Jake Emens Avatar

positive review  Working with David and team was actually a meaningful experience for me. They took the time to educate me on the process every step of... [read more]

Jake Emens
Jordan Vega Avatar

Working with Dave Haley was a real treat. I am a first time home buyer and he was beyond amazing at walking me through and... [read more]

Jordan Vega
John Sliwa Avatar

David is just outstanding! He is a very clear and effective communicator and totally transparent throughout the entire process. He also doesn't waste time and... [read more]

John Sliwa
Satit Chiva Avatar

First, I have to say thank you to David and Jan for helping us buying our dream home. You guys are super awesome. Very professional,... [read more]

Satit Chiva
Ang Dear Avatar

Excellent mortgage broker! Explained everything in terms we understood & worked with us. We've worked with mortgage professionals before that have been less than friendly... [read more]

Ang Dear
Jesse Rodriguez Avatar

positive review  David is an expert when it comes to Mortgage Loans, I’d highly recommend you utilize his expertise for your next mortgage!

Jesse Rodriguez
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Home Building Expected to Rise in 2015

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%.

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.

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.

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!

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