Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in the Greater Seattle Area, or to help you in any other way I can to secure the best possible rate for your home purchase.

To prequalify for a loan, you will need to gather the following items: Tax Documents (2007/8), 2 months of Paycheck Stubs, a Recent Bank Statements for all of your accounts, Copy of your Driver’s License, and Social Security Card, and any recent 401 K Statements.

Call me at 425.260.2017 for help in guiding you through this process and to help you find a great lender. Cindy Kelly
FHA Loan Changes

The FHA changes are coming on April 5th. These changes should help them start rebuilding some of their reserves that have taken a hit in the last couple of years due to the deterioration of the conventional markets and overall retraction. The main comment that HUD has tried to make is that it is positioning itself to "manage its risk while continuing to support the nation's housing market." Read more...The FHA changes are coming on April 5th. These changes should help them start rebuilding some of their reserves that have taken a hit in the last couple of years due to the deterioration of the convential markets and overall retraction. The main comment that HUD has tried to make is that it is positioning itself to "manage its risk while continuing to support the nation's housing market." Read more...

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About Mortgages & Home Loans

Mortgages are probably the single most important aspect of buying a home. You may find the home of your dreams but if you are unable to obtain mortgage financing, you most likely will not be able to buy a home (unless you have all cash). Therefore, it is important to get a mortgage pre-qualification before beginning your home buying process as this helps you in the following ways:

  • Limits your home search to only homes you can afford.
  • Helps you in your real estate negotiations.
  • Eliminates "surprises" during the home buying process.
  • Allows you to know exactly how much money is required to buy a home.
  • You will know what to expect as a monthly payment.

Schedule an appointment or ask questions to learn how much Washington Real Estate you can afford.

Types of Mortgages

Review the links below and select the mortgage programs that you believe will best suite your real estate mortgage needs.

  • Jumbo Mortgages - loan amount over $417,000
  • FHA Loans – 3.5% down payment
  • VA loans - 100% financing for veterans
  • Conventional Mortgages - most common mortgage
  • STRS loans - mortgages for members STRS retirement program
  • Bad Credit Loans ( Sub Prime Mortgages ) - mortgages for those with bad credit
  • Home Equity Loans - home equity loans, second mortgages & home equity line of credit loans
  • FHA Streamline Refinance Loans - If you have a FHA loan your can do a FHA streamline refinance mortgage.
  • Reverse Mortgage - information on reverse mortgage for seniors over 62
  • USDA Loans – If you move to a rural area.
  • House Key – A WA State Bond loan with special terms for new home buyers and $0 down.
  • FHA 203K – Special FHA loan that rehabs the home you are buying including appliances.

What is the Federal Housing Administration (FHA)?

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

What is FHA Mortgage Insurance?

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.

Why does FHA Mortgage Insurance exist?

Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan. There is more flexibility in calculating household income and payment ratios. The cost of the mortgage insurance is passed along to the homeowner and typically is included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78 percent of the value of the property -whichever is longer.

Let FHA Loans Help You

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

  • Low down payments
  • Low closing costs
  • Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.

Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

For more info see web site: http://www.hud.gov/buying/loans.cfm

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.