David Haley Mortgage Loan Officer | Fairway Independant Mortgage Corporation

Make Your Home Work For You on Tax Time

Blog Homeowner, mortgage broker February 24th, 2014 David Haley Mortgage Loan Officer

When tax time comes around again, don’t forget to tap into the potential savings that you are entitled to as a homeowner! A professional mortgage broker can help you to get the biggest return out of your home when it comes time to fill out your income taxes.

First and foremost, remember to deduct the interest on your mortgage payments on primary and secondary homes. You can make this deduction so long as your mortgage is less than a million dollars and you itemize your return.
The property taxes you’ve paid are an itemized deduction on your Federal taxes for as long as you own your home.
Did you make any improvements to raise the value of your home? Many of these can be written off. However, any renovations to restore something to its original state probably cannot be written off.
Did you install any energy-efficient features in your home? These can be used to offset your bill. This deduction can be for up to ten percent of the amount you spent on the energy-efficient upgrades, up to $500.
Do you work from home? Don’t forget to calculate the deduction for your home office. As of this year, the write-off is easier before as homeowners have the option of taking a flat rate of $5 per square foot of their home office.

2014 Real Estate Market Projections

Blog Real Estate Market February 17th, 2014 David Haley Mortgage Loan Officer

Looking back at 2013, it’s clear that the real estate market had a reasonably strong year. Markets across the country were showing growth and increased investor confidence. With this in mind, we can look forward into 2014 with some similarly positive projections:

Inventory Should Eventually Stabilize: 2013 saw a spike in buyer demand and a shortage in inventory, closing with inventory rates at approximately the same level as the previous year. Homes are still selling faster than they were in 2012, but the market should gradually correct itself in 2014.
Homeowners Should See Positive Equity: Home prices are on the rise, and show no signs of stopping. More and more underwater mortgages are finding themselves above water again.
Rates Will Continue to Rise: The Federal Reserve is expected to continue its policies of buying up blocks of mortgage-backed securities in order to lower rates, but the Fed may decrease its bond-buying activity as the economy continues to improve. This could cause some increase in interest rates in the coming months.
Foreclosures Will Continue to Diminish: September of last year was the 36th consecutive month of decreased year-over-year foreclosures. As equity continues to trend upward, foreclosure should have an increasingly small effect on housing market.
Home Affordability Could Decline: 2013 represented a five-year low for home affordability. This rate may decline if the economy grows.

Thomas K. & Aimee G.

Testimonials Conventional Loan November 9th, 2013 David Haley Mortgage Loan Officer

We had the pleasure of working with David Haley in order to obtain a mortgage for our first home. David is friendly and knowledgeable, and did an excellent job listening to our needs and guiding us every step of the way. All of our options were explained to us in a clear and comfortable manner, which we found to be very empowering. We got exactly the type of loan that was right for us, and are so appreciate to David for the heroic efforts he put into getting our loan closed on-time. We recommend him very highly and will certainly contact him again for our next mortgage.
Thanks, David!!

Closed Loan 06.07.2013

Emery W.

Testimonials VA Home Loan, VA Loan November 9th, 2013 David Haley Mortgage Loan Officer

David Haley and his team educated me about the mortgage process and found the best rate on my loan.
The service was stellar. David and his team hit ambitious deadlines and worked all hours to make sure my needs were met and questions were answered. I would recommend David to anyone seeking to purchase a new home.

Funded 10.18.2013

David P & Anne Marie P.

Testimonials Cash-out, Refinance, VA Loan November 9th, 2013 David Haley Mortgage Loan Officer

VA Refinance Loan. Finding saving for our vehicle and home insurance plan. Provided information on identity theft we discovered while going through the refinancing process.
David Haley, who is our mortgage broker, has made the refinancing process smooth and easy. From the start he was very informative and kept us updated. His knowledge, professionalism and desire to find us the best rate for our VA refinance loan, and finding savings for our vehicle and home insurance coverage clearly shows his excellent customer service. For someone who cares and loves what he does, it clearly shows.

Closed 04.15.2013

Rob. S.

Testimonials Conventional Loan November 9th, 2013 David Haley Mortgage Loan Officer

We came to David after having some trouble with other lenders. We weren’t sure if we were going to be able get a loan to be able to buy a house due to our unique situation. He was referred by a friend who said if it could be done, David would be able to help us out with it. It turned out that he was able to. The lending process had changed so much since the last time I had bought a home, but David was with us every step of the way to help us understand what was going on, and what was needed. He is very up front with information and it can seem overwhelming at times, but as he explained to us, he likes to try to give as much information as possible and really educate people on the lending process. So overall that education was a good thing.

Closed Loan 08.03.2012

Ashinay

Testimonials Conventional Loan October 29th, 2013 David Haley Mortgage Loan Officer

Working with David, lead me to be a home owner now. I would like to thank him whenever a have a chane in any way. David Was a hardworking dedicated and person that goes beyond the limit for you. And i thank for his hard work.

Conventional Loan
Closed Aug. 2012

Mortgage Rules for Seller-Held Second Mortgages

Blog Mortgage Rules October 24th, 2013 David Haley Mortgage Loan Officer

Did you know…

… that sellers may provide down payment assistance to buyers and hold a second mortgage? Depending upon the amount of equity that your seller has accumulated, this could be a great option for home buyers and good long-term income for your seller.

These rules apply to both Fannie and Freddie conventional loans.

Seller Second Mortgage Guidelines

Loan must be at market rate of interest or higher
Loan cannot balloon in first five years
Loan must not negatively amortize
Loan must be legitimate and not “forgivable”
No prepayment penalty or restrictions
Buyer qualifies for first & seller-second mortgage

What does it all mean to you?

Buyer can have as little as 5% down
Eliminates PMI insurance
Tax advantages for your buyer
Lower monthly payment for your buyer
Income potential for your seller

The Bottom Line: You might be able to sell more houses with this littleused option!

Call me for details.

Lisa and Matt

Testimonials Conventional Loan October 24th, 2013 David Haley Mortgage Loan Officer

Dave’s knowledge and expertise made our super-quick home buying experience go as smoothly as one could hope, especially since this was our third home purchase. My wife and I really appreciated how he stuck with us until the very end, helping us during the final stages of jumping through hoops to satisfy the underwriters’ requirements. Thanks again for all your help, Dave!

The Back to Work Program Helps Home Buyers with Financial Problems

Blog Lynnwood Mortgage Loan Officer August 22nd, 2013 David Haley Mortgage Loan Officer

Have you been having trouble buying a new home due to a financial hardship? If so, the Federal Housing Administration also known as “FHA” may have some good news for you. The Back to Work program, effective as of the fifteenth of August 2013, is providing struggling home buyers with the aid they need to get back in the housing market and secure the home of their dreams.

Under these new guidelines, the usual waiting periods that follow a derogatory credit event has been reduced. Recent events have inspired the FHA to acknowledge that a bad credit history is occasionally out of an individual’s reasonable control, and doesn’t necessarily reflect your ability to make mortgage payments. Therefore, if you’ve experienced any of the following over the past few years, you may be eligible to get a new FHA-insured mortgage to become a homeowner again:

Pre-foreclosure sales
Short sales
Deed-in-lieu
Foreclosure – was 3 years – now only 1 from release of lien on title.
Chapter 7 bankruptcy – was 2 years – now only 1 year from discharge
Chapter 13 bankruptcy
Loan modification
Forbearance agreements

These timelines have been shortened for people who have suffered such hardships should be prepared to demonstrate that their ability to make payments was caused by a loss of employment or other such significant loss of income that was beyond their control by 20% or greater. The potential borrower must then demonstrate a recovery from the hardship, and complete housing counseling with an HUD-approved agency. If the FHA is satisfied, you will once again be able to buy a home with the current market interest rates and home prices.

For more information on the Back to Work program, you can contact Lynnwood mortgage lender / broker David Haley.

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