Is now a good time to buy? How will the interest rate affect my payment? What are buy-down points? These are good questions to consider when purchasing a home for the first time. This brief video will help answer such questions and more…

How do I get a loan, and what terms are best for me?

To make this important purchase you must be fairly well-established financially.

Your credit history must be acceptable and you must NOT have had bankruptcies for the past seven years. You must be able to present tax returns and other financial documentation during the home buying process. Please keep these financial considerations in mind:

• Do you have money saved for a down payment on the home?

• Do you have a stable, reliable source of income, having been employed regularly for the last 2-3 years?

• Do you have a good record of paying bills?

• Can you pay a mortgage and additional costs, on a regular, monthly basis?

• Do you have relatively few outstanding long-term debts, such as car payments?

Also, ask yourself these questions to determine which is the best loan for you:

• How long do you plan to live in this home?

• Will your finances change significantly over the next few years?

• When do you want to finish paying this mortgage? Before you retire?

• Will you be able to handle a changing mortgage payment amount, or would you prefer that it stay the same over the life of the loan?

Your Real Estate Agent can help you find a lender who can help you determine which loan best fits your needs based on the considerations discussed above.

WA State Housing Commission Video – Find out about Help with Downpayments, closing costs, and special programs for first time homebuyers in Washington State.