Mosler Lofts is now a FHA Approved Condo Building

by Matt Warmack on June 1, 2010

The FHA Condo List will be updated shortly to include Mosler Lofts in Belltown.  Mosler Lofts is now FHA Approved!  This will help sales in the building.  The current rules do not allow exceptions for buildings/complexes/projects.  Everyone must go through the process to get on the approved HUD FHA Condo list before FHA loans will be underwritten for a condo – which makes this list very important for all condo associations.

If your building is not FHA Approved – please contact us and we can help get your building on the FHA Condo List.

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Bravern Condos in Downtown Bellevue turns one condo tower into rentals

by Matt Warmack on April 27, 2010

Schnitzer West, the developer on The Bravern in Bellevue, is reducing the new construction condo supply in downtown Bellevue by converting one of the towers into apartments for rental.  The Bravern South Tower has 236 units that will be leased and not sold as condos.  Schnitzer also converted their Eastlake Seattle project Equinox to apartments last year.

Also announced was price reductions to the 215 remaining condos in The Bravern North Tower – which will add downward pressure to Bellevue Towers and Washington Square on their unsold units.  The sales in downtown Bellevue condos are slow right now and maybe price reductions and taking some supply off the market will drive new sales in the Bellevue condo market.  What do you think?

Seattle Times Article :

http://seattletimes.nwsource.com/html/businesstechnology/2011710235_bravern27.html

Click here to see The Bravern Condos for sale

Click here to see Bellevue Towers Condos for sale

Click here to see Washington Square Condos for sale

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VA Loan FAQ

by Jennifer Fisher on April 26, 2010

1. Is it hard to get a VA loan?
No, it is not.  After many years of successful closings, it is my privilege to guide you easily through the process.

2. What is a COE? Where can I get one?
COE stands for Certificate of Eligibility. This certificate proves that you are a veteran and, therefore, eligible for a VA-guaranteed home loan.  Cobalt Mortgage can help you get a COE for you during the loan process.  You may need to provide a copy of your DD-214 Form.

3. How do interest rates fluctuate?
Interest rates can change daily, sometimes even a couple times a day. They are based on the 30-year mortgage bond and many other market factors. Credit, employment status, loan program and many other factors can also affect interest rates.

4. Why should I use my VA home loan benefit?
The VA Loan Program helps active duty, reserve and retired military personnel purchase homes. The VA will guarantee 100% financing on a home at a competitive rate, without you having to pay mortgage insurance. The VA also limits the types of fees that can be charged, protecting you against predatory lending.

5. What is a funding fee? Do I have to pay for this?
The VA funding fee is a fee added to loans. The Department of Veterans Affairs uses these fees to help fund its VA loan program. The first time you use a VA loan, the funding fee will be 2.15% of the loan amount. For each subsequent use, the funding fee will be 3.3%. You will be required to pay it, unless you have a service-related disability of 10% or greater, in which case the funding fee is waived.

6. What does CobaltMortgage need from me to see if I qualify for a VA loan?
A VA lender will want to know your income and debts, and your social security number so that your credit history can be checked. After you supply this information to a lender, it will contact you in a few hours to let you know if you are eligible for a VA loan.

7. What are the benefits of a VA loan?
A VA loan offers 100% financing with no mortgage insurance fees. The loan is assumable, and you are eligible for streamlined refinancing if rates go down. A VA loan also offers great rates and is less strict on credit than most conventional loans.

8. Can I purchase only land with a VA loan?
No, VA loans are for home purchases and new home construction. The VA will not approve a loan that is only for land. However, you may use a VA loan to purchase a lot for a manufactured home.

9. May I use my VA eligibility more than once?
Yes, but you can only hold one VA loan at a time. After the first home loan is paid in full, your eligibility will be restored for another loan.

10. What is the funding fee for a second VA loan?
The funding fee is 3.3 %. But with a 5% down payment, the funding fee drops to 1.5%.

11. How important is my credit score to the VA?
The VA does not emphasize credit scores as much as conventional lenders. However, it does looks for a clear credit history in the borrower’s previous 12 months.

12. Can a family member use their grandparent’s or parent’s eligibility to qualify for a VA loan?
No, only a veteran or the surviving spouse of a veteran killed during active duty is eligible for VA loan benefits.

13. Can I use a co-borrower to help get approval?
VA guidelines only allow a spouse as a co-borrower. However, we offer conventional and FHA financing, which may be more suitable if a co-borrower other than a spouse is needed to secure a loan.

14. May my spouse co-sign so that I can get a larger VA loan?
Your spouse may co-sign in order to help you qualify for a VA loan. However, your spouse’s liabilities, in addition to your spouse’s income, will be considered when determining eligibility and loan amount.

15. Can I have two VA loans at once?
No. You can have only one VA loan at a time, and it must be used for a home that is your primary residence. After you pay off that loan, you are eligible for another VA loan.

16. Does it cost anything to prequalify for a VA loan?
No, it does not.

17. What are the differences between VA loans and conventional loans?
The main differences are that VA loans are guaranteed by the Veterans Administration, they require no money down, and they usually are easier to qualify for than conventional loans.

18. Are VA loan rates the same as conventional rates? Better? Worse?
Some days VA rates are better, some days they are worse. It depends on many market factors. However, VA loan rates are always close to conventional rates.

19. Does my credit score affect my VA loan rate?
No. Your credit score has no impact on VA loan rates. It can affect rates for a conventional loan.

20. If I filed bankruptcy, can I still get a VA loan? How long must I wait after filing?
Yes, you are still eligible for a VA loan. You must be at least one year out of Chapter 13 bankruptcy or two years out of Chapter 7. You also must have no late payments in the year leading up to applying for the loan.

21. Can a friend co-sign my VA loan?
Only spouses can co-sign on VA loans. However, other loans, such as conventional home loans and FHA loans, may allow a friend to co-sign.

22. As a veteran, will my VA loan entitlement ever expire?
Your entitlement never expires. However, your Certificate of Eligibility may need to be renewed if it is older than 12 months.

23. How much can I borrow with a VA home loan?
You may be able to borrow enough to cover 100% of your home purchase and could qualify for up to a $417,000 loan. In certain High-Cost counties the limit may be higher.   In Pierce, King, and Snohomish the limit is $481,250 and in  San Juan county $505,000.  For a refinance you can borrow up to 90% of the appraised value of your home.

24. May I use a VA loan to invest in real estate?
A VA loan may only be used for a home that you intend to live in as your primary residence.

25. Are VA loans provided by the U.S. government?
The Department of Veterans Affairs does not actually loan the money for VA loans. It insures loans that VA-approved lenders provide, which allows borrowers to get loan amounts for 100% of the appraised value of a home.

26. What is a fixed-rate VA loan?
A fixed-rate loan has an interest rate that stays the same. The interest rate at the time the loan is finalized is the interest rate for the life of the loan.

27. Do I need a down payment with a VA loan?
A VA loan covers 100% of the value of a home, so a down payment is not required. However, you have to pay any closing costs. But the seller can pay these closing costs for you up to an amount that equals 6% of the home’s value. This usually is more than enough to cover closing costs, so you can move into a home with no money out of pocket.

28. May I use a VA loan for a vacation home?
No, a VA loan can only be for your primary residence.

29. If I am on active duty, can I get a VA loan?
Yes, if the home will be your permanent residence and you are within 60 days of moving in.

30.  How do I get started? 

That one’s easy!  Call Jennifer Fisher today at 206.423.3904!

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Lien situation at Mosler Lofts is fully resolved

by Matt Warmack on April 15, 2010

For anyone that has been watching Mosler Lofts or is an owner – some great news today!

April 13th 2010
Fellow Mosler Residents
2720 – 3rd Ave
Seattle, WA 98121

RE: Building Liens and Lis Pendens

The Mosler board is pleased to announce the lien situation at Mosler Lofts is fully resolved and as of this morning all liens against title are removed. This should come as good news to all residents of the building, as you now enjoy a lien free title for the first time in years.

Click here for the Mosler Lofts Real Estate Listings in Seattle, WA

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Rates for the Weekend

by Jennifer Fisher on April 2, 2010

Conforming
(< $ 417,000)
Conv. 30 Year Fixed     5.250%/5.325 APR
Conv. 15 Year Fixed     4.500%/4.625 APR
Conv. 5 Year ARM        3.750%/3.818 APR
FHA 30 Year Fixed      5.250%/5.325 APR
FHA 5 Year ARM          3.875%/3.944 APR

 
High Balance
(> $ 417,000 – $567,500**)
Conv. 30 Year Fixed  5.375%/5.473 APR
Conv. 15 Year Fixed   4.750%/4.915 APR
Conv. 5 Year ARM       4.750%/4.845  APR
FHA 30 Year Fixed     5.250%/5.348 APR
FHA 5 Year ARM         4.500%/4.593 APR
 
  
Jumbo
(> $ 567,500)
30 Year Fixed         5.625%/5.725 APR
15 Year Fixed          5.250%/5.417 APR
5 Year ARM             4.625%/4.719 APR

 
Super Jumbo Option
$1,250,000 Purchase Price
$1,000,000 Loan Amount
5/1 ARM           4.500% / 4.593 APR
7/1 ARM           5.000% / 4.096 APR

 
Please let me know if I can be of any assistance. 
I appreciate the opportunity to serve you. 

Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, Conventional 80% Loan To Value, Conventional 80% Combined Loan To Value, FHA 96.5% Loan to Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.

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Fifteen Twenty-One Open House @ 1521 2nd Ave

by Matt Warmack on March 26, 2010

Open House This Weekend @ Fifteen Twenty-One Condos
March 27th & 28th
12:00pm to 4:00pm
1521 2nd Ave – Downtown Seattle, WA

If you didn’t get an email – here is what they are promoting at Fifteen Twenty-One Condos:

Join Opus Northwest and Realogics Sotheby’s International Realty at Fifteen Twenty-One Second Avenue this weekend for an open house and model home tour. Learn more about: “The Value of View” – a case study by William Justen and his thoughts about the projected cityscape.

Click Here to View Active Listings at Fifteen Twenty-One Condos

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Landlord Networking Hour – April 2010

by Matt Warmack on March 20, 2010

April 13th, 2010 from 8PM – 9:30PM

CLICK HERE TO REGISTER FOR THE EVENT

Our next meeting, April 2010, will be a special 90 minute class at Wallingford Keller Williams (1307 N. 45th Street @ 45th & Stone) with Cris Anderson, Esq:

April 13th, 2010

8PM – 9:30PM

Cris Anderson will be presenting real estate investment analysis, real estate taxes and 1031 Exchanges.  He is going to be presenting material that is regularly taught for a fee!  Don’t miss this event.  This event will be fun and informative.  He was 2007 Instructor of the Year by the Seattle-King County Association of REALTORS®.

Cris Anderson’s bio can be found at http://apiexchange.com/staff/cris_anderson.pdf

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Seattle Condo Auction : 5th and Madison

by Maryam on March 3, 2010

 

Kennedy Wilson will be holding an auction of 18 condominium homes in the 5th and Madison tower located at 909 5th Avenue in downtown Seattle.  The available floor plans are 1 bedroom 1 bath homes that range from 807 to 1,241 square feet some of which include a den and additional half bath.  There is also one stunning view penthouse unit available with 1,957 square feet, 2 bedrooms, and 2.5 baths.   You can check out the brochure online with details and pictures of the available floor plans.  The original prices for these units ranged from $399K to $899K for the 1 bedroom homes and 1,995K for the penthouse.  The auction will have starting bids that range from $225K to $385K for the one bedroom units and $995K for the penthouse. 

Homes are open for preview from 10am to 5pm daily.  The previewing process is simple and well worth the time if you are considering purchasing one of these homes.  Parking is available on Madison and will be validated for up to 2 hours.  You will be greeted at the front entrance where you will be given directions to the Auction Information Office (which is actually one of the units up for auction).  They will ask you for identification and to sign in as a guest, so remember to bring your ID.  It’s important to note that even though these homes will be sold at auction, you still have the right to agent representation as a buyer.  I strongly suggest taking advantage of this as the auction process can be a bit confusing and you want to make sure to protect your interests as a buyer.  It’s a good idea to have your agent with you when you preview, as you will be asked to fill out a registration form when you arrive at the Auction Information Office and you will have to register your agent at this time.

All auction buyers will be required to register in order to participate and bid on auction day.  Buyers who will be financing their purchase are required to obtain preapproval through Wells Fargo Home Mortgage (which is the seller’s preferred lender) but are not required to use Wells Fargo for their home loan.  It’s worth noting that the seller is offering a $5000 credit to buyers that use their preferred lender.  This building is also approved for FHA financing which is good news for those buyers with lower down payment options.   Cash buyers will be required to submit proof of liquid funds before the auction.  All bidders are required to bring a cashier’s check for $5000 to the auction along with a personal check for the remaining balance of the required 3% deposit.  Bidders who purchase more than one unit will be required to submit a deposit of 5%.  Buyers should also keep in mind that a pre-inspection is suggested as there will be no further negotiation or repairs made once the purchase is finalized.  For complete instructions regarding the auction, you may obtain a brochure online or in person at the Auction Information Office. 

Kennedy Wilson will be holding a “How to Buy at Auction” seminar on Sunday, March 21st with three available sessions.  Each session is half hour long with start times of 1pm, 1:30pm, and 2pm. 

Both Matt and I have been through the preview process and have toured all the available units.  We are happy to help anyone interested in potentially purchasing one of these homes, and are available to accompany you in previewing the condos.  Please feel free to contact the Urban Abode Group for additional information at team@urbanabodegroup.com

Auction Web Site – http://www.bidkw.com/auctions/view/33
Brochure- http://www.bidkw.com/files/uploaded/auction_33_20.pdf
Floor Plans – http://www.bidkw.com/files/uploaded/auction_33_22.pdf

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Top 5 Questions To Ask Your Home Inspector & 1 Run Like Hell Question

by Farren on March 1, 2010

So you are thinking about hiring a home inspector and you’re wondering where to get started & questions to ask.  Well you’re in the right place…I have been doing inspections for 11 years (Home, Condo, Commercial, Septic, etc)

We will give you 5 great questions to ask and one additional run like hell question to keep your inspector on his/her toes.  For the sake of this blog posting we will use condo/homes/properties interchangeably.

Begin with the obvious – if they get this wrong just move onto the next inspector.

1)     Are you certified or state licensed to provide home inspection services in the state in which you are considering having your property inspected?

 Amazingly enough until recently (Sept 2009) Washington State didn’t have a formal test to become an inspector.  In a roundabout we inspectors were under the control of Washington State Department of Agriculture for being licensed to do Structural Pest Inspections, but for the most part no licensing until recently. More detail, but that’s another rant for another day.

2)     How many homes have you inspected?

The wording of this question is important. Some people ask how many years have you been inspecting homes. The inspector can answer 5 years which infers a lot of inspecting experience. But what if the inspector works very part time and does an inspection every other week. He/she may have only inspected a 50-100 homes during that time period. So ask how many homes they have inspected? You can say roughly estimate. If the inspector has inspected  500+ homes you should be pretty confident they know what they are doing.

3)     How did you learn to inspect homes?

Did the inspector order some CD’s from the internet and then put up a shingle?  Wow - now they are out inspecting homes? It’s important to understand their level of hands on experience and education. Some inspectors have no choice but to download some CD’s because they live in an area where there isn’t a home inspection school. Again you are just gathering information. Don’t write the inspector off, just because they learned from the Internet or book…the important point to figure out is if the the inspector went from being a roofer to being an inspector. Now they are doing OJT on your home, hopefully figuring out how the plumbing works, or what a furnace looks like…etc. O ya OJT trade word for “On The Job” training. Yep just brought you into the “circle of trust”. Don’t tell anyone.

4)     What is your hands on construction experience?

This is an important question to gauge the level of  someone’s knowledge for potential repair/replacement questions. This will help when you are trying to figure out the level of concern in an item found at the time of inspection.  The inspector technically can’t tell you how to repair something, but adding additional insight on the potential repair is helpful, particularly when the buyer knows nothing about construction.  For example if you are a first time home buyer and your inspector calls out damaged grout and broken tiles in the shower and on the countertop. Well those two items sound very familiar (broken tiles/grout) but the potential repair scope and cost can be significantly different from a countertop to a shower. Again if the inspector doesn’t have some construction experience they might just point you to a contractor  which can add to your stress and anxiety, and really not provide a good scope of concern.

5)     What type of report do you provide and in what time frame?

Does the report include color photos, computer generated, delivered onsite or emailed within 24 hrs of completion. Or perhaps it’s handwritten with crayons by the inspectors 4 year old son, delivered via carrier pigeon. Serious though the most important element is the photos. It’s really difficult to convince a home owner their crawlspace is rat infested, but you show them pictures of a bunch of dead critters and end of conversation. Negotiations are a lot easier and less stressful. Ideally the inspector can send you a link to a sample report online or shoot you an example via email.

Here’s the run like hell question.  Ask the inspector if they ever do client repairs as a side job. If the inspector answers they do inspection customer side jobs and would be happy to give you a quote on putting in a new floors or doors or windows…yada yada. Run like hell. I know some states allow the inspector to do side jobs, but I think it’s a giant conflict of interest.

This inspector is either a handyman/contractor using the inspection business as a lead generator a big NO NO. As you have a major conflict of interest. i.e. I think you need to rebuild this bathroom and I think I have the perfect guy to do it for you..ME. Crazy I know but I am perfect at doing these repairs and I’ll totally rip you off but you won’t know.  Kidding … maybe!

Or the inspector isn’t doing enough inspections and therefore is trying to do handyman work on the side to make ends meet. Which in this environment is understandable, but in reality, this may mean the inspector won’t be in  the “Inspection” business in 6 months when you have a problem you want to discuss. I know reputable inspectors who do construction on the side, but never on the home they are inspector. Again major conflict of interest if you inspect and also do repairs on the same house. Perhaps it’s better is to ask the inspector or REALTOR for a referral contractor then get 3 quotes. To find out if you are a getting hosed.

Now we come to the end of my blog post. I know a bit blunt. You can also ask “What’s your prices”.  As long as the inspector is not outrageously more expensive then the other inspectors you have called – you should be good to go.  Don’t fall into the trap of not hiring a great inspector for a $40 difference in inspection fees. Remember this is an investment in your education, don’t go cheap : ) Congrats on making it through the whole article.  Learn more about Farren West @ www.KeyInspectionServices.com or www.EZ2Inspect.com or email me directly @ Farren@EZ2Inspect.com #206.931.0506 Washington State Licensed Inspector #489 & State Licensed Structural Pest Inspector #66918.

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Mortgage Rate Update – Feb 27th, 2010

by Jennifer Fisher on February 27, 2010

                                                 Conforming                    High Balance
                                                  (< $ 417,000)                 (> $417-567*)
Conv. 30 Year Fixed  4.875%/4.948 APR           5.000%/5.114 APR
Conv. 15 Year Fixed   4.250%/4.374 APR           4.500%/4.694 APR
Conv. 5 Year ARM      3.500%/3.567 APR            5.125%/5.240 APR
FHA 30 Year Fixed     4.875%/4.948 APR            5.250%/5.365 APR
FHA 5 Year ARM         3.750%/3.838 APR             4.375%/4.485 APR
                                                       Jumbo 
                                                 (> $ 567,500)
30 Year Fixed               5.625%/5.761 APR
15 Year Fixed                5.375%/5.604 APR
5 Year ARM                   4.625%/4.753 APR   

Million$+ Jumbo Loans
(Sales Price $1,250,000,  Loan Amount $1,000,000)
5/1 ARM                         4.625%/4.715% APR
7/1 ARM                         5.000%/5.092% APR   

Jennifer Fisher, LO#510-LO-52053

     

  

   
 
 Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, 80% Loan To Value, 80% Combined Loan To Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. *County Limits Apply, Max for King, Pierce & Snohomish = $567,500. 

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