First Time Homebuyer Classes These free classes, open to the public, are designed to help you better understand the home buying process, as well as answer any questions you may have. Contact a Loan Officer for the class schedule and to find out more. loan types available to first time homebuyers A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you.
Keep in mind your your income, debt, credit history, and the amount of money you have saved for a down payment when determining which loan is the best fit for you! Government Loans Down payments are low; the FHA (Federal Housing Administration) lets you finance up to 96.5% of home purchases, and the VA (Veterans Administration) allows up to 100%. State Bond Loans First-time homebuyers with low-to-moderate incomes may obtain down payment assistance and benefit from expanded program guidelines designed to encourage homeownership.
USDA Rural Housing Loans 100% financing may be available for low-to-moderate income borrowers in "designated rural areas." Down Payment Assistance Program & Resources Common First Time Homebuyer Questions How do I know which loan best fits my needs? A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you. Can the seller pay for my down payment? No, the seller can’t pay your down payment.
However, it can be negotiated to have the seller pay your closing costs. How much of a down payment do I need to have? You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment. You may even qualify for a down payment assistance program. Plus, if the seller is willing to pay the closing costs, you may be able to get into your home without paying anything upfront.
What if I don’t have perfect credit? You don’t need to have perfect credit. It must be good, but it doesn't have to be perfect. We understand that sometimes in life circumstances arise that can affect your credit score. Your credit history is not the sole deciding factor in the loan qualification process, but it’s important. It will affect the interest rate you are given on your loan and it will determine the type of loan program you can be offered.
Help to improve your credit history by taking the following steps below: Read your credit report—You can access a copy of your credit report at www.ftc.gov/bcp/menus/consumer/credit.shtm. Correct or dispute any errors on your credit report at www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm. Maintain a good credit history going forward. Check your credit report once a year, at a minimum. For Credit Repair and Counseling, contact: The Homeownership Hotline sponsored by WSHFC-1-877-894-HOME (4663).
For a list of counselors visitWashington: www.wshfc.org/buyers/counseling.htmIdaho: http://www.idahohousing.com/home-loans/mortgage-financing/homebuyer-education/free-housing-counseling.aspxOregon: http://www.oregon.gov/ohcs/Pages/oregon-bond-loan-program.aspx
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Home Washington First Time Home Buyer Real Estate Market News FirstHomeBuyers reports that the Washington housing market is pricey. Home prices have risen over 7% in the last year and they are expected to go up about 5% in the coming year. There are affordable homes in Spokane, Tacoma, and Vancouver and you can own for about the same as you pay in rent. The best places to live include Bellevue, Renton, Bellingham, Olympia, Redmond, Tacoma, and Vancouver.
Some of the best small towns to live are Ellensburg, Tumwater, Port Angeles, Coupeville, and Anacortes, WA and these cities qualify for the zero down payment loan program. Home prices are moving up in Washington State and there is a shortage of homes on the market. Prospective 1st homebuyers should act now by getting pre-approved and finding a local Realtor to assist them with the purchase of their first home while homes are still affordable and rates still low.
Washington First Time Home Buyer Programs Get Pre-Approved Now! FHA ProgramLow down payment620 minimum credit scoreCheck single family, condo, and 2-4 unit property loan limitsFHA approved condos eligibleKiddie condo option: Parents or family member can co-sign on loanLower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA ForeclosureDown payment can be 100% gift or down payment assistance or grant fundsSeller can pay 6% of purchase price toward closing costs HomeReady ProgramFannie Mae Conventional ProgramLow down payment and more flexible sources of funds620 minimum credit scoreLoan designed for low to moderate income borrowersLower mortgage insurance options Good Neighbor Next DoorGet home at 50% discount on home in target areas.
Search homes now.Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this programLow Down Payment Option available in HUD Participating Communities. Home Possible Neighborhood Solution ProgramYou may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel620 Credit ScoreReduced mortgage insurance which means lower monthly mortgage paymentFlexible Qualification Guidelines VA Loan0 down payment Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.
Reservists eligible with 6 years service.620 minimum credit scoreNo maximum loan limitSingle family home-VA Approved Condos-townhome FHA Streamline 203k Renovation LoanRepairs which range from $5,000-$35,000+ may be included in loan amount.Great program to fix up foreclosures. Visit 203K Loan for more details on Streamline 203k program PMI BusterLow down paymentNO PMI or mortgage insurance720 minimum credit score Rent Versus OwnRents are moving up and you need to stop paying your landlord.
When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting. 10 Steps To Buying A HomeDon't know where to start the process? View video on how to buy your first home.Today it is tougher to buy a house and you need a roadmap to navigate the home buying maze. You can't miss a step or it could spell disaster and wreck your chances of owning a home.
Property Information Search for homes in your area.Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.
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