Loan

Refinancing Your Home to Pay Off Student Loans: Key Benefits

Loan, Lynnwood, Mortgage, Refinance October 27th, 2024 David Haley

Refinancing your home to pay off student loans offers a streamlined, cost-effective way to manage debt. Here’s why it’s a good idea:

One Monthly Payment: Combining student loans with your mortgage simplifies repayment, making budgeting easier.
Flexible Terms for Financial Relief: You can adjust the mortgage term to reduce monthly payments, freeing up cash for other priorities.
Potential Tax Savings: Mortgage interest may be tax-deductible, creating added financial benefits.

Watch the video below to hear David discuss how home refinancing can make tackling student debt simpler and more financially beneficial.

“Got 90 Seconds? Watch to Discover a Smarter Way to Pay Off Student Loans!”

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%.

						David Haley, Fairway Mortgage I was referred to David by a friend who I trusted and David Haley did not disappoint, better he went above and beyond to help me through this process, taking the time to answer all of my questions. He and his team were immediately responsive to any of my inquiries. I didn't have to wait on hold or listen to a robot giving me options to choose. This was real, personal service that we don't see enough of anymore. I highly recommend David Haley as a lender, as well as anything else having to do with financing a mortgage. I can't say enough good things about the whole process working with David. Thank you.			
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d.		1/09/2025
						Great job start to finish working with Dave and Jan highly recommend them			
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P. D.		1/06/2025
						Great job start to finish working with Dave and Jan highly recommend them			
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P. D.		1/05/2025

						The best parts about David is that he was extremely responsive, and explained things in detail and MADE SURE I understood everything we talked about. I highly recommend his and the Fairway team’s services.			
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D. C.		1/04/2025
						David was willing to communicate with us often and answer any questions we had. And if he didn't know, he found out! He gave valuable insight into the whole process of buying a home, not just the loan part.			
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K. A.		12/26/2024
						David Haley was extremely helpful in the loan application process. He was excited to share his knowledge with me and took time explaining every possible option I had to work with. He made me feel like I was his only client, which I know is a hard thing to do. He always answered my calls and was glad to talk with me.			
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M. A.		12/23/2024

Refinancing Your Home to Pay Off Student Loans: Key Benefits

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

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