Marysville FHA Mortgage Lender | Four Ways To Buy A Home In Marysville, WA For Zero Down

With so many changes in the banking world, I figured it is about time for a brief blog updating my Realtors and consumers in my Marysville, WA Real Estate Market. Before we dive into taking a deeper look at the four main loan programs to buy real estate with less than $100 down, I want to discuss another growing concern: FHA Credit Score Requirements For First Time Homebuyers - and more specifically, what credit score is required to purchase a home in today's market.

Most banks (including mine) have what's referred to as "risk overlays" or in simple terms, their own separate qualifying guidelines. HUD governs FHA, VA, and Snohomish County USDA-Rural mortgage loan programs, and their minimum credit score requirements are 580. However, most banks (including mine) require a 620 credit score in order to obtain a mortgage. With that said, I want to make this clear - You Can Purchase A Home With Poor Credit. I have a team of credit repair specialists that work directly with me and my clients to help repair credit in usually 60 days or less. Click on the live link above for an example of how our system works, and if you have any questions, email me at http://www.blogger.com/dan.mortgageadvisor@gmail.com

With all of the negative press surrounding the banking industry and housing markets, many of the clients and real estate agents that I speak to are unaware of the great loan programs that are still available to help first time homebuyers purchase a home. There are four loan programs available for consumers that require as little as $100 down.

The House Key State Bond Zero Down Program - The Washington State Finance Commission offers a Washington Down Payment Assistance program for first time homebuyers. It is important to note that this program is simply an FHA 3.5% down loan in which House Key finances the down payment. The 2 main qualifying factors are: (1) you must be a first time homebuyer (and that means not owning a home in the past 3 years); and (2) there are income restrictions per county. Typically, it is real close to the USDA income eligibility guidelines with a cap around $97,000 household income. I would refer to the blog I wrote on the Snohomish County House Key State Bond Program.

The USDA-Rural Home Loan - or often referred to as the "farm loan". This is by far the most popular loan program I offer my first time homebuyers. It requires that the homebuyer meet two main criteria - (1) must not exceed an annual household income of $97,000; and (2) the home being purchased must be in a USDA Eligible Region. In North Snohomish County, that is referred to as East of Highway 9 and all areas north of 140th in Marysville. See the link above for the Eligibility Map. The USDA loan is a 30-yr fixed rate mortgage that requires ZERO Down and no monthly PMI making it one of the most least expensive loan programs available.

The VA Home Loan - this loan program requires that the borrower has served in the US military and has VA Eligibility. I recommend visiting a page that I created that breaks down the Seattle area VA home loan guidelines. This program too is a ZERO Down loan program that does not require monthly PMI. Furthermore, I am able to loan up to $481,000 with the Seattle VA Jumbo loan program.

HUD Owned $100 Down Program - this program is another great loan program where the borrower can purchase a home using FHA financing without having to put 3.5% down. The only caveat with this loan program is that the home must be a HUD or owned foreclosure. Search Marysville HUD Homes and make sure that your Real Estate Agent is an approved HUD agent. If you have questions on HUD financing, I'd be happy to answer those questions for you.

***BONUS*** Ok, so this isn't a ZERO DOWN loan program, but it's close, and it's HOT. The Marysville FANNIE MAE Homepath Program is a program similar to the HUD $100 down program. This program allows the borrower to purchase a FANNIE MAE bank owned home (or REO) for 3% down, no appraisal and no PMI. The borrower is allowed to get gift funds for the down payment then making it a Zero Down Loan Program.

I have attached links to each one of these programs to provide you with a bit more information that supported in this blog. As always, please feel free to contact me directly if you have any questions and I will be happy to explain or meet with you to discuss qualifying for one of these programs. Typically, each of these programs take anywhere from 2 weeks to 4 weeks to fund, so contrary to what you may read or hear, they are pretty simple turn-key loan programs for today's first time homebuyer.

Dan Keller - Marysville FHA Mortgage Banker
http://www.blogger.com/dan.mortgageadvisor@gmail.com
http://www.mymortgageguydan.com/
(425) 350-7136

New & Revised Home Buyer Tax Credit Extended

The much-anticipated extension & revision to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature which he is expected to sign.

First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners.

Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.

The National Association of Realtors (NAR), the National Association of Home Builders (NAHB), the National Association of Mortgage Brokers (NAMB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.

Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension."

But, really? You think so? When April 2011 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy?

Keep tuned to http://www.mylenderdankeller.blogspot.com/

for more helpful market tips!

Dan Keller's Home Ownership For Heroes Program

I have developed this exclusive program so that I may have the opportunity to "Serve Those Who Serve".

• Teachers
• Law Enforcement
• Fire Fighters/EMT's
• Military/Veterans
• Physicians/Nurses
• Boeing Employees

My Home Ownership For Heroes Program is a program that I designed specifically to provide "Everyday Heroes" in our community significant benefits as they buy and own real estate. As a son of a Vietnam Veteran, and as a former teacher/coach, I understand your lifestyle and the very special reasons you have chosen your challenging career. This is my opportunity to give back and Serve You!

It is my commitment to not only give back 25% of my income on your mortgage transaction, but to provide you a Mortgage Concierge Experience that you deserve! For more information on my exclusive program, download my flyer at www.box.net/shared/lgdr5j2ie2

These benefits are significant and are NOT a part of any government program. On average with this program, I provide a lender credit of $500 - $1,500 at closing toward closing costs, pre-paid expenses, and/or buydown points.

You can always go to my website at http://www.mylenderdankeller.com/ for more information on the various loan programs and discounts that I offer in-house to my preferred clients.