Typically in late November, conforming loan limits are announced for the following year. Loan amounts under the conforming loan limit tend to have lower interest rates than loan amounts that are "high balance conforming" (available in certain counties, such as King, Pierce and Snohomish) or jumbo mortgages. Recently there's been a lot of chatter about loan limits for 2022 already being announced and as of of today, that's simply not true.
What is happening is that lenders are betting on higher loan limits because of how much homes have appreciated this year. These lenders are hoping to scoop a few more mortgages before the actual loan limits are announced knowing that the loan limits will most certainly be higher. The current "true" conforming loan limit is $548,250 for 2021. Some lenders are currently going up to $625,000 for the conforming loan limit effective now.
I'm pretty lucky since at Mortgage Master Service Corporation, we work with several lenders and investors and some of them are offering the improved conforming pricing up to $625,000.
What is happening is that lenders are betting on higher loan limits because of how much homes have appreciated this year. These lenders are hoping to scoop a few more mortgages before the actual loan limits are announced knowing that the loan limits will most certainly be higher. The current "true" conforming loan limit is $548,250 for 2021. Some lenders are currently going up to $625,000 for the conforming loan limit effective now.
I'm pretty lucky since at Mortgage Master Service Corporation, we work with several lenders and investors and some of them are offering the improved conforming pricing up to $625,000.
Services
Rhonda began blogging in late 2006 after watching a news report involving a local case of mortgage fraud and hearing the reporting misstate facts about legislation of mortgage originators.
She feels that even if the mortgage industry was not in historic times, there is plenty to write about to help consumers learn more about their mortgage and the process of buying a home.
She also likes to provide practical financial advice and to write about her Seattle community.
Mortgage Master Service Corporation (NMLS ID#40445) is owned by the Porter family (yes, her in-laws) and has been serving Puget Sound area homeowners since 1976.
She feels that even if the mortgage industry was not in historic times, there is plenty to write about to help consumers learn more about their mortgage and the process of buying a home.
She also likes to provide practical financial advice and to write about her Seattle community.
Mortgage Master Service Corporation (NMLS ID#40445) is owned by the Porter family (yes, her in-laws) and has been serving Puget Sound area homeowners since 1976.
Rhonda Porter is licensed to originate mortgages on homes located specifically in Washington state*.
Rhonda Porter c/o Mortgage Master Service Corporation, 20425 72nd Avenue S, Suite 210, Kent, WA 98032.
I am only licensed for homes located in Washington and dedicate my time and efforts accordingly.
I strongly recommend working with a local licensed mortgage originator in your area.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area.
Rhonda began her career in 1986 in the title and escrow industry and joined Mortgage Master Service Corporation as a Loan Officer in 2000 and began blogging in 2006.
Rhonda Porter c/o Mortgage Master Service Corporation, 20425 72nd Avenue S, Suite 210, Kent, WA 98032.
I am only licensed for homes located in Washington and dedicate my time and efforts accordingly.
I strongly recommend working with a local licensed mortgage originator in your area.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area.
Rhonda began her career in 1986 in the title and escrow industry and joined Mortgage Master Service Corporation as a Loan Officer in 2000 and began blogging in 2006.
Mortgage Master Service Corporation is a Correspondent Lender located in Washington state.
Our company has been serving Washington families since 1976.
As a Correspondent Lender, we process, underwrite, prepare loan documents and fund mortgages from our credit line.
We also have the ability to broker mortgages when needed.
Like a mortgage broker, we work with several lenders, including large banks and niche lenders.
This gives us the ability to offer competitive pricing along with a variety of mortgage programs.
Our company has been serving Washington families since 1976.
As a Correspondent Lender, we process, underwrite, prepare loan documents and fund mortgages from our credit line.
We also have the ability to broker mortgages when needed.
Like a mortgage broker, we work with several lenders, including large banks and niche lenders.
This gives us the ability to offer competitive pricing along with a variety of mortgage programs.
The HomeReady Mortgage is a mortgage program created by Fannie Mae intended to help low-to-moderate income borrowers with good credit buy or refinance a home.
The boarder (aka room-mate) must be existing with documented rental income of shared residency with the borrower.
Census tracts that are designated low income have no income limits.
There are currently 87 census tracts in King County and 77 in Pierce County that qualify as low income and therefore do not have income limits.
Census tracts that are designated with high minority population or in a disaster zone have income limits based at 100% of AMI (area median income).
The boarder (aka room-mate) must be existing with documented rental income of shared residency with the borrower.
Census tracts that are designated low income have no income limits.
There are currently 87 census tracts in King County and 77 in Pierce County that qualify as low income and therefore do not have income limits.
Census tracts that are designated with high minority population or in a disaster zone have income limits based at 100% of AMI (area median income).
The 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.
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.
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