Bellingham Mortgage Blog

High LTV Financing - 95% in Washington with No MI

I have access to a great high LTV (loan-to-value) program, if your looking to purchase or refinance, but have had a hard time finding the right mortgage, read on:

• Purchase or Refinance
• 1 Day Off MLS Okay
• Rural and Acreage Okay
• No MI (Mortgage Insurance)
• Cash Out Okay
• Interest Only with No Add to Rate
• 650 Minimum Score (First Time Homebuyers 680 Minimum)

This is just one of the great programs I have access to. If you are looking for a mortgage to purchase or refinance your residential or commercial real estate, give me a call @ 800-893-4418.

Residential Mortgage Rate Trends - Washington (Prior 3 Months)

This chart compares rates on 30 Year Fixed Rate Mortgages and 15 Year Fixed Rate Mortgages from From February 15, 2008 to May 15, 2008. 

I’ve been pretty inconsistent on posting this information.  Moving forward I’ll post these trends monthly (I hope).

Jumbo Residential Mortgages are Getting Better…Finally.

I’ve done quite a few Jumbo Residential Mortgages this year, and have been pretty limited on the programs that have been available.  Even with the increase in Jumbo limits from $417,000 to $567,500 (in Washington State), lenders have been very reluctant to improve pricing on anything over the old limit.

But, it looks like things are changing, I’ve seen several lender rate sheets that now ‘honor’ the new limits set by the federal government on these deals, including great rates on 30 Year Fixed loans as well as a variety of ARM’s.

If you have a loan that is larger that the old limit of $417,000, or are considering a cash-out refinance over the old limit, now is a good time to start looking.

Rural Purchase Loans - 102% LTV with No Credit Scoring!

• Owner occupied purchases Only (condos okay)
• 102% financing based on appraised value (not purchase price)
• Equity between appraisal and purchase price can be used for closing costs or repairs.
• Unlimited seller concessions
• No monthly MI (mortgage insurance)
• 620 credit score minimum for streamlined approval, lower scores possible!
• Fast approvals and closing.

The fine print:

• Buyer may only own one property
• Income limits apply (based on # in household, 2 person Whatcom $57,950 maximum income, childcare expenses can be deducted)
• Available ony in rural areas (includes most of Whatcom, Skagit, and Snohomish Counties, except most of Bellingham and Mt. Vernon).

This program has existed for 17 years and is a great tool to help your buyers that don’t want to live in the ‘big city’.

Please don’t hesitate to call or e-mail if you have questions or would like to prequalify one of your buyers.