BREAKING NEWS: Higher Income Limits for Down Payment Assistance Mortgages

The Washington State Housing Finance Commission has just announced they are increasing the income limits on all of their Home Advantage mortgage programs. The income limits are being increased effective immediately from $97,000 to $145,000! [Read more…]

Stop paying rent: Mortgages with down payment assistance

This post is the last in my series showing different options for buying a home using mortgages with low down payment options. The series started from a posting I saw on Facebook where one of my West Seattle neighbors is trying to find a place to rent that accepts pets. This is my handsome pup, Hitch, who might not be allowed in most apartments since he’s over 65 pounds…even though he’s just a big puppy.  🙂

My previous posts compared using Fannie Mae’s Home Ready program and an FHA mortgage with the goal of keeping the total mortgage payment around $2200.

This post will be using a program from the Washington State Housing Finance Commission which offers down payment assistance. The down payment assistance is actually a second mortgage at zero percent interest that is tacked on to the end of the first mortgage. There are no payments due for 30 years (or when the first mortgage is paid off). Although the down payment assistance interest rate is zero, the interest rates for the first mortgages with this program tend to be higher (as you’ll see with my quote). [Read more…]

Limited Time Offer: WSHFC is offering grants for closing cost!

Last night, the Washington State Housing Finance Commission announced it is offering grants to help with down payment and closing cost for buyers when they use specific programs offered by WSHFC. This is very helpful in a “seller’s market” where sellers are very unlikely to contribute towards closing cost for a potential buyer. [Read more…]

Many Washington State Homes (and Home Buyers) are eligible for Down Payment Assistance Programs

down_payment_assistanceRealtyTrac and Down Payment Resource recently compiled a report of how many homes are eligible for various down payment assistance programs by county. Their report revealed that 87% of homes in the United States may qualify for down payment assistance (DPA) for home buyers.

[Read more…]

Home Buyers Seminar in Northgate

Seattle Home Buyer Classes

I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, November 15, 2014 at the Coldwell Banker Danforth’s Seattle office, which is located just south of the Northgate Mall.

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. [Read more…]

Conforming Mortgages set to Reduce Minimum Down Payment

Mel_WattAt the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.

From his prepared speech:

“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. [Read more…]

Kent Home Buyer Education Class

Seattle Home Buyer ClassesI will be teaching a home buyer class in Kent with Ira Sacharoff of Better Properties Real Estate on Saturday, October 11, 2014 at Mortgage Master Service Corporation’s home office which is located just south of South Center on West Valley Highway.

[Read more…]

Congratulations to the Washington State Housing Finance Commission!

iStock_000009450603SmallI’ve just learned that last month, the Washington State Housing Finance Commission did their 50,000 closing! In other words, WSHFC has helped over 50,000 families buy a home in Washington state using one of their first mortgage and down payment assistance programs. The 50,000th home buyers are from Federal Way and represent a typical Home Advantage home buyer:

[Read more…]