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If you are considering purchasing real estate in the Seattle/Renton/Tacoma areas, sooner may be better based on a recent report.

According to the report, home prices are expected to jump nearly 5 percent over the next year (up until April 2020). This is more than a 3 percent quicker increase compared to the previous year.

If there are first-time buyers out there who still may think there are too many barriers to homeownership, even with the market currently in their favor, there may be some options they are not aware of. Often, the main barrier many assume is stopping them from purchasing a home is a large enough down payment (20 percent). There are loan programs with lower down payment requirements, however.

Let’s discuss a few of them.

FHA Loans
These are backed by the Federal Housing Administration and may be ideal for first-time buyers because they allow for low down payments and the ability to use gift funds. In addition, they come with more lenient qualifying requirements.

VA Loans
These loans are available to active duty, Veterans and surviving spouses. They come with 100 percent financing*, the ability to roll the funding fee into the loan amount and there isn’t a mortgage insurance requirement.

USDA
These loans are backed by the government and are available to those interested in buying real estate in areas outside major cities. Like a VA Loan, these loans can be 100 percent financed** and there is no requirement for a down payment.

If you would like to purchase a home in the Seattle/Renton/Tacoma areas sometime in the next few months before home prices go up as much as this new report says they might by next year, then contact one of our mortgage consultants today to discuss your options.

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.
**Qualifying factors may apply.

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