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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Margery L.

How would you rate the level of service you received from us?
Answer: Excellent

How would you rate your level of satisfaction with the overall experience in dealing with us?
Answer: Very Satisfied

Would you mind providing a client testimonial about your overall experience?
Answer: David was very knowledgeable and was able to present us with options. The staff guided us through making it a smooth and quick process. I would highly recommend them to my friends and family.

Was there anything we could have done to improve the overall experience for you?
No

Would you be willing to recommend us to family members or friends?
Answer: Yes

VA Home Loan – Purchase or Refinance

VA Home Loans, for me personally, are a true pleasure to work with, as they allow me the opportunity to meet all types of service men & women who acted on a core principle belief — honor!  My father had served over twenty-one years in the Air Force, and it is a pleasure to have a way to thank military personnel like him for their years of service.

I am so passionate about helping our Military Personnel with a VA Home Loan because it allows the active, retired or veteran military personnel receive one of the most stable loans with no monthly mortgage insurance.

Depending on your eligibility for a VA loan, there could be no funding fee.  This means you have or are receiving some disability benefit from the Department of Veteran Affairs.

Many times I have heard from a person who is wanting to refinance a home loan, and I will find out that he or she had served in our Armed Forces.  I then ask them if they would like to do a VA Loan, and they say that they used it already.  Well, I am here to tell you that you can use it again! While it is true that you can only have one VA loan active at a time, you may have another opportunity to use it again.  We will need to dig further on this, but it can happen. Each person’s level is different.

These are rewarding loans for me, personally, as I had stated before.  Should you need more information, please feel free to contact me or you can click this link for one of the best Mortgage Calculators for a VA Home Loan: Calculator. Please note the pull down bar as this will allow for several options pertaining specifically for our veterans.

Here is more added info pertaining to VA Rules: http://www.benefits.va.gov/homeloans/documents/docs/vap_26-4_online_version.pdf

Thank you for reading this.  I hope it has been a big help to you.

Mortgage Insurance, Not a Tax Deduction?

Mortgage-Insurance

Going forward Mortgage Insurance will no longer be able to be a line item deduction after 12/31/2011. As a Mortgage Insurance Company has reminded us: United Guaranty MI company. “MI tax deductibility is scheduled to lapse at midnight, December 31, 2011, now’s the time to expedite them to retain this benefit for your borrowers who qualify! MI tax deductibility will also lapse for FHA and VA loans, which were extended under the same law as private MI.”

As we found out last week, g-fees for new agency loans will be going up to pay for the two-month payroll tax cut.Under the “unintended consequences” banner analysts were quick to point out that, given the increase is scheduled for ten years, Fannie Mae and Freddie Mac are not going away any time soon unless the government comes up with the money elsewhere. F&F will not absorb this increase, nor will lenders; it will, of course, be passed on to borrowers. (The bill also will raise the annual insurance premium borrowers pay on FHA loans by one-tenth of a percent.) The increased g-fee, which makes it difficult for Congress to work on efforts to shut down Fannie and Freddie, based on current rates and a $200,000 loan, will cost the agency borrower about $11 per month. “These institutions, which have been so costly to Americans and are so necessary to the housing recovery, should not be the piggy bank for future arbitrary tax policy,” Dave Stevens (MBA) said. Due to their government ownership, investors still view their (and FHA/VA) MBS’s as safer investments than those offered by private firms. The law allows FHFA to phase in the fee over two years.
So, if you were lucky enough to close your home loan before 12/30/2011 Congratulations!

*As always seek a qualified CPA who can further assist you.* This is not to be construed as tax advice, informational purposes only!

We are hoping that the House of Representatives will continue to extend this tax credit to home buyers, as this is a benefit when you purchase a home and have less than 20% down payment. Make sure you contact your local Representative, Congressman, Senator, or local delgate. We need to extend this tax credit / deduction! As this will only help our real estate markets

Should you have any questions please 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.

Seattle VA Loan Limits 2012

VA just released their new loan limits for Seattle, Snohomish, Everett, Tacoma, Lynnwood, Shoreline Area and Surrounding Counties:

King: $458,850 | Snohomish $458,850 | San Juan $432400 | Pierce $458,850

This will allow for 100% Financing for qualifying miltiary servicemen and women.

http://www.benefits.va.gov/HOMELOANS/docs/Loan_Limits_2012_Dec_2011.pdf

Let me of service to you as you served our country! Thank you

Free Trees & Plants – Seattle Curb Appeal & Do A FHA Energy Efficient Mortgage

green-tree Go Green – Plant a Tree!

One of the ways that you can generate curb appeal for your properties is through a beautification effort and that does not mean taking a hit from your operating budget.

Here are three ways to get free trees or plants for your properties. Free Trees & Plants – Very simple way to get trees and plants. This is a not-for profit foundation that collects plants from nurseries that would be thrown away. They nurture the plants and ship them to you. You only pay for shipping and handling. http://www.freetreesandplants.com/

Arbor Day Foundation – When you sign up for a six month membership, you get 10 free trees shipped for free. http://www.arborday.org/

We find that homeowners like the idea of being “Green” for the environment and not having to spend alot of money at the same time. Arbor Day Foundation is one of the best and inexpensive ways to achieve this goal.

I specialize in helping new homeowners in the Seattle, Lynnwood, Edmonds and Bothell area that are interested in receiving an Energy Efficient Mortgage that can be financed above the FHA mortgage loan or a VA Loan. This is often times more attractive and helps in saving money due to better efficiency standards.

We have contacts that will assist us with the HERS Rating and Energy Efficiency that is required when you are interested in this type of financing.

Here are a few examples that can be used in addition to your FHA Loan with the Energy Efficient Mortgage:

  • Replacing a furnace/cooling system
  • Fixing or replacing a chimney
  • Insulating an attic, crawl space, and/or pipes and air ducts
  • Replacing doors or windows

Have questions? Please feel free to contact me.

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
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