employment rates, and central bank policies. A two-month low suggests that prevailing economic conditions are influencing lenders to offer more…

Starting the journey to buy your first home is an exciting venture, filled with hopes and dreams. For many first-time buyers, the financial aspect of purchasing a home, particularly the initial down payment and closing costs, can be a significant hurdle. This is where first-time home buyer grants come into the picture, providing essential support. These grants, often funded by government agencies or non-profit organizations, are designed to make the dream of homeownership more achievable for those new to the property market. A Deep Dive into National Grant Programs Several national programs offer substantial assistance to first-time home buyers. The U.S. Department of Housing and Urban Development (HUD) provides valuable resources, including grants for down payment assistance and closing costs. The HUD's Good Neighbor Next Door program is particularly notable,…

In the ever-changing landscape of real estate finance, understanding the latest mortgage rate trends is crucial for both prospective and current homeowners. The rates for 30-year fixed, 15-year fixed, 5/1 Adjustable Rate Mortgages (ARMs), and jumbo loans have all moved lower, marking a change from previous weeks. After climbing above 8 percent, mortgage rates have now dipped back into the 7 percent range. This shift is partly attributed to cooling inflation, hinting at potential changes in the Federal Reserve's approach. The Federal Reserve's Stance The Federal Reserve's decision to raise its key interest rate in July significantly impacted borrowing costs across various financial products, including mortgages. Despite the recent cooling of inflation, the central bank maintained its stance on another rate hike this month, signaling that higher rates may be…

Today, we're dedicating our post to the brave men and women who have served our country. As a veteran, you have access to unique mortgage options tailored to your service and sacrifice. This guide aims to navigate the various loan choices available to you, helping you find the path to homeownership that best suits your needs. VA Loans - A Prime Option for Veterans VA loans stand out as one of the most beneficial mortgage options for veterans. Administered by the Department of Veterans Affairs, these loans offer several advantages: No down payment: Most veterans can purchase a home with no down payment. No private mortgage insurance (PMI): This can significantly lower your monthly payments. Competitive interest rates: VA loans typically have lower rates compared to conventional loans. Flexible credit…

The housing market is making affordability a big issue for many would be buyers. This can make buying a fixer-upper a lot more tempting. We’ve all seen the home make-over shows with amazing before and afters, but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely.…

Today we are going to discuss two common mortgage loan products, and the pros and cons of both FHA and Conventional Loans. Many people are familiar with the 20% down, good credit 30 year fixed conventional loan scenario. FHA loans on the other hand are designed for people who might have difficulty qualifying for a conventional loan to still get funding to buy a house. FHA Loans offer down payments as low as 3.5% and are more lenient on credit scores and past financial issues. Borrowers can qualify for FHA loans with as low as 580 credit scores. One of the downsides of FHA loans are mortgage insurance requirements, if you put down less than 10% you will be required to pay monthly insurance for the duration of the loan,…

Title: Washington State VA Loan Limits Set to Increase to $750,000 in 2024 Good news for veterans and active-duty service members in Washington State: the Department of Veterans Affairs (VA) has announced that VA loan limits are set to increase to $750,000 in 2024. This change will offer eligible borrowers greater purchasing power and more flexibility when it comes to buying or refinancing their homes. In this article, we'll explore the significance of this development and its potential impact on Washington State's housing market. The VA Loan Program The VA loan program is a valuable benefit extended to those who have served or are currently serving in the U.S. military. This program provides affordable and accessible mortgage financing options with numerous advantages, including lower interest rates, no down payment requirements,…