I think this is one of the most misunderstood items for first-time home buyers.  Many have been told they need 20% of the sales price which is just not true.

If you are a first-time home buyer, this is a subject to research before you start looking to purchase a home. EducateHomeBuyers.org classes can help answer this questions during our free online classes.

There are so many down payment options based on the loan programs for first-time home buyers. If you are purchasing a property in Washington, you can purchase a home with 3% up to a sales price of $790,250.  With an FHA loan you can do as little as 3.50% of the sale price.  VA loan = 0% down payment!  USDA = 0% down payment!!

If you earn less than $180,000 income you may qualify for down payment assistance in every county in Washington.  Let the State of Washington help you with your down payment.  Our certified classes cover the numbers and how it fits in the amount of money that you will need to purchase a home.

Although we can dispel myths regarding the down payment amount, there are other costs associated with a home loan that buyers need to be aware of. For example, buyers will have closing costs which include paying for escrow, title, appraisal, credit, interest, and more. These numbers will vary depending on your property taxes and homeowners’ insurance costs.

We always say knowledge is power and this is especially true when you are making the largest purchase that you have ever made.  Join us for one of our free classes! Don’t make a simple, but huge mistake without the proper education.

Written by Curt Tiedeman, NewRez Home Loans, NMLS License 35554.  Reach out to me for questions – 206.650.4202 or curt.tiedeman@newrez.com

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