Freedom to purchase – Buying a home with little capital or no capital gains

Posted: July 6th, 2011 by Just Real Seattle

In the spirit of freedom this July, the following are a few financing options, requiring little (or no) money down as well as one that sidesteps captial gains:

House Key Plus – House Key is a program provided by the Washington State Housing Finance Commission. The commission’s purpose is to help low-to-moderate income individuals and households achieve homeownership. This is especially challenging in the expensive Greater Seattle market. However, House Key Plus provides between $10,000-$45,000 in downpayment assistance for qualified borrowers. Income limitations apply. For more information, visit www.wshfc.org

Key Community Program – This is another 100%/zero down 30-year-fixed mortgage loan offered by Key Bank with no private mortgage insurance (PMI). The property must be located in a low to moderate income census tract and the borrower’s income must be lower than $68,480 in King & Snohomish Counties. For more information, visit www.keybank.com

BECU Home Loan Payment Relief (HLPR) – If you have 3.0% to put down and make no more than $81,000 annually (in King, Pierce or Snohomish Counties) this 30-year-fixed mortgage may be a good option for you. There’s no PMI. For more information, visit www.becu.org

Self-Directed Retirement Plan Non-Recourse Loan – If you have 50% down payment tied up in a self-directed IRA, you can get a non-recourse mortgage for any type of property anywhere in the world. Down the road when you resell the property, you can avoid capital gains. For more information, visit www.paccrest.com

This information is true and accurate as of July 2011. Lending guidelines have a tendancy to change over time. For complete information, speak with a loan professional. If you would like recommendations for loan professionals, call us (866) 766-7325.

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