Whidbey Island Real Estate Information
Updates, news and information about Whidbey Island Real Estate.
Do You Need a Down Payment and Other Qualifying Questions?
November 22nd, 2011 at Tue, 22nd, 2011 at 2:40 pm by Rick SchutteOne of the comments that I hear quite often is “I don’t have 20% down and so I can’t buy a house”. Many people are confused and have the wrong information when it comes to purchasing a home. News articles, tv programs, etc. talk about how hard it is to get financing, to get qualified, the amount of down payment needed, etc. 
In today’s lending environment, your credit rating is one of the most important things to consider. You credit rating can affect your interest rate, your ability to qualify for the loan, and many other factors. I posted an interview with a local lender that answered Home Mortgage Questions that is very informative.
Back to the down payment question. Do you need 20% down to buy a home. The answer to that question is NO. There are loan programs available today with a minimum zero down payment if you qualify. There are FHA programs available with 3%-5% down payment available. There are conventional mortgage programs available with very minimal down payments required. There are some great loan advisers here on Whidbey Island. I would encourage any one that is considering a home purchase to sit down with one of these local advisers and get your questions answered. It is very possible that today may be the day that you decide that it is time to own your own home.
Rick Schutte Rick is the owner/designated broker of Coldwell Banker Koetje Real Estate and Koetje Property Management. He has been involved with the real estate industry on Whidbey Island for over 32 years. He is a past president of the NWMLS as well as a current board member of the North Puget Sound Association of Realtors. He has been designated by the National Association of Realtors as a Certified Real Estate Brokerage Manager as well as a Graduate of the Real Estate Institute. Rick can be reached at 360-675-5811 or cbk@WhidbeyRealEstate.com
More articles by Rick Schutte >
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