Exciting news from our local mortgage consultants: Effective December 1, 2008, new Fannie Mae/Freddie Mac conforming loan limits are changing and will likely be more favorable for buyers in the next year.  This bump up should allow buyers more flexibility and affordability in a buyers' market.  Currently, rates are hovering around 6% and homeowners are often eager to work with qualified buyers to sell property during the slower winter months.

 

One other piece of good news to counter the highly-negative media coverage of real estate: a recent article in Smart Money pointed to some positive signs in real estate and listed Seattle as one of the cities in the best shape for a rebound.  It is interesting reading and offers some encouragement:  http://www.smartmoney.com/personal-finance/real-estate/Now-for-the-Good-News-on-Home-Prices/

 

If you have more detailed questions about mortgage qualification or current programs, I would encourage you to contact these brokers, who have done nice work for many people:

 

Dave Craig, Windermere Mortgage Services

206-706-1300