Do You Qualify To Buy A Home? Are You Really Getting The Best Loan Available?
WA State Has No Money Down Programs & If You Served You Have VA Benefits!
Taking the right steps on buying a home will save you a lot of money and headaches! The 1st step in the home buying process is finding the right loan. This is the #1 way to save money because the wrong loan could cost you thousands of dollars over the lifetime of your mortgage. Depending on the type of loan you qualify for can determine how much down payment you need, how much you can buy and your monthly mortgage payment.
Rates and programs change constantly. Your state, as well as the government, have different programs for 1st time buyers, military/VA buyers, and FHA or Conventional buyers. Some of these programs can get you into a home with '0' or very little down. Several states, including Washington, help buyers get into a home by funding part or all of their down payment and qualifying is much easier than you would think.
Questionable Credit - Many loans available today don't require perfect credit. In fact many are surprised they can qualify even with questionable credit, lower credit scores, past bankruptcy or foreclosure! The easiest way to find out if you can qualify for a home loan is to speak with one of our preferred lenders. It's free to find out & if for whatever reason you don't qualify you'll at least know what you need to do to buy later. We also have free credit repair for anyone who requests it.
WA State Down Payment Assistance (No money down programs) - Washington State has several zero down programs available to buyers. You don't have to be a 1st time buyer or have great credit to qualify. If approved for a '0' down program, then in most situations you only need $1000 to buy a home in today's market. Here's 3 things you need to buy a home:
- Buyers usually need 3% of a homes sales price as a down payment and the seller can't help contribute to that. Luckily in Washington State they offer down payment assistance allowing no money out of pocket for your down.
- Separate from a down payment a buyer needs an average of 3% for closing costs. These are fees associated with title/escrow, taxes, insurance... This portion of fees can be paid by the seller & we usually can get that negotiated in the offer.
- Lastly you'll need earnest money. That's an average of about $1000. This basically puts a home on layaway and keeps the owner from selling the home to another buyer. It also keeps you, the buyer, from changing your mind for no reason or they could risk losing that $1000. This money is yours and used as part of any closing costs not covered in the sale. If anything is left over its refunded back to you.
Basic state down payment assistance requirements (no money down program):
- 620+ Credit score
- No bankruptcy or foreclosure in past 2 years
- Employed or income necessary to meet home purchase amount
- Have proper debt to income ratios
Military, Active & Prior Service - A VA loan is one of the best ways to purchase a property in today's market! You probably already qualify using your VA benefits even if you used them before. Right now those benefits get you into a home with '0' down and at a better rate than most other loan programs available. Regardless of your rank, branch of service, married, widowed or if you're single there are some great ways to buy using your benefits.
Basic VA requirements:
- 580+ Credit score
- No bankruptcy or foreclosure in past 2 years
- Active duty or prior service (General or Honorable discharge)
- Married if using both incomes to purchase but you can buy as a single individual
Remember, you earned your benefits so use them! WA Home Sales is veteran owned & operated so call us today about your VA benefits 253-642-6447
Rent-To-Own - We work with HPA which is a great program for those who want to lease purchase a home while they get their credit and finances in order. Once qualified you can pick any home for sale in an approved zip code area and lease it yearly until you're ready to buy. The benefits of this program is you don't need a large down payment, you can take up to 5 years to purchase and you can also walk away at any time after your yearly lease has expired. Contact us about this program at 253-642-6447
If you're not sure if you can qualify, have credit concerns or want to compare loans just give us a call. It's always free to find out if you qualify to buy a home. You are not required to buy or committed to obtaining a home loan. This service is to let you know where you're currently at financially so you can make a proper decision on buying a home now or in the future. It's easy, It's painless & It's free!
Call or email us anytime, we're here to help! 253-642-6447 / email@example.com