First Time Home Buyers Redmond

First–time home buyers in Redmond, WA, can qualify for programs designed to help them pay for their out-of-pocket costs from a home purchase. According to Bankrate.com, it requires a 620 minimum credit score, a max DTI or debt-to-income ratio of 50%, and an annual income of less than $180K. If you can afford 20% of the total purchase, you can qualify for a conventional loan with no PMI.

PMI is Private Mortgage Insurance, which some lenders require. USDA Loans and VA Loans allow for zero down payment on qualifying homes in rural areas or for the military, respectively. According to WA.gov.au, “The First Home Owner Grant (FHOG) is a one-off payment to encourage and assist first-time home buyers in buying or building a new residential property for use as their principal place of residence. The grant is $10,000 or the consideration paid to buy or build the house if less than that amount.”

Redmond, WA, is ranked one of the top 2 suburban communities to live in Washington. It’s world-famous as the headquarters of Microsoft and Boeing Aircraft, which makes it a top employer in the state for tech jobs popular with young professionals. To that end, there’s lots of shopping, dining, and nightlife. Redmond also has excellent public schools and neighborhoods too, making it great for families.

• Learn how first-time buyers in Redmond, WA, can get help from an experienced local RE pro.