Homeownership Blog

Welcome to Homeownership U - We would love to be your source for all home buying information in the Seattle Area. Browse our Blog for updated information and current market stats for the Puget Sound region.

September 1, 2010

House Key Seattle Down Payment Assistance funds are available! The Washington State Housing Finance Commission announced late last Friday that they have 18 reservations available for $45,000 in down payment assistance. There are some specific requirements regarding income and the home must be purchased within Seattle city limits. This is a fantastic opportunity to increase your buying power! Please email or call me for more information and to see if you qualify for this program. I am Lynda Myrick with Evergreen Home Loans and my cell number is 206-550-2567.

August 24, 2010

Interest rates are at an all time low.  Home prices are low.  Buyers are starting to get motivated.  We are seeing more offers coming through at the office!

One national study by Case and Schiller cited Seattle as the Least Miserable Economy in the Country.

Business Week says that by 2014, the top market in the country will be Bremerton/Silverdale and Tacoma.  These areas have strong military job growth and development already, and will be continuing to expand over the next five years.  The  Greater Seattle area is expected to increase in price by 25% by 2014.   The economy, they say, will recover slowly and housing demand will return.

August 2, 2010

Bank owned homes - are they a better deal?

Are you ready for a 'fixer'?

We have a steady stream of bank owned homes on the market now.  Predictions are that this will continue for the next 12-18 months.  Bank owned homes have often been neglected: they are usually sold 'as is'.  Every bank is a bit different.  Sometimes we see that foreclosed homes have been painted and have new carpet, others have been left exactly how the homeowner walked out, without cleaning, no water or electricity for months.

If you can handle a fixer, bank owned homes are often an excellent deal.  The deal may take a bit longer to close, though not as long as a short sale.  Expect to close within 60-90 days.  Worth viewing for sure!

July 15, 2010

How do I chose a lender?

There are several kinds of professionals who offer home loans.  Local and national banks generally have a loan officer on duty, and they will offer a set of loans authorized by their Board.  Credit Unions likewise usually offer home loans with limited programs.  Mortgage brokers do home loans full time and often have access to more 'creative' loan programs.  Finding a lender who is authorized to provide House Key loans, through the Washington State Housing Finance Commission is essential for First Time Home buyers.  You can check their website for authorized lenders:  www.wshfc.org.    Lynda Myrick at Evergreen Home Loans is authorized and works regularly with the Housing Finance Commission to provide the very best programs for first time buyers.  The down payment assistance programs provided through WSHFC are the best available!  Call Lynda for further information!

July 8, 2010

Rates are incredibly low right now - under 5%!!  Home prices are also at their lowest rate in at least five years.  It is a great time to buy if you qualify for a loan.  FHA loans require 3.5% down payment which can be a gift from family.   VA loans are a terrific deal - zero down with no mortgage insurance.  Any Vets out there ready to buy?  We can help.

ZERO DOWN payment sound good??

If your income is in a certain range, you may qualify for Down Payment assistance through the Washington State Housing Finance Commission.  Lynda Myrick is an expert in working with the Housing Finance Commission and doing House Key loans.  She knows those guidelines - feel free to call 206-550-2567 for further information.  Down payment assistance means you pay Zero Down!!   It is definitely worth a call to see if you qualify!

June 21, 2010

Success stories!!  This spring I handed house keys to a first time buyer who'd been dreaming  of owning his own home for over ten years.  In fact he'd been approved a few years ago by a lender to buy in another state.  He wrote an offer, got it signed and was packing and ready to move.  The week of closing the bank told him he no longer was qualified.  The rug was pulled out from under him that time, so he was very nervous.

This time around our buyer qualified for the Washington State Housing Finance Commission Down Payment Assistance Program.  We looked around and found a townhome style condo in Edmonds with a two car garage for under $200,000.  We negotiated a credit for his closing costs from the seller.  He did pay for the inspection, though he was reimbursed for this at closing.  He walked in the door to his new home with zero down payment, zero closing costs!   

Many first time buyers qualify for this program.  Down Payment Assistance through the Washington State Housing Finance Commission.   Call for further information - to see if you qualify!   Or better yet, come to one of our classes.

May 27, 2010

Interest rates continue to be volatile!

Mortgage interest rates are determined by trading in the bond market.  Generally, when investors take money out of the stock market they usually put it into the bond market.  The more buying of bonds the lower mortgage rates are.  Due to the stock market's decline this week interest rates have gone down a bit.  Today, the stock market experienced some recovery which resulted in a sell off of bonds and rates ticked up a bit but they are still very low.

What is important to know is that mortgage rates are at incredible lows.  While lending guildelines have tightened a bit it is a wonderful time to consider buying.  Home prices have not increased, rates are low and it remains to be a buyer's market.

We look forward to helping you on your path to home ownership and we are passionate about spreading the word!

May 26, 2010 

Negotiate to have your Closing Costs Paid!!

 

When you get approved for a home mortgage you should ask, “What are my closing costs?”  You should see them in writing.  Interest rates are important, but your ‘closing costs’ are equally important.  If you have a rate of 5% on a $300,000 loan with closing costs of $9000 quoted from one bank and you have a rate of 5.5% with 0 closing costs from another bank which is better?

 

It depends how long you will live in the house.  You will need to see the amount of both monthly payments and do the math.

 

If one bank offers you a rate of 4.5% with $15,000 of closing costs it is probably not a better deal.  You want to see the detail of these closing costs and look for junk fees.

 

If you do want closing costs paid by the seller when you buy, tell your agent early on.  Make sure you Realtor knows the amount of closing costs you would like paid.  Negotiate up front with the offer!  It’s a buyers’ market now – should not be a problem!!

May 14, 2010

It turns out to be a beautiful week in the Pacific Northwest and with clear skies it means more open houses. Get out there this weekend and check out what's on the market. Use this time to figure out if buying is right for you at this time.