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 140
th 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.
There is a fine line in Marysville, WA where homes are eligible for the USDA Rural Development Zero Down Loan Program, and where they are not. That line is near 140th and 51st (Shoultes Rd.) in Marysville, and local home builder Encore Homes was able to build on the "eligible" side of that line.
