Homeownership Assistance: Washington State U.S. Department of Housing and Urban Development HUD

Table of Content

• What Do Lenders Look for When Determining Loan Eligibility?
• Home Prices By City In Washington
• Car servicing & repairs
• Identify Your Down Payment

With some due diligence, though, you can be enjoying your new house worry-free in no time. Are you a first-time homebuyer looking to purchase your first home in Seattle, WA? If so, you’ll want to gather as much information as possible to ensure that you make a sound purchasing decision. This article will provide tips to help you do just that. In addition to the lender knowing what you can afford, you must be comfortable with the size of your monthly payment.

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What Do Lenders Look for When Determining Loan Eligibility?

But it’s still a wise investment, and therefore an important step in the buying process. A home inspection will give you valuable insight into the property’s true condition. It will also help you identify potential problems, maintenance issues, damage, etc.

That’s because it offers the most stability and predictability. With a fixed-rate loan, your interest rate and monthly payments will stay the same for the entire term. A title search is required to legally transfer a property. The purpose is to make sure the property is clear of any liens, or claims that would endanger the new buyers ownership rights.

Home Prices By City In Washington

This is an optional step in the Washington State home buying process, but we highly recommend it. Having a basic housing budget on paper will help you shop accordingly. The 10 steps to buying a home with a Realtor is still just an overview.

For sales in a single local jurisdiction, complete the Single Location Affidavit. REET is due and payable to the county treasurer in which the property is located on the date of sale, regardless of the date of recording except in a controlling interest transfer. Generally, downpayment assistance programs that use Office of Housing funds will require the following eligibility and property selection criteria.

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It’s wise to base your offer on comparable sales, or “comps.” These are similar properties that have been sold recently in the same area. Consider current market conditions when making an offer. For instance, are you in a sellers’ market, a buyers’ market, or somewhere in between?

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Step 9. Have the home inspected

On average, closing costs range from 2% to 5% of the purchase price. We have options that help limit the closing costs you pay at closing. These days, many loan programs allow down payment assistance in the form of gifts from family, friends, employers, and other approved donors. So it’s possible to buy a home with some of the funds provided by a third party. This is a great option for borrowers who don’t have a lot of money saved for a down payment.

However, given the increase in listing prices, houses may be pricier than you expect. If you’re running on a tight budget, consult with your agent and review your priorities. Keep an open mind to their suggestions and check out the listings they present you — you might find a great house that may just check most of your boxes.

Step 4: Choose the right location

The Seattle Down Payment Assistance Program is a down payment assistance, second mortgage loan program that combines with the House Advantage or House Key first mortgage program. This program is for people buying a primary residence within the city limits of Seattle. This progarm allows up to $55,000 in down payment assistance with payments deferred for 30 years, at 3% simple interest. Habitat of Seattle/South King County builds decent, affordable homes for families in need.

To do that we are going to look at places in Washington that are growing faster than average, but where home prices are below average. REET was paid on the transfer back to the seller in #5. REET was paid on the transfer back to the seller in #3. After three months from the date of sale, an additional penalty of 10% of the tax due .