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Did You Say No More VA Loan Cap?

Caliber Home Loans, Inc. knows you may or may not have heard about the Blue Water Navy Vietnam Veterans Act of 2019. Due to this important piece of legislation, the VA loan cap will be removed, starting in January.

Tell Me More!

Historically, VA loan amounts over the maximum guaranteed loan amount $484,350 (which was the same as FNMA/FHLMC limit, set to change in 2020) require a down payment. This new legislation removes that down payment requirement, paving the way for VA loans without a down payment regardless of the loan size.

  • This will apply to VA loans guaranteed on or after January 1, 2020.
  • Max Loan Amount $1,500,000.

The legislation also changes guaranty fees for certain veteran groups:

  • Starting January 1, 2020, both active duty servicemen, veterans and reservists will pay 2.3% funding fee for initial use. This change lowers the funding fee for reservists.
  • On subsequent use of their VA entitlement, there will be an increase of 30 bps in their funding fees to 3.6% for each of these groups.
  • The funding fees will revert to the current fee structure in January 2022 unless additional legislation is enacted.

As a Military Friendly® Brand, Caliber Home Loans, Inc. is committed to being a trusted resource in meeting the specific mortgage needs of the brave men and women of the United States Armed Forces who serve, or have served our country with resolute sacrifice. This is a positive change for the VA loan program. We look forward to helping even more of these brave men and women take advantage of the VA loan benefit they have so valiantly earned.

Guest post by:
Christina Wieser
Team Loan Consultant, Caliber Home Loans

Direct: 253-267-7813
NMLS ID #413896
6050 Tacoma Mall Boulevard, Suite 200
Tacoma, WA 98409

Tacoma Rising

I lived in Seattle for almost 10 years. I moved to Tacoma for the affordability and what I noticed was a much cleaner downtown Tacoma. It’s also much safer than ever. When I was a kid growing up in Lacey, Olympia, and Tumwater, Tacoma was on the news all the time for all the wrong reasons. Today, we’re in the news for all the right reasons! But don’t just take my word for it, check out this article by South Sound Business:

“I think the same is happening in the (Tacoma) Dome District” and elsewhere in town, like the Proctor and Stadium districts, he said. There’s available real estate — old warehouses, for example, that can be better used and that have significant character, he added, noting the city’s willingness to rehab them, as has occurred in the Brewery District, rather than demolish everything for new towers.”

By South Sound Business

Seattle Home Fairs

Join Us at the Seattle Home Fairs! 
Once again, the Seattle Department of Construction and Inspections (SDCI) is bringing two Seattle Home Fairs to the community. We’ll have free information for renters, homeowners, and landlords with experts on rental housing rules, coaching on obtaining permits for renovations, and breakout sessions on topics including landslide prevention, earthquake retrofits, and backyard cottages.

The North Seattle Home Fair will include a wide range of free information and takes place on Saturday, January 25, at the Meadowbrook Community Center from 2:00 to 5:30 p.m. Please RSVP here for more information on the North Seattle Home Fair.

We’ll also be hosting another home fair in South Seattle on Saturday, February 1, at the Filipino Community Center from 10:00 a.m. to 2:00 p.m. Please RSVP here for more information on the South Seattle Home Fair.

Seattle Home

Tacoma building 20-unit residential apartment building without notifying neighbors

By Candy, Mike and Todd Show
November 11, 2019

It might be a bit jarring to own a house in a residential neighborhood and only find out through the news that a few houses down an apartment building is being constructed.

That’s what happened in one Tacoma area where a house is being replaced with a building set to house 20 400-square-foot units renting at $1,050 a month, and which will only have one parking space for the entire building, reports The News Tribune.

“It’s got one parking spot. So let’s see, you’ve got probably 40 people living there. Divide that by two and carry that over and then so you have got one spot for 40 people,” KIRO Radio’s Todd Herman joked.

Sufficed to say neighbors were a tad thrown off by this project, especially since they hadn’t been notified about it, according to The News Tribune. The project does align with standards for transit-oriented developed projects which have reduced requirements for on parking in such units.

Because this particular project and others like it in Tacoma has 20 or fewer units, it is exempt from any form of standard environmental review, public review and comment, and even public notice, which is why residents didn’t know about it until they heard about the developers’ property tax credit getting approved by city council.

“When these buildings get approved, it always drives me crazy that there when they don’t include parking. Just because I think of the impact on the rest of the neighborhood and everyone else,” added co-host Candy Harper. When Candy built a tree house in her yard, she even managed to notify neighbors.

For Todd, it’s not about city regulations or zoning, it’s about being a good neighbor.

“Tacoma just started building this stuff. They didn’t so much as knock on the door and say, ‘Hey, we’d like to build a 20 units apartment building of studio apartments with one parking spot next to you.’” he said. “I’m saying this: If you live in a building with no parking spots, you don’t get to have a car … Or you have to prove that you have parking for your car.”

From https://mynorthwest.com/1592690/tacoma-apartment-house-neighbors/

THOUGHTS?

On the Ballot: Real Estate Excise Tax!

This should be of interest to everyone, in particular Washington homeowners, but also those in the market to buy a home in WA as this will affect you eventually: Real estate excise tax is on the ballot for this November 5, 2019!  Excise tax is one of the largest expenses when selling a property in WA state. #VOTE!