If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.
Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
Washington 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.
A few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.
Check out the latest edition of Your First Home Mortgage Guide.
Although I wrote this book with first time home buyers in mind, a majority of the content is relevant to all home buyers.
Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes. The MCC remains available as long as the borrower owns and occupies the property.
Freddie Mac’s Home Possible Mortgage is a great mortgage program designed for first time home buyers. What’s so special about this program is that it allows a home buyer to qualify for dramatically reduced mortgage insurance premiums with a minimum down payment. The down payment may be gifted by a family member. No reserves are required for a single family dwelling.
My most recent guide book, Your First Home Mortgage, is filled with information that I hope first time home buyers will find useful. Please feel free to share this book with anyone you know who is considering buying their first home.
You can find a collection of my other guide books and slide shows by visiting the Mortgage Porter library.
Remember, if I can help you with your mortgage needs, including buying or refinancing a home located anywhere in Washington state, I’m happy to help you! Click here for a free rate quote.
PS: If you’re interested in attending one of my home buyer seminars sponsored by the Washington State Housing Finance Commission, click here.