Are you a Seattle area First Time Homebuyer? If you are, what are the top three questions you have about buying a home right now? Actually, let me guess: (1) Is my credit score good enough to qualify to purchase? (2) How much money do we need to put down in order to qualify for a mortgage and are there any Zero Down Mortgage Programs available in the Seattle area? (3) What do I qualify for, I heard I only need to make $40,000 to buy a $200,000 home?
All of these questions are very good questions and will be answered below. Cutting to the chase, if you have a consistent 2-year employment history, meaning, if you've worked in the same line of work and can document your income via tax returns, W-2's and college transcripts (if you spent time in college, that counts as viable work experience) then you most likely qualify for a home mortgage. The reason why I am not too concerned with your minimum credit score to qualify for a FHA, VA, or USDA mortgage is because I can build or fix credit in a short time... So, here are the answers to those BIG questions:
(1) Is my credit good enough to purchase a home with zero down?
You need a minimum credit score of 620 (possibly 580 on certain programs). Regardless of how low your score is, I have a special credit repair program for Seattle area home buyers, so don't let a past mistake detour you from making a great financial investment today...
(2) Can I buy a home in Everett, WA with Zero Down?
Yes, you can use the Everett USDA Rural Development Home Loan Program if you are buying a home east of highway 9 or north of 140th in Marysville. You can also use the Everett VA home loan. You must have served or are currently serving in the military and provide a VA Certificate of Eligibility and DD214. Lastly, you can use the Washington State House Key State Bond Loan Program that offers the only true zero down option for first time homebuyers. This program requires you to attend a 5-hour homebuyer education course in Everett, WA with Dan Keller, House Key Approved Mortgage Lender. In return, you get a state bond down payment assistance certificate for up to $10,000 to use toward your down payment, closing costs or buy down points.
(3) How much do I qualify for?
With this question, I typically refer you to call me, and within 5 minutes, I can Pre-Qualify you for a mortgage and give you an exact estimate that you qualify for with corresponding total monthly payment figures. For now, you should check out this blog that Katherine Cannon, Mukilteo Real Estate Agent who publishes a blog every week for homebuyers called Deals for Reals where she showcases the top 5 deals in Snohomish County (typically under $200,000)with down payment, total monthly payment, and annual income needed to qualify for those respected homes...
Below are two additional questions that surface daily...
(4) What are closing costs, and can we get the seller to pay our closing costs for us?
Closing costs are the sum of all cost associated with the mortgage process - bank and loan fees, title and escrow fees, and pre-paid and reserve fees required by the bank if you putting down less than 20% to cover property taxes and home owner's insurance so that in the event the borrowers ever default, the mortgage lender's security interest in the home is protected. Closing cost are typically estimated at 3% of the loan amount, and YES, nearly 100% of the time with my first time homebuyers we get the seller (or in the event the home we are buying is a foreclosure or short sale) bank to pay the borrower's closing costs.
(5) Can I get a great deal and buy a foreclosure short sale?
Yes. About 80% of the mortgage loans I write today are on foreclosures homes and short sales. You don't need to go to the court house and pay all cash for the home, nor do you need a special lawyer to buy these homes. Your full-time local Realtor that specializes in working with homebuyers should be able to advise you accordingly.
If you would like to discuss the Pre-Approval process for one of these great loan programs, I can be reached directly at firstname.lastname@example.org or at (425) 350-7136