Free Money for a Down Payment!

Through the NHF Down Payment Assistance Program, you can basically get FREE MONEY through a GRANT! You don't have to pay it back, and it's not hard to qualify!

Last week I met with some clients and a Mortgage Lender whom I've worked with on several occasions. As I heard him explain this program to them, my jaw basically hit the floor. The monthly payment does end a little higher, but because you are getting the 3%-5% downpayment for free, it takes years (8 in my clients case) to make up the difference!

Here is what Andy Fernando from Alpine Mortgage said about this program:

"For many people today, the number one challenge to buying a home is putting together the down payment.  With Alpine Mortgage Planning has solved that problem with the NHF Down Payment Assistance Program.

NHF is a down payment GRANT, not a loan.  The grant available is either 3% or 5% of the homes price, and works in conjunction with a 3.5% down FHA fixed rate home loan.  If you meet the qualifications and criteria for the loan program, NHF is GIVING you the money for the down payment.  Here are the basic criteria:

  • 30 year fixed rate mortgage
  • Rates determined by amount of grant you request, 3% or 5% of loan amount
  • Maximum debt to income qualifying ratio of 45%
  • Income limits apply by county (King – $101,430, Pierce – $82,110)
  • Regular FHA underwriting standards apply

To find out if you qualify for Alpine Mortgage Plannings NHF Down Payment Assistance Program, get in touch with your Alpine lender today.   By providing your current income, asset, and credit information, along with a short interview for an application, we can get a preliminary credit determination very quickly, sometimes in a matter of hours. "

I am seriously completely in awe of this program. If you have been thinking about buying a house, but are simply waiting to save up a down payment, I urge you to look into this program to see if you qualify. Home prices are on the rise, so by the time you save up the down payment, you will be spending more on the house you want. And dont forget this is a GRANT! They basically gift you the down payment.

If you have any questions about this program, let me know, or reach out to Andy Fernando. I highly reccomend him. His contact info is below!

 

Andy Fernando | Mortgage Advisor

Alpine Mortgage Planning

C 206.498.5355 | f 855.718.4221

afernando@alpinemc.com

 

Posted on January 13, 2015 at 3:19 pm
Katie Criddle | Category: Buying, Financing | Tagged , , , , , , ,

How to Combat Cash Offers as a Buyer

As a seller, you dream of seeing those Benjamin's on the table. They are simple, easy, and close quickly. However, if you are a buyer trying to compete for investment properties or even owner-occupant homes, cash buyers may easily beat you out if you don't know what you are up against.

What are cash offers?

Cash offers are just that….cash. The buyer is planning on paying for the property in cash. At the time they submit the offer, they must prove they have the cash in hand. It can't be "on its way" or promised, without proof.

Cash offers also mean there is no financing contingency. Financing contingencies include a bank who needs to make sure their pending loan is secured with a correctly-priced property. This means there will be an appraisal,  underwriting, and possible time delays. Cash is valuable when the property has significant defects that might make the home un-financable.

Who is offering cash?

For lower-priced properties, cash buyers are typically investors. They are looking to purchase a property, fix it up with decent repairs, then flip the house to sell or rent out.

We also see cash buyers in the high price range – people who have sufficient funds to purchase their dream home outright. These people have typically done their share of looking at available homes and when they find "the one" they are willing to pay for it.

How to combat cash offers?

To make it simple, you have to make your offer more sexy. Offer a higher price and wave contingencies. I typically don't recommend waving inspection or financing contingency because you never know what will happen. However, if you are in a hot and competitive market, like we are in Seattle/Bellevue, you MUST put your best foot forward. I've even heard of people offering a non-refundable deposit of $100,000 if they back out for any reason. These buyers were so confident that they wanted this house, they put their money where their mouth is. The $100,000 would be applied to the sales price at closing, but should they walk away for ANY reason, the sellers would get to keep the 100k. That prospect is extremely enticing.

If you can't offer 100k nonrefundable deposit, consider including a personal letter with your strong offer. Express to the sellers why you want this house. This especially works if you plan on occupying this house. If I am selling a home and have a cash offer from investors that I know will rent out my beloved home, verses an equally good offer (with financing) from people who will cherish and enjoy the work I've put into my home, I'm taking the owner-occupant letter.

In the end, cash might win out, but it never hurts to try. Put your best offer on the table when you know you are up against cash, and may the best offer win!

 

Cheers!

Katie Criddle

 

 

 

Posted on April 1, 2014 at 10:02 am
Katie Criddle | Category: Buying, Financing

How Long Buyers Must Wait to Obtain Financing

In today's market, it's common to meet someone who went through a forclosure, short sale, or bankrupcy. In fact, it may have been you! Since the market crash in 2007-2008, thousands of people have had to face these difficulties, and it's nothing to be ashamed about.

Many may think that they have to wait a lifetime before they can finance another home. 

But that simply isn't true.

It may be surprising how soon a buyer can qualify again! . If this is you, or you know someone in this situation, please SHARE this information with them! It is crippling to think it will be a lifetime before you can move into that dream home. 

Email katie.criddle@windermere.com for a copy of this flyer, share on Facebook, or simply forward this blog post to a friend!

If you ARE ready to obtain fincancing – despite your background and history – I reccomend contacting Andy Fernando at Alpine Mortgage – he's very responsive and knowledgable. Afernando@alpinemc.com

 

Posted on February 13, 2014 at 5:53 pm
Katie Criddle | Category: Buying, Financing