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…]

Home Buyer Class in Lake Forest Park

Seattle Home Buyer Classes

I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, January 24, 2015 at the Lake Forest Park Library.

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

When: Saturday, January 24, 2015 from 11:00 am – 4:00 pm. We do our best to wrap up the class by 4:00 pm. The WSHFC requires that the classes be at least five hours.

Where: Lake Forest Park Library is located at 17171 Bothell Way NE, Lake Forest Park, WA 98155. Click here for map and directions.

Cost: FREE and lunch is provided!  Typically lunch is something like pizza.  If you have any special dietary needs or preferences, please bring a sack lunch. We will be teaching through lunch in the interest of keeping the class time shorter.

RSVP for our Seattle Home Buyer Class by clicking here.

Click here to see all current home buyer classes that I’m teaching.

Reduced Down Payment Conventional Loans may require Compensating Factors

Mel_WattMel Watt, Director of the FHFA, has released his prepared remarks for the National Association of Realtors Conference. In his remarks, he addresses the lower down payment options that should be available soon with conforming mortgages and that they will require compensating factors.

[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…]

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…]

Home Advantage Mortgage with or without Points

2013-03-07_0746The Washington State Housing Finance Commission has recently offered more pricing options with their Home Advantage first mortgage program.  Originally, all Home Advantage products were priced with 1 point.  One point equals 1 percent of the loan amount and is paid at closing. This closing cost cuts into the down payment assistance that many home buyers are hoping to utilize when they are using the Home Advantage Mortgage program.

[Read more…]

Burien Home Buyer Class on May 10, 2014

Seattle Home Buyer ClassesThe next home buyer education class that I’m teaching is coming up on Saturday, May 10th, 2014 at the Burien Library. Ira Sacharoff, Real Estate Broker with Better Properties Real Estate is my fellow instructor.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage, House Key (state bond) or Home Possible as well as various down payment assistance programs and MCC (mortgage credit certificates) tax credits.If you are considering buying a home with your spouse, partner or friend, they need to attend the class too in order to qualify for programs. You do not need to be a first time home buyer to qualify for many of these programs. And you’re welcome to attend if you’re just interested in learning more about the process.

[Read more…]