- No Down Payment - With Key Bank's Community Finance Program, you can purchase a home for as little as $500 down. The minimum requirements are a 620 credit score and two years of income history. In addition, these loans do not require private mortgage insurance, helping to keep your montly payment low. Additional criteria may apply and all loans subject to lender approval.
- Concerns About Monthly Payment - With rent's projected to rise steadily over the next several years, interest rates historically low, and affordable housing prices, for most renters buying a house would lower you montly payment. Even if you intend to move in a few years, many first-time houses make excellent rental units with positive cash flow. Buying now and converting your purchase to a rental when you move could be the first step in establishing long term economic stability.
- Bruised Credit - Running a credit score analysis may reveal a few simple ways to improve your credit score to allow you to qualify for traditional loan program. Sometimes, it only requires paying down certain balances, removing inaccurate information from your credit report, or paying off deliquent accounts. You may still be able to get a mortgage, even if your credit score is below 600. These loans require a larger downpayment, but are a good way to help re-establish your credit.
John Blom
Broker, Hasson Company Realtors
johnblom@hasson.com
(360) 977-8329
Dan Wisner
Owner, Osprey Homes
