Loan | Fairway Independant Mortgage Corporation

						I was not aware I could write a review for David! It has been such a pleasure working with the whole team ! Even though... [read more]I was not aware I could write a review for David! It has been such a pleasure working with the whole team ! Even though it has been a few years since my refinancing ; now and then I need help with paperwork  ( i am a foreigner )… and David is always available to answer my questions! I feel safe and cared for . It is nice to be able to rely on such an honest and genuine individual and his team . A lovely surprise indeed! read less		
I. G.		10/13/2023

						David and Jan work well together.  When I have questions David is very patient with me.  He will explain the process and the... [read more]David and Jan work well together.  When I have questions David is very patient with me.  He will explain the process and the options to me until I am satisfied that I understand.  I appreciate the team very much. read less		
B. J.		10/13/2023

						David and team were awesome! They made it possible for us to get a loan for a house at lightning speed. David is also very... [read more]David and team were awesome! They made it possible for us to get a loan for a house at lightning speed. David is also very immensely knowledgeable about the financial world and will make sure that you don’t make the wrong choices with your money. read less		
S. P.		7/13/2023

						David is as knowledgable as they come and more than willing to share that knowledge with his clients. He helped make sure I understood not... [read more]David is as knowledgable as they come and more than willing to share that knowledge with his clients. He helped make sure I understood not only the "how" but also the "why" of every aspect of my loan and explained what every number meant in detail. I cannot recommend him enough. read less		
G. M.		7/13/2023

						Dave & Jan were amazing at helping us buy our first home! Dave spent over an hour with us before we agreed to anything just... [read more]Dave & Jan were amazing at helping us buy our first home! Dave spent over an hour with us before we agreed to anything just to explain what the VA loan process was & what our options were. Both Dave & Jan were very responsive & quick on any questions questions we had. Thank you for such a smooth process! read less		
E. R.		5/23/2023

						World class experience w/David Haley and team! We hit it off right away and he had us get all of our docs in order just... [read more]World class experience w/David Haley and team! We hit it off right away and he had us get all of our docs in order just as we were starting to look at houses. Then our offer was accepted on a Saturday night, and he spent a few hours with us on that Sunday morning to fine tune our financing options and then he locked in a great rate the next day as interest rates started to rise. I have only had transactional relationships with mortgage companies before now and never felt they were working 'for me' before, but am really happy to welcome Dave to a seat at my financial family table, and to call him a friend now. read less		
B. F.		5/13/2023

VA Loan – Risk Assessment

Blog, Home Buyer, Loan, Mortgage, VA Loan Lynnwood Mortgage Loan Officer December 27th, 2011 David Haley Mortgage Loan Officer

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

Blog, Bothell, FHA, Home Buyer, Loan, Lynnwood, Mortgage, Seattle Mortgage, Zero Down Loan Lynnwood Mortgage Loan Officer November 28th, 2011 David Haley Mortgage Loan Officer

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.

Stanwood-listing-003 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!

Blog, Down Payment, FHA, Home Buyer, Home Seller, Loan, Mortgage, Real Estate, Refinance Lynnwood Mortgage Loan Officer February 28th, 2012 David Haley Mortgage Loan Officer

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.

Home Building Expected to Rise in 2015

Blog, Loan, Mortgage Lynnwood Mortgage Loan January 22nd, 2015 David Haley Mortgage Loan Officer

With 2015 well underway, the National Association of Home Builders is looking forward at the coming year. Strong employment, low interest rates, and the greater availability of mortgage loans are making for a very good outlook for the real estate world, as pent-up demand continues to be released across the country.

Though the Millennial generation continues to be hampered by poor wage growth and crippling student debt, this generation is starting to reach the low 30’s. More and more of this key demographic are getting ready to get comfortable and invest in real estate, which should fuel the housing market in the coming years.

With this in mind, NAHB is expecting a rise in homebuilding for 2015. Their forecast shows single-family home production rising 26% to 804,000 units. In terms of multifamily projects, the anticipation is 358,000 building starts, representing a 2% increase over 2014. Sales of new homes for single families is expected to reach 564,000, a 29.3% gain over last year, while residential remodeling is expected to rise by 3%.

VA Loan – Risk Assessment

FHA Mortgage – Gift Funds – Bothell, Mill Creek, Lynnwood WA

FHA – Increase in Mortgage Insurance – No April Fools Joke!

Home Building Expected to Rise in 2015

Schedule a Consultation