An article (hat tip to Julie Hall) caught my eye in my Facebook stream regarding how much income a household needs in order to be able to buy a home in various metropolitan cities. According to New York Smash, if you’re going to buy a home in Seattle, you’re going to need an annual income of at least $63,145.41. There’s more to just how much income one makes when it comes to determining “how much” home someone can qualify for. The article does not mention how much down payment a person will need. Let’s run some figures to see just how much income one needs to buy a home in Seattle.
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
Question about Home Advantage Down Payment Assistance (DPA)
September 17, 2013 by Leave a Comment
Yesterday I received an email with this question that I thought would be helpful to my readers considering the popular Home Advantage Mortgage program with down payment assistance:
I’ve been studying the different loan programs in WA State and came across your website. We’re considering taking out a Home Advantage mortgage but need clarification on one of the restrictions.
What you need to know about multiple offers when buying a home [Video]
September 7, 2013 by Leave a Comment
Earlier this week’ during our Seattle Real Estate Chat, Jim Reppond of Coldwell Banker Danforth and I discussed multiple offers, which we are seeing a lot of in the greater Seattle area.
Here’s our “show” from this week and learn more about what you need to know before you find yourself in a multiple offer situation.
Getting preapproved in today’s market [Video]
September 1, 2013 by 1 Comment
This week, Jim Reppond of Coldwell Banker Danforth and I sat down to discuss getting preapproved for a mortgage and why it’s so important for today’s hot Seattle’s real estate market.
Seattle Home Buyer Education Seminar on September 28, 2013
August 31, 2013 by Leave a Comment
I will be teaching a home buyer education class on Saturday, September 28, 2013 at the Columbia City Library located at 4721 Rainier Avenue South in Seattle. My co-instructor is non-other than Ira Sacharoff, Real Estate Agent with Better Properties Real Estate. Class begins at 11:45 am and ends around 4:45 pm.
We will be serving lunch. Please bring a snack if you have dietary concerns as we will not have a lunch break. Sign up for this class by clicking here.
Freddie Mac Home Possible Mortgage
August 30, 2013 by 17 Comments
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.
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