Putting homeownership in reach is something we at Tend Home Team feel passionately about. Along with our trusted partners, helping home buyers understand what is available to them and how to best navigate the process is important to us. Purchasing property tends to bring up a host of questions especially for first time buyers, and one of the most asked is, what is required as a down payment for a home? The assumption is that you must have a 20% of the home’s value to put down or have saved hundreds of thousands of dollars, this can certainly be a deterrent for getting into the home you want.
The 20% down rule of thumb isn’t necessarily the case and shouldn’t hold you back from the idea of owning a home. We connected with one of our home loan partners, Cody Touchette with The Touchette Team at Caliber Home Loans to chat discuss a new home loan program that they have to offer in King, Snohomish and Pearce counties. With significantly lower down payment requirements and many other borrowing advantages, this initiative certainly has some favorable benefits. In essence this solution combines a First and a Forgivable second loan for a down payment as low as 1%, and this program may be used with other community lending programs. The First allows for borrowing power up to a maximum loan amount of $647,200 for single unit or up-to $828,700 for two units on a 30-year fixed rate mortgage. The Second is a three-year fixed term, 0% APR forgivable second trust deed loan, at a minimum loan amount of $3,000 and up to a maximum of $13,344 for a single unit and $17,086 for two units.
There is definitely a lot to unpack here and plenty of elements to this program that are worth a deeper look. For more details give us a call at 206 504 3660 and we can connect you with The Touchette Team.