Article provided by: Seattle's Mortgage Broker - Joe Tafolla
Finding a suitable mortgage lender is not as easy as it seems especially for first-time homebuyers. Many people consider their homes significant investments, which is why we offer Seattle first time home buyer assistance to help you find an affordable mortgage for your home. We understand that some of our clients are just beginning to get back on their feet financially, which is why we offer great loan features such as easier approval and friendly repayment terms.
How can I get a great deal on a first mortgage?
Seattle’s Mortgage Broker uses various ways to help our clients find great deals on their first mortgages. For instance, we provide loan programs that are designed for first-time homebuyers. Our clients qualify for mortgages based on their income and credit scores.
The Seattle first time homebuyer assistance program is designed to help our clients become homeowners. The program provides some level of financial assistance to clients who qualify.
There are many benefits of the first time mortgage assistance program. First, it allows our clients to make small down payments on their homes. In addition, it helps people to qualify for low-interest loans, which come with lower monthly payments.
Who qualifies for Seattle first time homebuyer assistance?
The target audience for the first time homebuyer assistance is individuals who have never owned homes. However, our company also offers support to people who have owned homes before but have not owned property within the last several years. Our homebuyer assistance has benefited many people with low and moderate incomes.
Some of the features of the homebuyer assistance program include loan limits and owner occupants. Some homebuyer assistance programs limit individuals to affordable properties in certain areas that meet the requirements of low-income earners. The idea is to help people who have the most need. In addition, you are required to use the property as your primary residence, which means that you cannot rent the property. Therefore, homebuyer assistance programs are not designed for investors.
The properties that we offer to our clients through the homebuyer assistance program meet strict physical requirements. They are in good conditions and are free of safety hazards, including lead-based paint.
Our first-time homebuyer assistance program opens doors to home ownership where individuals would otherwise not afford to buy homes. It also helps communities in Seattle since homeowners take care of their properties and contribute to the economy.
There are many financing options available for first-time homebuyers. We help our clients with property search and find ways of assisting them to save time and money. Our staff understands the Seattle property market and offer many incentives to help clients buy properties.
Lenders determine mortgage loan pricing based on clients’ credit history. Lenders consider debt service coverage ratio (DSCR) and loan-to-value ratio (LTV) when setting the loan price. To get the loan-to-value ratio, divide the loan amount by the property purchase price. Your lender is likely to charge more for loans with high LTV.
The DSCR determines a borrower’s ability to repay a loan. This is obtained by dividing the borrower’s monthly net income by the mortgage costs.
Seattle’s Mortgage Broker offers many financing options for homebuyers. Contact us today by phone or on the web to learn more.