Chat with Connie Can You Buy a Home in Seattle with Zero Down? (YES! & Here’s How)
- Matt Miner,
- October 16, 2018
We’re officially into fall now, and the Seattle real estate market has experienced a significant slowdown. If you’ve been waiting to buy a home or have felt completely priced out of the market… then you’re going to love what we’re about to share!
Many people think that you need a 20% downpayment to buy a home, and in the last few years, this has been mostly true. A 20% downpayment made your offer more competitive, which was a MUST when we were seeing multiple offer situations.
But with the market having shifted, people who thought they couldn’t afford a home before are finally realizing that they can now buy a home in Seattle. According to this Seattle Times’ article published on September 7, 2018, “There’s more encouraging news for homebuyers who have dealt with years of frustration: The number of homes listed for sale is up 66 percent from a year prior across the county, the biggest jump in more than a decade.”
This means that there’s less competition and you have more wiggle room for different financing options. We talked with Senior Loan Consultant Connie Lindsay and Tracey Dellario about the various loan options that are out there, and as the title of this blog post promises, one of those finance options includes zero down (meaning your down payment = 0).
Here are a few of the different zero and low downpayment loan options out there for home buyers:
The Washington State Housing Finance Commission (WSHFC) offers downpayment assistance (which could mean zero down for you!) and some great loans that puts homeownership in reach. Key highlights include:
These are the basics, but there are more programs available depending where you live, etc. Click here for more information on getting assistance from the WSHFC!
We also strongly recommend taking an online home buyer class through WSHFC as well. And, of course, if you have any questions and need to see which loan is right for you, you can reach out to Connie!
(Sound too good to be true? There is one downside of this type of loan—you might have an interest rate that’s half to ¾ higher than the standard interest rate. But like we mentioned before, this is not viewed as a big jump when it comes to interest rates, and you’re in a home and building equity in the meantime.)
With all of these loan types, there are several factors that will affect which one is right for you.
Reach out to Connie to get pointed in the right direction!