Loan Programs

With the changes in the lending industry it is important to know what programs are out there and available to you as buyers to take advantage of.

Some programs that have been around for a while but rarely used have been updated and are now great options. FHA loans are now a good choice for a lot of people who had not considered using them previously. As we know, the loan limits for FHA were recently raised. In King County the loan limits were raised to $567,500. Also, FHA loans allow a borrower to have as little as 3% down. They also offer the Nehemiah Seller paid down payment program which is great for people who don't have 3% to put down. Appraisals on these loans have also changed in that they are not requiring work orders on homes and are being treated like conventional loan appraisals.

If you are a US veteran you should know about the VA loan programs. These are the best programs out there!

Other programs that are available through certain banks can be helpful to you depending on your circumstances. Chase Bank has a Union Plus program which reduces the loan costs and has built in protections for Union members. Response Mortgage now has a 0 down loan program which offers up to 103% financing because it allows you to wrap in your closing costs.

These are all great programs that might benefit you! So keep them in mind when you are thinking about buying.