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By Courtney Cooper, April 23, 2010 11:53 am

“How much down payment is needed for a condo in Seattle?”

This was one of the questions I saw typed into Google recently. Your down payment required for buying a house or a condo is extremely dependent on your credit score according to most lenders I speak with. Jon Carpenter is a Seattle Mortgage Broker who works with borrowers closely to figure out what their best option is. He helps borrowers decide if they are going to purchase a home via a FHA loan or a conventional loan.

According to Jon the minimum credit score for purchasing a home or condo right now is 620. There are some nearly impossible loans out there for a 580 credit score, but down payments skyrocket to 45% at that point. FHA officially says that your credit score needs to be a minimum of 580 for their 3.5% down payment program, but unfortunately there are not investors that are willing to take on that credit risk. The result is that a minimum of 620 for a 3.5% FHA loan is more realistic.

For a conventional loan, you can still get a loan requiring as low as 5% down as long as your credit score is a minimum of 720 to 740. Your credit score impacts everything! So, how much down payment is needed for purchasing property? It depends on your credit score!

Other Seattle home buying resources –

Seattle real estate

Seattle mortgages

Seattle neighborhoods

Seattle suburbs

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By Courtney Cooper, April 12, 2009 7:09 pm

Seattle suburbs real estate and Seattle homes searches are all offered for FREE on this site:

www.CooperJacobs.com

It sweeps the multiple listing service for changes and all listings form all companies are included. This is a great one stop shopping place if you are curious about any Seattle area real estate prices or conditions. There are neighborhood pages and suburb pages to give you info about each market.

Other info?

$8000 tax credit for first time homebuyers – for more than first timers so get all the details to see if you qualify.

$1000 in closing costs

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By Courtney Cooper, March 17, 2008 10:33 am

Seattle real estate is in a buyer’s market, but are you looking for a way to get into a Seattle house even cheaper?

Seattle buyers: You might consider a short sale, but be prepared to wait and wait and wait. Not only will you not get an answer immediately when you put in an offer for a short sale, you will more than likely have to wait for weeks and weeks.  The bank is in no hurry to sell you this house for $50,000 or more under market, and they also like to drag their feet to wait for a better offer.  If you want the deal, you have to be very patient and understand what you are getting in to.

What is a short sale?

Simple Short Sale Definition:  A Short sale is when the seller owes more than the house can be sold for in the current market, so the bank has to agree to write off the difference and sell the house for less than they are owed.. Coming up with an acceptable price for the bank when they are losing money on a loan can be tricky and requires someone who is willing to go to bat for both parties – the buyer who wants to get a good deal and the seller who wants to get out of a loan without a foreclosure on their record. It is also in the bank’s best interest because they want to save on the time and money it would talk to foreclose on a property that is in arrears.

The problem? 

 There are no guarantees that just because a house is listed for a certain price that it will sell for that price or even close to it.  The listing agents list these short sale homes as “subject to lien holder approval” in the agent only remarks.  I strongly think that this lingo should also be put in the public comments so that a prospective buyer is well aware that the price is not a definite and that even the sale is not a definite until a lien holder approves of it. In fact, in most cases if you put in a full price offer, the bank will likely counter back at a higher price than the property is listed at! Doesn’t seem fair does it? There is a difference between an approved short sale and a short sale. With an approved at least there is some guarantee of price range, but the fact of the matter is that most short sales listed are not approved short sales. It is just too difficult to get a bank to pin down a number without an offer in front of them!

Good news!

The good news is that a Seattle short sale can work out for all parties involved and benefit all! Make sure you are working with someone that knows how to do a short sale! Search for Seattle Short Sales.

Courtney Cooper ….For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting – I love my clients and work hard for them! Please call me if you are looking for a home or investment property realestate (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park) & other Seatle neighborhoods, Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

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By Courtney Cooper, March 13, 2008 7:58 am

Seattle, down payments are back!

This is how our parents and grandparents bought a house, and now having a down payment is a must when it comes to qualifying for a good loan! But where to find the money? Well, the first thing you should do is talk to a good Seattle lender – find out if you qualify for a house based on your credit and how much you can afford. The lender will also tell you how much of a down payment you will need. This will give you a good goal number. Make sure to consider closing costs which can run anywhere from $4000 to $10000 in some cases depending on your loan. In this market, I have been successful at getting the sellers to pay for the closing costs most of the time. If money is tight, then tell your agent you want the seller to pay closing costs and focus on your down payment amount.

It is amazing how the little things add up! Obviously cut back on travel, credit card interest, etc., but what about these? Look everywhere in your life and you will be surprised at how fast you can save the money…

Here are some ways to trim out money: Over $10,000 in only a year and in most cases!

1. Cut the lattes – better for the environment anyway with all those cups that get used. Go back to the free office coffee or make coffee at home. Even buying a home espresso machine is better than going out every day. In most cases these drinks are well over $3.00 each, but even at $3.00 x 7 = $21/week x 52 = $1092/yr.
2. Cut out the Restaurant eating. It is not as healthy as cooking whole foods anyway. Let’s just say one night out/week at $30 x 52 = $1560/yr A note on this is that I have never seen a tab be that cheap at a restaurant, but for illustration purpose, this money adds up fast!
3. Brown Bag it to work – Wow this is huge – Yes those lunch breaks can be the highlight of the day, but $5 – $10/day adds up! $5 x 5= $25/week x 52 = $1300/yr and that is on the cheap side as we all know.
4. Cut the soda – Bad for you anyway. I lost 16 pounds in a few months simply by dropping soda – Diet Cokes. When you do stop in at a drive thru or anywhere else and order a soda, it adds a huge percentage to the bill. Most places charge well over a dollar for a soda and in many cases closer to two dollars! $1.50 x 7= $10.50 x 52 = $546
5. Meal planning before grocery shopping -
   This is also huge! Plan your meal for the week. Making meals like spaghetti and burritos can save a lot of money through the week and also be great items for taking for lunches at work. Also – don’t shop while you are hungry! $600/yr minimum
6. Use the library – Stop buying books and CDs ($20/mo x 12 = $240/yr) – Libraries these days carry it all! Don’t order any more magazines or newspapers ($20 – $100/yr) and stop renting DVDs ($200 – $400/yr). Many library systems even have online ordering systems where you can order the movie you want much like Netflix. Total savings: at least $500/yr
7. Watch movies at home -
   Those movie theatre tickets have gotten pricey and don’t even get me started on the food! When did we decide that it was okay to let them charge us $5 for a soda???? Why not pop some popcorn and watch a library rental at home? Even if you only go twice a month, those visits can add up! $30/visit x 2 = $60 x 12 = $720
8. Dry Cleaning – Reduce it by wearing things at least twice or wearing no dry cleaned items. It is bad for the environment, expensive, and I can’t figure out why they won’t recycle or reused those darned wire hangers!!!! $20-$30/week $20 x 52 = $1040
9. Beauty – What about hair cuts and nail appointments? Why not skip a hair cut every other time or draw them out by one more week? Doing your own nails could also add tons of savings! Go for lower maintenance hair and nails so that there is no need for root touch ups or nail fills. $600/yr minimum savings
10. Outside Services for home-
    Housekeeping, lawn maintenance or care, window washing, bottled water, etc. can really add up, but cutting them out is big savings. $1000/yr minimum and a lot more in most cases.
11. Be more energy efficient - Switch to florescent bulbs, turn off lights, turn the heat down, and start seeing the benefits of reduced use. $500/yr minimum savings.
12. Cut your wardrobe budget – Most people have too many clothes in their closet already – I know I have some that collect dust! Why not dig out some of those oldies in a closet archeological expedition? Easily $500 in savings a year and probably over $1000 in some cases. $500/yr minimum savings
    
13. Cut out the gym – start a walking campaign and invest in a few free weights – this can save a minimum of $30/mo x 12 = $360
    
14. Wash your own car – Even at twice a month, those car washes add up! They range easily from $10 – $20! $10 x 2 = $20/month x 12 = $240/yr
    

There you go! Over ten thousand dollars in savings with a few changes and tweaks in lifestyle habits. I bet you can think of more! The $10k will be worth it!

Courtney Cooper ….For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting – I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!