A Temporary Rate Buydown
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Home Buyer
I. G.
B. J.
S. P.
G. M.
E. R.
B. F.
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Lynnwood’s Crawford Road/Damson Road Neighborhood
The Crawford Road/Damson Road neighborhood is one of the most prosperous and desirable neighborhoods in Lynnwood.
Known for its quiet streets and secluded feel, this enclave of generally spacious homes is only half an hour’s drive north of Seattle, and about 10 minutes southeast of the lively commercial areas around Alderwood Mall.
Homes
The roomy homes around Crawford Road/Damson Road fetch a mid-to-high price per square foot. Recent sale prices generally fall in the upper tier of the Lynnwood market. Rentals are not common, and there are no large apartment complexes in the neighborhood.
As you’ll find throughout Lynnwood, prices are changing quickly as more people seek to call this area home.
Education
The well-regarded Edmonds School District serves most of the area around Crawford Road. Local families generally send their kids to Hilltop Elementary School, Alderwood Middle School, and Lynnwood High School.
Some parents also opt for one of several private schools within about 5-10 miles of the neighborhood.
Transportation
Like most of Lynnwood, the Crawford Road/Damson Road area is roughly halfway between Seattle and Everett.
The neighborhood has good freeway access, being just minutes south of the I-5/I-405 interchange. And only 3 miles away, an upcoming light rail station will give locals a great option to leave town—and leave their cars behind.
Recreation
Close to home, residents can enjoy the fresh air and greenery at Logan Park. This five-acre county park is located just southwest of the neighborhood, and is one of dozens of others within a few minutes’ drive.
Seattle’s big-city amenities and Everett’s burgeoning cultural scene are both readily accessible, and outdoorsy types enjoy easy access to the Cascades via Highway 2.
Moving to Crawford Road/Damson Road in Lynnwood
It’s easy to see why so many out-of-towners opt for the Crawford Road area, and why plenty of Lynnwood locals hope to own their first house here.
If you’d like to call it home, too, then here are three tips for an easy transaction and transition.
1. Don’t be scared!
If the homebuying process seems a bit overwhelming or mystifying, you’ve got nothing to worry about. Even if it’s not your first house, it’s still normal for the whole thing to feel like…a bit much.
Remember that a big part of your agent’s job is to help you stay on top of all those moving pieces!
2. Find a local expert to guide you
Speaking of agents, it’s essential to find someone who knows Crawford Road and its vicinity like the back of their hand.
Agents who can fill out paperwork are a dime a dozen, but there’s no substitute for the street-by-street knowledge of someone who actually lives and works in the Lynnwood area.
3. Talk to lenders & get pre-approved
Before doing anything else, it’s important to consult a lender and have a mortgage pre-approval in hand.
This will let you move quickly and make a successful offer—fingers crossed!—once you’ve found the ideal Crawford Road/Damson Road home.
Moving to the City of Mountlake Terrace
The small, scenic city of Mountlake Terrace is one of the most sought-after spots in south Snohomish County.
Known for its desirable real estate and overall prosperity, this town of generally spacious homes is less than 20 minutes north of Seattle. The coming light rail connection has sparked a development boom in this previously sleepy suburb, as new residences and restaurants pop up regularly.
Homes in Mountlake Terrace
The roomy homes in Mountlake Terrace fetch a fairly high price per square foot. Recent sale prices generally fall in the upper tier of the market for south Snohomish County, but remain a good value compared to Seattle proper.
The core of the city comprises single-family homes. There are also several apartment communities—generally high-end and often newly built—primarily toward the western and southern edges of town.
As you’ll find throughout greater Seattle, prices are changing quickly as more people seek to call this area home.
Education
The well-regarded Edmonds School District serves Mountlake Terrace and most neighboring areas. Local families generally send their kids to Mountlake Terrace High School, Brier Terrace Middle School, and one of three public elementaries.
Some parents also opt for one of three private schools within city limits, or several others just a few miles outside.
Transportation
Mountlake Terrace is roughly halfway between Seattle and Everett.
The city has good highway access, being adjacent to I-5 and WA-104 (Ballinger Way/NE 205th/Edmonds Way), and a stone’s throw from WA-99. In the southwest corner of the city, the existing transit center will soon host a light rail station, giving locals a great option to leave town—and leave their cars behind.
Recreation
Close to home, residents can enjoy the well-kept Mountlake Terrace Recreation Pavilion, the popular Veterans Memorial Park (and several neighborhood ones), the wooded Lyon Creek path, and even a public golf course. Dozens of other family-friendly recreation opportunities are located within a few minutes’ drive.
Seattle’s big-city amenities and Everett’s burgeoning cultural scene are both readily accessible, and outdoorsy types enjoy easy access to the Cascades via Highway 2.
Tips for Moving to Mountlake Terrace
It’s easy to see why so many out-of-towners opt for Mountlake Terrace, and why plenty of locals hope to own their first house here.
If you’d like to call it home, too, then here are three tips for an easy transaction and transition.
1. Don’t be scared!
If the homebuying process seems a bit overwhelming or mystifying, you’ve got nothing to worry about. Even if it’s not your first house, it’s still normal for the whole thing to feel like…a bit much.
Remember that a big part of your agent’s job is to help you stay on top of all those moving pieces!
2. Find a local expert to guide you
Speaking of agents, it’s essential to find someone who knows Mountlake Terrace and its vicinity like the back of their hand.
Agents who can fill out paperwork are a dime a dozen, but there’s no substitute for the street-by-street knowledge of someone who actually lives and works in south Snohomish County.
3. Talk to lenders & get pre-approved
Before doing anything else, it’s important to consult a lender and have a mortgage pre-approval in hand.
This will let you move quickly and make a successful offer—fingers crossed!—once you’ve found the ideal Mountlake Terrace home.
Lynnwood’s Alderwood Manor South Neighborhood
Alderwood Manor South is a popular and rapidly growing neighborhood in Lynnwood, Washington. As of the 2020 Census, it’s home to just over 5,000 people.
Known for quiet streets and a secluded feel, this enclave of generally spacious homes is only half an hour’s drive north of Seattle, and immediately southeast of the lively commercial areas around Alderwood Mall.
Homes
The roomy homes around Alderwood Manor South fetch a moderate to high price per square foot, in keeping with other desirable spots in Snohomish County.
Owner-occupied single-family homes are the norm. Houses aren’t often for rent. However, there’s a selection of apartment communities, primarily toward the northwestern edge of the area, near I-5.
As you’ll find throughout Lynnwood, prices are changing quickly as more people seek to settle here.
Education
The well-regarded Edmonds School District serves Alderwood Manor South and several adjoining areas. Most local families attend Cedar Way or Hazelwood Elementary School, Alderwood or Brier Terrace Middle School, and Mountlake Terrace High School.
Some parents also opt for one of several private schools within about 5–10 miles of the neighborhood.
Transportation
Like most of Lynnwood, Alderwood Manor South is roughly halfway between Seattle and Everett.
The neighborhood has good freeway access, being just minutes south of the I-5/I-405 interchange. Immediately west of Alderwood Manor South, an upcoming light rail station will give locals a great option to leave town—and leave their cars behind.
Recreation
Close to home, residents can enjoy the fresh air and greenery of several city and county parks near the neighborhood. Dozens of other parks, trails, and green spaces are also accessible within a few miles’ drive.
Seattle’s big-city amenities and Everett’s burgeoning cultural scene are both readily accessible, while outdoorsy types enjoy easy access to the Cascades via Highway 2.
Moving to Alderwood Manor South in Lynnwood
It’s easy to see why so many out-of-towners opt for Alderwood Manor South, and why plenty of Lynnwood locals hope to own their first house here.
If you’d like to call it home, too, then here are three tips for an easy transaction and transition.
1. Don’t be scared!
If the homebuying process seems a bit overwhelming or mystifying, you’ve got nothing to worry about. Even if it’s not your first house, it’s still normal for the whole thing to feel like…a bit much.
Remember that a big part of your agent’s job is to help you stay on top of all those moving pieces!
2. Find a local expert to guide you
Speaking of agents, it’s essential to find someone who knows Alderwood Manor South and its vicinity like the back of their hand.
Agents who can fill out paperwork are a dime a dozen, but there’s no substitute for the street-by-street knowledge of someone who actually lives and works in the Lynnwood area.
3. Talk to lenders & get pre-approved
Before doing anything else, it’s important to consult a lender and have a mortgage pre-approval in hand.
This will let you move quickly and make a successful offer—fingers crossed!—once you’ve found the ideal Alderwood Manor South home.
Lynnwood’s Alderwood Manor Neighborhood
Alderwood Manor is a popular and rapidly growing neighborhood in Lynnwood, Washington. As of the 2020 Census, it’s home to just over 5,100 people.
Known for quiet streets and a secluded feel, this enclave of generally spacious homes is only half an hour’s drive north of Seattle, and adjacent to the lively commercial areas around Alderwood Mall.
Homes
The roomy homes around Alderwood Manor fetch a moderate to high price per square foot, in keeping with other desirable spots in Snohomish County.
Owner-occupied single-family homes are the norm. Houses aren’t often for rent, although there is only one large apartment complex in the neighborhood.
As you’ll find throughout Lynnwood, prices are changing quickly as more people seek to settle here.
Education
The well-regarded Edmonds School District serves Alderwood Manor and several adjoining areas. Most local families attend Lynnwood or Spruce Elementary School, Alderwood or Meadowdale Middle School, and Lynnwood or Meadowdale High School.
Some parents also opt for one of several private schools within about 5–10 miles of the neighborhood.
Transportation
Like most of Lynnwood, Alderwood Manor is roughly halfway between Seattle and Everett.
The neighborhood has good freeway access, being just minutes west of the I-5/I-405 interchange. Immediately southwest of Alderwood Manor, an upcoming light rail station will give locals a great option to leave town—and leave their cars behind.
Recreation
Close to home, residents can enjoy the fresh air and greenery at Pioneer Park. Dozens of other parks, trails, and green spaces are also accessible within a few miles’ drive.
Seattle’s big-city amenities and Everett’s burgeoning cultural scene are both readily accessible, while outdoorsy types enjoy easy access to the Cascades via Highway 2.
Moving to Alderwood Manor in Lynnwood
It’s easy to see why so many out-of-towners opt for Alderwood Manor, and why plenty of Lynnwood locals hope to own their first house here.
If you’d like to call it home, too, then here are three tips for an easy transaction and transition.
1. Don’t be scared!
If the homebuying process seems a bit overwhelming or mystifying, you’ve got nothing to worry about. Even if it’s not your first house, it’s still normal for the whole thing to feel like…a bit much.
Remember that a big part of your agent’s job is to help you stay on top of all those moving pieces!
2. Find a local expert to guide you
Speaking of agents, it’s essential to find someone who knows Alderwood Manor and its vicinity like the back of their hand.
Agents who can fill out paperwork are a dime a dozen, but there’s no substitute for the street-by-street knowledge of someone who actually lives and works in the Lynnwood area.
3. Talk to lenders & get pre-approved
Before doing anything else, it’s important to consult a lender and have a mortgage pre-approval in hand.
This will let you move quickly and make a successful offer—fingers crossed!—once you’ve found the ideal Alderwood Manor home.
Changes to VA & USDA Funding Fees! Oct 1st 2011 – Still 100% Financing Available
This is my first blog and there has been many changes along life’s way and certainly in the lending industry.
Back in 2008 there were over 13,000 loan officer/mortgage brokers in Washington State. Now, we are under 4,000. It has a lot to do with all the lending and educational hurdles. The folks in this industry typically are full-time hard working professionals.
For all those people you knew who use to do loans, here is my advertisement.
I am still in business and would be happy to hear from you! Why would you call or want to do business with me??? Fair question. I can say this, after licking all my wounds from this crazy business, I am still standing! Why? Because I love this business.
Yes, it is now more difficult to do home loans but I am still doing them and having a great deal of success by educating the buyers and sellers along with my extensive follow-up.
I can definitely say that today’s real estate agents have been knocked around harder than we (lenders) have. The seller needs to sell even though the values have dropped. That is not a fun conversation to have! I get it! For those Realtors still doing business – good job! That will pay dividends as there is always ebb and flow, with the pendulum swinging too far left and then too far right but soon it settles in the middle and evens out. Okay to chuckle here…For those that are new in real estate that is all you know and for the veterans, you know the motto and creed: contacts, shake those hands and plenty of face time. That is what it is all about!
Now to address the title question: Yes, these are still 100% Financing – Zero Down Loans*
VA Funding Fees Are as Follows:
Purchase and Construction
| Loan Type | Down Payment | Active Duty Personnel / Veterans | National Guard / Reservists |
| Purchase & Construction | 0% | 2.15% Funding Fee | 2.40% Funding Fee |
| “ | 5% | 1.50% Funding Fee | 1.75% Funding Fee |
| “ | 10% | 1.25% Funding Fee | 1.75% Funding Fee |
All Other VA Home Loan Types (First Time Use)
| Loan Type | Active Duty Personnel / Veterans | National Guard / Reservists |
| Regular Refinance (including cash out) |
2.15% Funding Fee | 2.40% Funding Fee |
| Interest Rate Reduction (IRRL) Refinance |
0.50% Funding Fee | 0.50% Funding Fee |
| Native American Direct Loans | 1.25% Funding Fee | 2.00% Funding Fee |
| Manufactured Housing & Mobile Home Loans |
1.00% Funding Fee | 1.00% Funding Fee |
| VA Home Loan Assumptions | 0.50% Funding Fee | 0.50% Funding Fee |
Additional Use / Subsequent Use:
Purchase and Construction
| Loan Type | Down Payment | Active Duty Personnel / Veterans | National Guard / Reservists |
| Purchase & Construction | 0% | 3.30% Funding Fee | 3.30% Funding Fee |
| “ | 5% | 1.50% Funding Fee | 1.75% Funding Fee |
| “ | 10% | 1.25% Funding Fee | 1.75% Funding Fee |
All Other VA Home Loan Types (Other Than First Time Use)
| Loan Type | Active Duty Personnel / Veterans | National Guard / Reservists |
| Regular Refinance (including cash out) |
3.30% Funding Fee | 3.30% Funding Fee |
| Interest Rate Reduction (IRRL) Refinance |
0.50% Funding Fee | 0.50% Funding Fee |
| Native American Direct Loans | 1.25% Funding Fee | 2.00% Funding Fee |
| Manufactured Housing & Mobile Home Loans |
1.00% Funding Fee | 1.00% Funding Fee |
| VA Home Loan Assumptions | 0.50% Funding Fee | 0.50% Funding Fee |
The funding fee on VA Assumptions and Interest Rate Reduction Refinance Loans is currently 0.5%. This rate remains unchanged regardless of the number of times it is used.
VA funding fee must be paid within 15 days of closing or included in the loan amount.
Veterans whose entitlement is based on active duty will pay a 2.15% fee on their first VA loan and 3.30% on all future loans for the purchase of a home or cash-out refinances.
Veterans whose entitlement is based on Guard/Reserve service will pay 2.40% on their first loan and 3.30% on all future loans for the purchase of a home or cash-out refinances.
USDA – Not just for Beef! It is a loan too…. who would of guessed? Your Home Buyers????
New USDA Funding Fee Changes:
For the first time in the history of USDA, the Single Housing Guaranteed Loan Program has implemented an Annual Fee. The annual fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal balance for the life of the loan.
Effective October 1, the upfront guarantee will decrease from 3.5% to 2% for purchase loans. The up-front guaranteed fee for refinance loan transaction will remain at 1 percent. In addition, an annual fee of .30 will be calculated when the loan is made and every 12 months thereafter until the loan is paid in full or no longer outstanding and the guarantee cancelled or expired.
Well I hope you enjoyed the reading, and if you made it this far you are still awake and ready to do some business!
Look forward to hearing from you.
David Haley
David Haley | Mortgage Loan Officer MLO-76555
Contact David Haley
425-471-6039
6100 219th St SW, Ste 480
Mountlake Terrace, WA 98043
www.DavidHaleyMortgage.com
Contact David Haley
425-471-6039
6100 219th St SW, Ste 480
Mountlake Terrace, WA 98043
www.DavidHaleyMortgage.com
FHA Mortgage in Bothell, Mill Creek, Lynnwood, Edmonds, Seattle vs.Conventional Mortgage
When you are looking into your first home to purchase in the Bothell, Mill Creek, Lynnwood, Edmonds, or Seattle area and you are starting the loan pre-approval process, there are a few different loan programs to choose from.
1. FHA financing – which always has the up front mortgage insurance and monthly mortgage insurance built into your payment. The monthly mortgage insurance premium is 1.15% if financing over 95% or 1.10% if less than 95% with a 30 year mortgage and 15 year over 90% is .50% and from 89.99% to 78.01% it is .25% per month.
2. Conventional with mortgage insurance or no mortgage insurance per month, there are different ways to make this happen, there is always a premium to be paid, you can pay it all at one time, the seller can pay it through the closing costs, but be careful as conventional financing allows only so much in closing costs over 90% financing, make sure you are working with an experienced loan officer on these programs.
Another way to structure this is to have your monthly mortgage insurance premium be a little higher per month, reason for this is there is no premium paid in advance, but it does increase your monthly payment.
With conventional financing there are more considerations of what is called credit risk pricing to take into account, the higher your credit scores the better your mortgage rates can be, due to the risk layering set in place by FNMA and Freddie Mac guidelines.
To know which one is best for you, it is important to know your FICO scores, your total debt to income per month, also known as credit liabilities, your reserves i.e. savings, retirement funds, stocks, etc., and the loan to value, which will be your down payment.
When seeking pre-approval around the Seattle, Edmonds, Bothell or Mill Creek area your loan officer will ask for your financial paperwork over the last 2 years and will need to pull your credit, to give you the best way to structure your loan program and options.
Here is a good informational website: www.davidhaleymortgage.com
Seeking Good Loan Officer in Seattle connect with David Haley
Happy Mortgage Shopping!
VA Loan – Risk Assessment
In case some of you were not able to make it to the online web discussion – here is one of the biggest items we targeted on. VA loan and Risk Assessments:
Last Week’s Questions & Answers: 12/20/2011
Q: Did you know that there have been updates in DU to the Credit Risk Assessment for VA Loan casefiles?
A: During the weekend of Dec. 17, 2011, there were updates to DU for VA loan casefiles and evaluating
credit risk assessment. You may see loans impacted as follows:
- Overall improved credit characteristics for loan
casefiles may receive an Approve recommendation- A change in the underwriting recommendation for some
loan casefiles. For example, some loan casefiles that previously received an Approve recommendation may now receive a Refer recommendation, particularly ones with back-end debt-to-income ratios over 45%.- Reduced Approve recommendation rates. The overall
reduction may vary by customer depending on the credit characteristics of the VA loan casefiles submitted to DU.VA Loan casefiles created on or after the weekend of Dec 17, will be evaluated using the new credit risk assessment. In addition, VA loan casefiles created prior to Dec 17, and resubmitted to DU for any reason (i.e. change in appraised value) on or after the weekend of Dec 17, will be evaluated using the new credit risk assessment if there are any changes to any key credit characteristics of the loan casefile (e.g. LTV).
When we run to find out if a home buyer for a VA Loan will qualify we run it through an automated underwriting system. This will give us specific criteria and tolerances for our loan approvals.
Should you have any questions please contact me.
FHA Mortgage – Gift Funds – Bothell, Mill Creek, Lynnwood WA
Gift funds still allowed for Home Buyers seeking to become a home owner, with home prices that are compared to 2000-2003 prices, and with today’s low interest rates, often times you can get into a home lower than what your rent payments are.
Gift funds can come from family members and all that is needed is 3.5% for your down payment, so if you were to purchase a home for as little as 150,000.00 then you will only need: 5,250.00 as a gift down payment.
There are other ways that you can accomplish this down payment if you choose to not receive a gift from your family, you can take a loan on your 401k up to 10,000.00 when you are a First Time Home Buyer.
When you are ready to go out and begin the home search make sure you have your finances, credit, and employment all worked out, by this I mean get pre-approved before you take the step to go out and look for your home. You must know what your payment and debt to income ratios will be, as well as what you can truly afford.
Buying a home can be easy when you have the right steps done in the right order, believe me, make sure you know what you can truly afford before you go out looking for a home.
Who can qualify for a FHA Home loan, just about anyone, you do not have to be a first time home buyer! If you have owned a home before that is fine, you can have one FHA loan at a time, is the main guideline, however some exceptions have been seen before.
So to quickly summarize you can still purchase a home Zero Down* if you do receive a Gift! Should you seek more information and want to know what you qualify for go to the top right side of the website, click “Apply Now” and put David Haley as the loan officer and I will be glad to help you get started to owning your new home!
FHA – Increase in Mortgage Insurance – No April Fools Joke!
April 1st of 2012 will not be a good April Fool’s joke – once again FHA has been looking at their overall solvency concerns and has deteremined they need to pass along the added costs to the new borrowers.
The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012. Example: Loan Amount = 100,000.00 new Upfront Mortgage Insurance Premium is 1.75% = 1,750.00 being financed into new loan.
The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012. UPDATE: Here is the HUD LINK
So for quick examples and here is the easiest equation. Take your loan amount 100,000.00 time new Monthly Mortgage Insurance Cost of 1.25% = 1,250.00 then divide this number by 12 to give you the Monthly Mtg Ins Premium Cost = 104.17 per month vs. the old MI factor of 1.15% = 1,150.00 / 12 = 95.83 per month.
Now these are all numbers based on if you are only putting the 3.5% minimum investment down for this type of loan.
Taken together, these premium changes will enable FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) Fund, contributing more than $1 billion to the Fund, based on current volume projections through Fiscal Year 2013.
Should you have any questions please give contact me.
