Mortgage and Finance News

Five signs you’re ready to buy a house

https://www.washingtonpost.com/news/where-we-live/wp/2016/10/18/five-signs-youre-ready-to-buy-your-first-home/

Mortgage rates are up, but so are the number of first time homebuyers

http://www.fool.com/mortgages/2016/10/31/mortgage-rates-tick-up-but-first-time-home-buyers.aspx

Homeowners twice as house rich as five years ago

http://www.cnbc.com/2016/11/01/homeowners-twice-as-house-rich-as-five-years-ago.html

If you need help to purchase or refinance a home, please contact me at Wendy@C21nwr.com

Happy Investing!

Seattle Down Payment Assistance

The Seattle Downpayment Assistance Program is a second mortgage loan program that combines with the Home Advantage first mortgage loan program.  This program is for qualified borrowers purchasing within the city limits of Seattle. This program allows up to $45,000 in downpayment assistance with payments deferred for 30 years, at 3% simple interest. 

There is Shared Appreciation required for the first 9 years.  

Due to federal guidelines, the home must not have been occupied by a tenant within 90 days of the purchase and sale agreement.  

You must be a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years.  

You must attend a free Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate. The seminar will provide you with the information you will need to purchase and maintain your first home. Online Homebuyer Education will not meet the seminar requirement for this program.

USE OF FUNDS

Funds may be used for downpayment and closing costs based upon need. The Borrower’s downpayment requirement is 1% of the purchase price or $2500, whichever is greater. Gifts are allowable up to 25% of the Borrower’s portion of the required downpayment.

MAXIMUM INCOME LIMITS

To be eligible for the Seattle Downpayment Assistance Loan Program, your household income must not exceed these limits:

1 person $46,100 | 2 person $52,650 | 3 person $59,250 | 4 person $65,800
5 person $71,100 | 6 person $76,350 | 7 person $81,600 | 8 person $86,900

MAXIMUM PURCHASE PRICE as of 06/01/2015

New & Existing Construction Home limit $354,000

If you are an eligible first-time homebuyer interested in purchasing a Seattle home, please contact me at HomeLandInvestment@gmail.com or call 888-621-4999 and leave your contact information.

Happy Investing!

Seattle HUD Home

Can you buy a 2-bedroom, 1-bath single family home for under $150,000 within the city limits of Seattle? Well yes, you can!

Here is a Boulevard Park fixer offered for the sweet list price of $138,000.

Check out this gem of a 2 bedroom 1 bath home! Available at this time to owner-occupants, rather than an investor.

Tons of potential! Bay windows and skylights. Deck off kitchen to enjoy the summer breeze. Large 1 car detached garage. Nice community with schools and shopping nearby and only minutes to downtown Seattle. HUD Home. Sold “AS IS” by electronic bid only. Bids are due by 9-30-15 9:59pm, then daily until sold. FHA Case #566-012076 (look this up on the www.HUDhomestore.com website). Eligible for an FHA 203K (remodel) loan.

Directions: From I-5 S, Exit 158, (R) S Boeing Access Rd, continue onto Tukwila International Blvd, (R) S 116th Way, (L) Military Rd S., (R) S 120th St, 2nd (L) onto 22rd Ave S. House on the right.


If you are interested in seeing - or bidding - on this HUD home, or others like it, send me a private message at HomeLandInvestment@gmail.com.


Happy Investing!

Homebuyer Tax Credit

Did you know that you could be eligible to receive a $75,000 tax credit to purchase a primary residence here in Seattle?




Many homebuyers are simply unaware of the financial incentives that exist in the lending market for qualified buyers today. Working with an agent broker who understands the loan products that can save you time and money as a buyer is critical. Buyer's agents are NOT all alike! Some of us actually spend time researching creative and little-known ways to save our clients money! I will continue to blog about some of those options here.





How much more house could you afford if you qualified for a $75,000 tax credit?




Many lenders are unfamiliar with the State of Washington's Mortgage Credit Certificate (MCC). These are tax credits that put extra cash in your pocket monthly, not a mortgage. MCCs are available with fixed or adjustable rate conforming loans, FHA, VA, or USDA loans.




MCCs are available for new purchase loans only, not refinances, unless you are replacing some type of bridge loan. There are income limits, so the borrower in King County must earn less than $90-97,000 annual income (depending on family size). The purchase price of the house must not exceed $475,000, and it must be owner-occupied, with no more than 15% of the residence used for business or trade. The borrower must also attend a qualified homebuyer education course.




Applications are accepted on a first-come, first-served basis by a statewide network of lenders. My preferred lenders understand this program, and they work with my VIP Buyers. These lenders will establish all underwriting criteria, including interest rate, downpayment requirement, term, fees, points, and closing costs. The lender will then submit your loan application and notify you as to whether your application is accepted.



I offer financial and homebuying education, and information on the most attractive financing options through my preferred lender network to my VIP Buyer Clients. If you are interested in learning more about your homebuying options, or are interested in purchasing real estate in Seattle, please email HomeLandInvestment@gmail.com or leave me a private message on my recorded real estate information hotline at 888-621-4999.




Happy Investing!