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Friday’s Rain City Rates
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves... »
More Upcoming Changes to Underwriting
Fannie Mae issued Announcement 09-19 amending some very basic underwriting guidelines that will not only impact conventional financing; it will apply to FHA insured loans that are underwriting using Fannie Mae’s DU. You can read the entire announcement by clicking here. Here are some of the changes: Credit documents will be valid for 90 days instead... »
Friday’s Rates
The video was recorded this morning…we didn’t see as many rate sheets as we did yesterday. Rates over all have been fairly steady…in fact, Aubrey Cohen of the Seattle P-I wonders if mortgage rates found a floor at 4.5%. Happy Memorial Day. Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below... »
Friday’s Rates
Mortgage rates remain fairly steady this past week with the Government continuing to artifically keep rates low by purchasing $27 billion in mortgage backed securities (MBS) from May 7 to May 13 focusing mainly on 4-5.5% coupons and not purchasing any of the 3 or 3.5% coupons that would cause rates to reduce beyond... »
Friday’s Rates
I’ve added two programs to “Friday’s Rates”: FHA’s 203(k) Rehab loan and USDA’s program. The 203(k) loan allows financing of certain repairs into the purchase price of the new home. USDA provides 100% financing in specific areas with income limits with no monthly mortgage insurance (there is an upfront funding fee, similar to VA... »
When is a Second Appraisal required on FHA Jumbos?
The last few FHA High Balance (aka FHA Jumbo) purchases that I’ve closed, the buyers and agents thought a second appraisal was automatically required. FHA did adopt conforming appraisal guidelines for declining markets at the beginning of this month, but that does not guarantee a second appraisal. What triggers a second appraisal for FHA? base loan amount... »
Mortgage Rates before Friday
I know…I’m breaking tradition for this post since I normally provide you with rates on Friday afternoons at Rain City Guide. However, tomorrow I’m going to be at the Washington Real Estate Summit at Emerald Downs. If you’re interested in attending this event, you can sign up today or pay more at the door. Conforming Mortgage Rates (loan... »
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