Helpful tips for first-time homebuyers in Washington state

A home is a significant purchase, so feeling a little intimidated when taking your first step in the buying process is understandable, especially for first-time buyers. The good news, however, is that buying a home doesn’t need to feel like such a daunting challenge. With some research, the proper mindset, and a little bit of patience, the home buying process can often turn out to be an exciting experience.

If you’re planning to buy a new home in Central Washington, here are a few tips for you to keep in mind to help you out during your house hunt.

Build up a budget for your home buying expenses

When you’re purchasing a property in Central Washington, you’ll have to cover several upfront expenses like a down payment and closing costs. In a standard real estate transaction, these costs are typically paid for on or before the closing date.

Down payment can range from around 3% to 20% of a home’s purchase price, depending on the home loan you choose (with the exception of the VA loan program which provides 100% financing).

Closing costs are another major expense to prepare for. Although there are situations wherein the seller agrees to pay for the buyer’s closing costs or the buyer gets credit from their mortgage lender, saving up to build a budget that accommodates closing costs will be a smart move.

Choose the type of mortgage loan

First-time buyers in Central Washington will be able to take advantage of down payment assistance and special loan programs provided by the Washington State Housing Finance Commission (WSHFC).

If you’re currently a resident of the Evergreen State, you’ll be able to qualify for these programs as long as you meet these eligibility requirements:

• Completion of a home buyer education course (in-person or online)
• Annual household income not exceeding $145,000
• Those who have not owned nor occupied a primary residence during the last three years

First-time home buyer loan state programs offered by the WSHFC include:

• Home Advantage Program
• Home Advantage Down Payment Assistance
• Home Advantage Down Payment Assistance – Needs Based Program
• Opportunity DPA
• HomeChoice Down Payment Assistance Loan Program
• Veterans Down Payment Assistance Loan Program

For complete information, visit the WSHFC’s official website.

Work with a real estate agent

Having an experienced professional at your side as you navigate Central Washington’s real estate market will help make the home buying process seamless and stress-free, especially if you’re a first-time buyer.

In Washington state, the seller typically covers real estate agent commissions, so there’s really no reason not to hire an agent. A skilled and reliable agent will help you find a home that matches your requirements, represent your best interests at the negotiation table, and help you weave through the ins and outs of the transaction.

If you’re looking for the finest Winthrop real estate options available, work with the top realtors in the area! Get in touch with Coldwell Banker Winthrop Realty today. Message the team here or contact them at 509.682.7777 or info(at)CBChelan(dotted)com to get started.