Homeownership Loan Officers: Premier Partners

Table of Content

• Veterans Down Payment Assistance
• U.S. Department of Agriculture (USDA) Loans
• Order DFI’s Free Guide to Home Loans Workbook
• First-time homebuyer programs in nearby states
• FirstHomeAdvisor.com ® is an equal opportunity housing provider for first-time buyers.
• Tips for First-Time Home Buyers
• First-Time Home Buyer Tax Credit

They’re frequently limited to first-time buyers whose income falls below area averages and whose credit history shows a record of on-time payments. Eligible buyers get mortgage rate discounts up to 2 percentage points below standard 30-year fixed-rate mortgage rates, which boosts a buyer’s maximum purchase price by 22 percent. The National Homebuyers Fund is a non-profit public benefit corporation that sponsors home buyers with up to 5 percent of a home’s purchase price.

However, there are other types of programs that can achieve similar goals, such as reducing your tax liability or helping you obtain a more competitive interest rate. The National Council of State Housing Agencies websitemaintains an active list of closing cost assistance programs. Programs require buyers to meet minimum credit standards and income thresholds and homes to meet the minimum safety and quality standards. Closing cost assistance programs are home buyer stimulus plans that pay up to 100% of a buyer’s purchase closing costs, including title expenses, transfer taxes, and mortgage fees. House Key Opportunity is geared toward homebuyers with lower incomes who are also leveraging certain down payment assistance programs. The income limits range from $75,000 to $140,000, depending on where you want to buy and how big your household is.

Veterans Down Payment Assistance

Jenn Walker is a freelance writer, blogger, dog-enthusiast, and avid beachgoer. She writes for several home service, real estate, and junk removal companies. Figure outhow much house you can afford before you start looking at properties so your wallet and mind stay in sync.

For those looking to purchase a home to occupy as a primary residence, the cost of homeownership here in Washington should be considered when determining whether the pros outweigh the cons. The Foreclosure Fairness Program provides homeowner foreclosure assistance. It is designed to help homeowners and their lenders explore possible alternatives to foreclosure and reach a resolution when possible. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate’s editorial team writes on behalf of YOU – the reader.

U.S. Department of Agriculture (USDA) Loans

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments. First, you’ll need to attend a free Homebuyer Education Seminar. Once you receive your certificate of completion, contact a Commission-Trained loan officer to see if you qualify for the program. A common question is if you can buy a house without your wife or husband. You may be able to qualify and get a home loan without your spouse.

LTV means “loan-to-value,” or what percentage of your new home’s value will be covered by the loan. A Home Possible® mortgage offers a good deal of choice, with 15- to 30-year fixed-rate and 10/1, 7/1, 5/5 and 5/1 terms available. Since many veterans don’t have enough monthly income or savings to afford a typical 20% down payment, VA loans do not call for any sort of down payment. Before we examine the programs for Washington residents exclusively, we’ll break down a handful of national homebuyer programs anyone in the country can access. It’s a good idea to check out programs at both the federal and state levels when conducting your search to cover all of your bases for what may be available to you.

Order DFI’s Free Guide to Home Loans Workbook

The Veterans DPA also comes with a 30-year deferral period, but there are slightly higher interest rates to be wary of. At 3.00% though, the rate is still a good deal relative to the rest of the mortgage market. However, to receive the program’s biggest perk, you must have a FICO® credit score of 580 or higher.

Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. First you must meet the program’s qualifications, as outlined above. In addition, you may need to attend a free Homebuyer Education Seminar.

Follow these six tips to help the process go as smoothly as possible when making your first home purchase. BRRRing in the Seattle area can be challenging due to pricing in this area. That being said, there are plenty of ways to make a great deal.

If you combine one of these programs with the Energy Spark program you can save up to 0.25% on your interest rate for buying a green home or making the home you buy more energy efficient. Homebuyer Closing Costs for a Residential Real Estate in Colorado 2023 If you are looking to buy a home in Colorado in 2023, you’ll want to know what all your costs... We offer local and national, non-profit and for-profit organizations to post their services with First Home Advisor. We review their organizations and vet the best we can but we not otherwise vouch for them.

First-time homebuyer programs in nearby states

Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity. Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Yes, both FHA loans and non-prime loans are available to borrowers with lower credit score, and other credit challenges. For non-prime loans, there are lenders that allow a borrower to have a credit score even below 500. Non-prime loans also do not have any waiting periods after a bankruptcy.

Up to $55,000 in down payment assistance and closing cost assistance is available for first-time homebuyers looking to purchase a primary residence in the city of Seattle. This program combines with either a Home Advantage or Opportunity first mortgage through a participating lender. Down payment assistance comes in the form of a second mortgage loan at a 3% interest rate, with payments deferred for 30 years. To be eligible, you must meet the maximum income limits and have at least 1% of the purchase price or $2,500 for a down payment. Homebuyers can qualify for up to $30,000 at a 4% interest rate.

The higher your score, the better your chances of getting approved for a loan. A higher score also increases your chances of qualifying for a low mortgage rate. These programs can also be applied to FHA loans and other federal programs.

Veterans and their surviving and never-remarried spouses and dependent children can also qualify for up to $10,000 in down payment funds packaged as a second mortgage. The payments on the mortgage are deferred for 30 years, with an interest rate of 3 percent. The assistance can be combined with either the Home Advantage or House Key Opportunity first mortgage. Coming up with a down payment for a home in Washington can be daunting, but if you’re a first-time homebuyer, the state has a few options that can help.