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Empower Your Buying Experience with The Healthier Choice in Real Estate™

Our government is implementing stimulus efforts to stabilize our economy and we want to extend our efforts in getting the aid directly to you through your next real estate purchase.

WHA Healthier Buyers Program

Homeownership is more affordable and accessible than ever before. Washington State is providing affordable programs with low interest rates, 97% loan financing and down payment assistance. Making it possible to have a responsible ZERO DOWN loan! First Time Home Buyer programs are in abundance.When you think about it, you’re receiving incentives to stimulate the economy and increasing homeownership in our state! If you’d like to know more information, please contact us about a Community Home Buyer Workshop sponsored by our state housing organization in your neighborhood and personally receiving information on programs available to you. save@wahousingadvocates.com

We have exclusive access to:

Approved Short Sale Properties | FHA Properties| Bank Owned/REO Properties | Fannie Mae Properties | Housing of Urban Development (HUD) Properties | HomePath ® Homes | Bankruptcy Properties | Probate Properties | Option to Buy/Lease to Own Properties | Non-Listed Properties | Low Income Homeownership Opportunities | Bulk REO Properties/Packages


Our Community Contribution

charity-communityIn addition to us helping you save on your next purchase or sale, we’ll contribute a percentage of our commission to First Place School, a local charity organization that provides assistance to families transitioning out of homelessness.

Learn more about our chosen organization external link or Learn more about us.

 

For more information please email us at save@WaHousingAdvocates.com

FHA Loans

The Federal Housing Administration — commonly known as FHA —is not a lender, but it provides mortgage insurance to help more people buy homes. This insurance offer allows FHA-qualified buyers a flexible down payment option of just 3% or less. An FHA loan is backed by the Federal Housing Administration, which means if a borrower defaults on the loan, the FHA guarantees it will pay the lender. As a result, lenders will issue larger loan amounts and give you lower rates.

Other advantages of FHA-backed financing include:

  • Low down payment: It can be as low as 3.5% of the purchase price.
  • Looser credit standards: You do need decent credit, but you do not need perfect credit.
  • Low closing costs: Most can be included in the loan.
  • Easier to qualify for than a conventional loan

Can anyone obtain an FHA Loan?

Practically everyone can get an FHA loan. Typically, it does not matter how much or how little you make. What does matter is how much you wish to borrow. There are limits to how much you can borrow, and these depend on your county or state.

To check how much you can borrow in your area, visit the HUD’s Web site: https://entp.hud.gov/idapp/html/hicostlook.cfm external link

It is important to the FHA that you show you can maintain consistent employment. Typically, to qualify for an FHA loan you have to have two years of consistent work in the same field or with the same employer, or maintain a steady income. If you recently started a new job, you may still qualify. You either need past experience in that field, or the job should be in the same field as your previous job.

How does my credit and financial history come to play?

Although you do not need perfect credit, you do need decent credit history. By looking at several areas of your past credit, the lender can determine whether you are able to make timely mortgage payments.

If you do not have any credit lines established, the FHA will allow substitute payments such as car insurance, utility, telephone or cell phone, previous rental or mortgage, etc. The second area is late payments. The underwriter will look at the overall pattern of your credit payments, instead of focusing on specific late payments. So if you had a period of financial difficulty, you should be fine as long as you have maintained a good pattern since then.

The good news is that if you have filed for Chapter 7 Bankruptcy in the past, you are not automatically disqualified from getting an FHA loan. The FHA requires that at least two years must have passed since the discharge date rather than the filing date. If you are still paying on a Chapter 13 Bankruptcy, you may still qualify as long as you have made good payments for at least a year. In both situations, you also must have re-established good credit, have good job stability and qualify financially. Typically, persons who have a foreclosure upon their property within the past three years will not qualify for an FHA loan. However, if the foreclosure was caused by extenuating circumstances out of your control, you may still be eligible. The underwriter may grant an exception if you have good credit and submit a letter of explanation.

If you have debt in collections, whether medical or non-medical, you may still be eligible for an FHA loan. Medical accounts in collections do not have to be paid in full in order to get an FHA loan.

Non-medical debts may be overlooked if you show substantial documentation explaining the reasons for the debts. In order to get an FHA loan, you cannot have any delinquent federal debts, such as a student loan or tax lien. In order to be eligible, you must make sufficient arrangements to pay off the debts and submit the plan in writing. Whether you have any judgments, collections or federal debts will also factor into approval. A judgment, which is a court ordered lien against a home you may own, must be paid in full before you close on your home.

FHA loan limits vary per state and county and are subject to credit approval and certain restrictions. Consult with a mortgage consular or attend one of our workshops, or contact us for assistance and more information.

 

Buyer's Settlement / Closing Costs

During the negotiation stages of the transaction, a mutually agreed-upon date for closing is determined. “Closing” is when you and the seller sign all the paperwork and the documents are recorded of the transfer of your new home. Settlement obligations vary widely due to specific contract language, local laws and customs. Prior to closing, the “closing agent” (typically an escrow company, title company or attorney) will complete a detailed “settlement statement (HUD-1)” for both buyer and seller.

As your Buyer's Advocate, we'll negotiate and help you understand which of the following typical settlement fees apply to you.

  • ½ of escrow fees paid to the escrow company for preparing the closing. (varies from state to state.)
  • Document preparation fees
  • Recording and notary fees
  • Title search and title insurance (paid by either the seller or the buyer)
  • Loan fees
  • Appraisal fees
  • Credit report fees

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