Mortgage Broker in Seattle Area

6 Replies

Looking for a smart and creative mortgage broker in the Seattle area.  My primary broker that I've been using for the past 5 years has gone MIA in the past month, and I need to buy another personal residence (either for myself or for my parents) soon.

My broker told me a few months ago (before going MIA) that it's possible to buy a primary for my parents with the loan under my name if I can show that their income is too low to afford a house.  Is anyone familiar with this program?

Nghi - would using a regular FHA loan be possible ....they would be the borrowers and you could be the " non occupant " co borrower .....?? there are even some conventional loans that might allow this ......if they don't want to be on the loan at all , you will likely need to use options that classify the purchase as an investment property purchase with you being the borrower ( assuming you already own a home ) ..thanks

@Nghi Le  There are options for your situation. The down payment amount would depend on the type of property you are looking to buy for your parents. It might even be possible to buy it as a 2nd home, depending on the location of the new property compared to where you are currently residing.

Thanks for all of the responses on BP (in this thread and through PMs).  I just reached out to someone!  Will keep the rest in mind if he doesn't work out.

Originally posted by @Nghi Le :

Looking for a smart and creative mortgage broker in the Seattle area.  My primary broker that I've been using for the past 5 years has gone MIA in the past month, and I need to buy another personal residence (either for myself or for my parents) soon.

My broker told me a few months ago (before going MIA) that it's possible to buy a primary for my parents with the loan under my name if I can show that their income is too low to afford a house.  Is anyone familiar with this program?

 Yes Nghi, Its a niche guideline within Fannie Mae. Not only do you have to prove your parents couldn't qualify for the property themselves, but we'd have to not have any other properties in the area as the underwriter doesnt want an issue where borrowers are trying to circumvent primary residence guidelines to obtain more investment properties. It really helps the story if your parents already live in the property and now they are trying to buy the property from the landlord since there's already a track record of residing there as a primary residence.

I've done 3 of these for various borrowers. I've been structuring these as 5-10% down conventional fannie with no monthly MI for the borrower's parents.

Let me know if you have any questions about this.

I pulled these emails from the Seattle Magazine listing the "best" mortgage people. Although I don't believe that they are the best that they gave Seattle magazine the most ad money if you email everyone of these I think it would be an easy way to get low hanging fruit.

By Bp won't let me post the 30 plus email addresses so please PM me for them.

Jeanne is one of the most all-around amazing lenders I have ever worked with. As a real estate broker, I understand how critical it is to have a knowledgeable, ethical and responsive lender, and Jeanne exceeds each of those criteria.