Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
One of the most common questions I get from home buyers in Washington State is: how much should I put down? The short answer is: it depends. But the longer answer is actually pretty interesting — and knowing the tradeoffs can save you real money.
Let’s walk through how your down payment affects your loan, your rate, and your monthly payment. [Read more…]
One of the most common ways home buyers get help with a down payment is through gift funds from family members. If your parents, grandparents, or other relatives want to help you buy a home, gift funds can be a legitimate and well-documented source of funds for down payment and closing costs — as long as you follow the rules.
Here’s what you need to know about using gift funds for a mortgage in Washington State, including how requirements differ by loan program and what documentation is required. [Read more…]
How Much Money Do You Need to Buy a Home?Down payment, closing costs, and real-world ways to make homeownership possible
One of the biggest myths about buying a home is that you “need 20% down.” In reality, many buyers can purchase with far less—and sometimes with little to no out-of-pocket funds, depending on the loan program, down payment assistance options, and whether the seller contributes toward closing costs.
In this workshop replay, I break down the real costs of buying a home, when those costs show up during the transaction, and the most common (and acceptable) ways to source your funds—so you can plan with confidence. [Read more…]
Low-Down-Payment Programs, Renovation Loans & Down Payment Assistance Options
Buying your first home is one of the most significant financial decisions you’ll make — and one of the most rewarding. A starter home is typically the first step on the path to building real equity, and in Washington State there are more options to get there than most first-time buyers realize.
When I bought my first home, I ended up in a small rambler in Northeast Tacoma — FHA loan, 3.5% down, and a brutal commute to downtown Seattle. But I was so proud to own something. We only lived there about two years before appreciation gave us enough equity to move up to our next home. That’s how starter homes work — and it’s why I believe so strongly in helping first-time buyers get into the market even when it feels out of reach.
Here’s what you need to know about loan programs, down payments, credit, and how to position yourself to compete in today’s market. [Read more…]
