A while back, I wrote about what to do when you get gift funds for a down payment. I received a number of positive calls with feedback on how helpful the info was. However, the tone with many of the messages and phone conversation I had was, along with the help from family and friends, is there some information on other downpayment assistance ideas and programs available in our area of Washington State.
I thought this was a great idea and so I did some digging and found out that roughly 7 out of 10 Americans are unaware of downpayment assistance programs available for them and their family…and there’s more!
Who can Apply for Downpayment Assistance?
I really don’t think it makes a difference where you live and work, the cost of homeownership is on the rise. Not only are the prices going up but so is the requirements to purchase. Recently, news came out that Freddie and Fannie were lowering the minimum downpayment requirements from 3.5% back down to 3%. This news is well received and should be a great boost for homebuyers throughout our region.
However, there are still those who are dealing with past credit issues or existing debt and need downpayment assistance in order to realize the American dream of Homeownership. So I have a few links to share with you on help available now:
• Seattle.gov website has a full list of available downpayment assistance programs designed to help
• Washington State Housing Finance Commission offers HomeChoice downpayment assistance, second mortgage loan program for qualified borrowers who have a disability or who have a family member with a disability living with them. Funds up to $15,000. HomeChoice combines with Home Advantage first mortgage loan program. One-on-one counseling is required.
Talk to your lender and ask if there are any additional downpayment assistance programs specific to rural or designated areas they’re aware of!
How Downpayment Assistance Can Help You?
First-time home buyers should expect to pay about 17.4% of their income on a mortgage, compared to 15.3% for more traditional buyers. Despite the hurdles that most millennials face, current affordability for first-time buyers still looks more favorable than the pre-bubble standards from 1985 to 1999, when they could have allocated 22.5% of their income to a mortgage.
A little farther up the age scale, another recent survey finds 63% of Baby Boomers say they plan to stay in their current home when they retire. Of those who said they plan to move, 42% said they would buy a smaller home, 32% said they would buy a larger home and 26% said they plan to buy the same size home.
I hope you found this information useful. I realize this is a small sampling of what is available out there so do your homework or better yet, contact me and I’ll get you in touch with all the right people to insure you and your home buying experience is seamless and one to remember.
Photo Credit: Copyright: dolgachov / 123RF Stock Photo
I am passionate about Real Estate and eager to answer all of your real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in today's Real Estate Market - serving Lewis County & Thurston County, WA.
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Mountain Valley Real Estate