RealTalk Ep 2: New Year, New Mortgage Rules [video]

In this conversation, Joe, Casey, and Colin discuss the new mortgage rules and updates for 2025, focusing on loan limits, down payment options, credit score requirements, and the challenges of self-employed borrowers. They also delve into interest rate predictions and the importance of timing in real estate purchases, emphasizing the need for buyers to act quickly in a fluctuating market.

Takeaways

Loan limits are increasing annually, providing more opportunities for buyers. Guild Mortgage offers innovative down payment assistance programs. Credit score requirements have become more flexible for FHA loans. Self-employed borrowers can qualify using bank statements instead of tax returns. Interest rates are expected to decrease, impacting home affordability. Buyers should act now to avoid losing purchase power due to rising home prices. Home prices in Seattle typically increase by 15% annually, with significant appreciation in spring. Waiting to buy can lead to substantial financial losses in potential equity. Refinancing options are available for buyers who purchase at higher rates. Understanding the long-term goals is crucial for home buyers.