Home Buyer Class in Seattle

Seattle Home Buyer ClassesI will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, September 13, 2014 at the Broadview Library in Seattle.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).

If you are considering buying a home with your spouse, partner or friend, they will need to attend the class with you to qualify for the programs.  You do not need to be a first time home buyer to qualify for many of the mortgage programs. And of course, you’re welcome to attend if you’re not interested in down payment assistance programs and you just want to learn more about the home buying process.

Space is limited, so please RSVP today:

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Home Buyer Class in South Seattle

Seattle Home Buyer ClassesI will be teaching a Home Buyers Education Class with Ira Sacharoff of Better Properties Real Estate Seattle on Saturday, August 9, 2014 at the Skyway Public Library. This class is sponsored by the Washington State Housing Finance Commission.

Students will learn about the home buying process and will receive a certificate at the end of the class making them eligible for:

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Washington State Down Payment Assistance Programs and Grants

2013-03-07_0746Washington State home buyers have several various down payment assistance programs available and they’re not just limited to first time home buyers.  These funds can go towards closing cost and the down payment of primary residence.

Here’s an updated list of what I have available.

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NEWS FLASH: Home Advantage Rebound DPA is no longer available

This morning I received an email from the Washington State Housing Finance Commission that one of the Home Advantage Rebound program has ran out of funds and is no longer available.  If you were planning on using this for your down payment assistance, and you have a transaction in progress, check with your mortgage originator asap to see if the funds were reserved. If they were not reserved, then you’ll need to come up with a “plan b”, which may include using their stand-by program Home Advantage.

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How Much Income and Down Payment do You *Really* Need to Buy a Home in Seattle?

The local media is picking up on an article written by HSH.com that could depress Seattle area home buyers regarding how much income is needed to buy a home in various metropolitan cities. The report relies on data provided by NAR and… ready for this… claims that you need to have an income of $73,851.06 in order to buy a home in the Emerald City.

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It’s Official: Washington State Bond Mortgage Program has funds!

Washington State Bond House KeyI just received the official announcement that House Key Opportunity (aka the Washington State Bond program) will start accepting reservations (locks) tomorrow, May 1, 2014.

The state bond program offers below market interest rates to home buyers who have household incomes limited to 80% or lower of the HUD’s income limits.  In King County, a family of four would qualify for this program if their household income is $63,900 or lower. House Key will allow credit scores of 620 or higher – there may be additional credit score or income limits with combined down payment assistance programs.

UPDATE 5/30/2014:  Income limits above are for when home buyers do not use a down payment assistance program in conjunction with House Key Opportunity state bond program.  Income limits for the Seattle – King County area are $90,000 for a 1-2 family home or $97,000 for a 3+ family home.

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Grant Down Payment Assistance: a Seattle Real Estate Chat Video

I’m real excited that we’re able to offer the NHB Grant Program at our company.  During this week’s episode of Seattle Real Estate Chat with Jim Reppond, we covered some of the details about this down payment assistance program that home buyers do not pay back.

If you are interested in this or any mortgage program for homes located in the state of Washington, please contact me.

Comparing Low Down Payment Mortgage Programs

Young Couple With New HouseEDITORS NOTE: Fannie Mae is no longer offering the FannieMae HomePath mortgage program. If you are considering buying a Fannie Mae HomePath property (foreclosure that is owned by Fannie Mae) in Washington state, I’m happy to help you.

Home buyers have so many options today for selecting a mortgage today. We have several mortgage programs designed to help people buy a home who want to use less down payment. Many of these programs do not require the borrower to be a first time home buyer. Home buyers should compare all possible options before making a decision on what program is best suited for their personal financial scenario.

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