2013 Mortgage Loan Limits for King County

rate changes

The 2013 mortgage loan limits for the  greater Seattle area are for the most part, the same as 2012.  The following loan limits apply for homes located in King, Snohomish or Pierce Counties. Conforming: 1 Unit: $506,000 2 Unit: $647,750 3 Unit: $783,000 4 Unit: $973,100 FHA: 1 Unit: $567,500 2 Unit: $726,500 3 Unit: […]

Everyone Does Not Qualify for a Loan Mod

Loan modification fever is here. Families all over the U.S. are struggling to make their mortgage payments and many are expressing frustration that their lender won’t modify their loan.  Any of us could try to make a rational argument that a lender is better off modifying a mortgage loan instead of foreclosing but this is a simple […]

The Making Home Affordable Program

The Treasury has revealed their plans as promised which address helping responsible home owners with higher loan-to-values refinance and home owners who are facing financial distress (and may not qualify for a refinance) modify their existing loan. It appears that the High Balance Conforming Loan Limits will apply to “high cost areas” such as Seattle […]

Unhonored Rate Locks

Did you know that a locked rate is a commitment for a loan to be delivered to a lender?   Mortgage companies and loan originators are often judged by how many loans they deliver or what their lock fall-out ratio is.   A normal expection used to be around 70-75% of locked loans to be delivered–now I’m […]

2008 Loan Limits to Return Soon

Part of the The American Recovery and Reinvestment Act of 2009 includes bringing back the higher 2008 loan limits to certain areas.   Locally this means we may see high balance loan limits increase from $506,000 for single family dwellings in King, Snohomish and Pierce counties back to $567,500.   Fannie Mae, Freddie Mac and FHA will […]

President Obama’s Foreclosure Rescue Plan: Loan Modification Analysis

Underwater homeowners looking for a bailout from President Obama’s Foreclosure Rescue speech might be wise to think very carefully about all the possible consequences of grabbing the new loan modification offer. The White House press release on the full plan is located here. President Obama’s plan offers homeowners in trouble a helping hand, at the […]

PMI Mortgage Insurance Company drop kicks Mortgage Brokers

Today I had several Mortgage Professionals contact me regarding PMI Private Mortgage Insurance Company cutting off mortgage brokers via email and comments here.    I thought it must be a rumor…but it’s not, effective February 20, 2009 PMI Mortgage Insurance Company will no longer underwrite or insure loans for mortgage brokers.   However if you’re a lender, PMI is ’Right alongside you…we’re […]

Short Sale Listings: Leaving Out Key Details Is Like Telling A Lie..

[Editors note: It's always exciting to introduce a new author to RCG... and today I'm especially excited to introduce Courtney Cooper of Cooper Jacobs as the newest RCG contributor!  Far from a newbie, she's been running an entertaining blog on ActiveRain for over a year now (and racked up tens of thousands of points in […]

What should a loan modification look like?

I just wrote this long comment on Jillayne’s post, and decided it needed to be a post of its own.  This loan mod returns the risk premium that was not effective at controlling risk.  It didn’t work…give it back. It also makes the lender partly responsible for approving short term income on a long term […]

The First in a Series of Fannie and Freddie Bailouts

The rumors floated on Friday regarding Fannie and Freddie turned out to be true.  This first bailout proposal, released a few hours ago, has three parts.  I say “first” because there is no way that this is going to be enough to save what’s headed our way nor will this be the only time the government will […]