How much do first-time home buyers have to put down in Washington state?
While conventional loans typically require a 20% down payment, you’ll only need to put down 3.5% of your home’s value for an FHA loan.
|Pros||– Low down payment – Flexible credit approval|
|Cons||– Larger down payment needed for those with a worse credit score|
Does Washington have first-time home buyer programs?
The Washington State Housing Finance Commission (WSHFC) has two primary first-time homebuyer mortgage programs, Home Advantage and House Key Opportunity, both of which can be applied to a conventional, FHA, VA or USDA loan.
What kind of credit score do you need to buy a house with no down payment?
All you need is a credit score of 580 to get an FHA loan combined with a lower down payment. However, you’ll have to make up for it with a larger down payment if your credit score is lower than 580. You may be able to get a loan with a credit score as low as 500 points if you can bring a 10% down payment to closing.
How much of a down payment does a first-time home buyer need?
Assuming you need a 20 percent down payment
In fact, the median down payment on a home is 12 percent, according to the National Association of Realtors, and 6 percent for first-time buyers.
How much is a downpayment on a house in Washington State?
According to a recent report from a mortgage software company, the average down payment for a home purchase in Washington State ranges from 3.5% (for FHA loans) to less than 20% (for conventional).
What credit score do you need to buy a house in 2021?
What Are FHA Credit Score Requirements in 2021? The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.
Is 600 a good credit score to buy a house?
The good news is that a 600 credit score is high enough to buy a home. In fact, there are several mortgage programs specifically tailored to help people with lower credit scores. But this doesn’t mean everyone with a low score can qualify for a mortgage. You’ll have to meet other standards set by lenders, too.
How can I get money for a downpayment on a house?
Potential homeowners can come up with the down payment by getting a part-time job or borrowing from family. Downsizing to a smaller apartment—saving rent—can save thousands of dollars per year. Programs can help, such as the Federal Housing Administration (FHA), which offers mortgage loans through FHA-approved banks.
How do I buy my first home in Washington state?
Home Buying Process in Washington State: Your 11 Step Plan
- Start saving money for your home-buying expenses.
- Establish your housing budget.
- Review your credit reports and scores.
- Decide which type of mortgage loan you want to use.
- Shop for a mortgage and get pre-approved.
- Find a real estate agent.
What are the requirements for FHA loan?
To be eligible for an FHA loan, borrowers must meet the following lending guidelines: Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down. Have verifiable employment history for the last two years.