Puget Sound Homes

Written by Seth Cotterell
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Buying a home in the Puget Sound area requires knowledge of regulations and financing. It is crucial to investigate all the financing options available to you in order to ensure that you find the home you want at the best price possible. When you go to research financing options, there are a few questions you can ask to help you get started.

Buying Puget Sound Homes

The first question to ask is how much can you afford to spend. There is no hard and fast rule about how much you can afford, but the general consensus among lenders is that spending 25 to 30 percent of your monthly income on a mortgage is appropriate. You can choose to pay more if you desire, or less if home ownership is not your top priority.

After you've calculated what you can afford to spend every month on a mortgage payment, think about what kind of down payment you can put down. This is often the toughest part for home buyers, but it is possible to pay a down payment of only five to 10 percent of the home's value. This will translate into slightly higher monthly payments, so try to put down as much money on the down payment as you can safely afford.

Increasing property values in the Puget Sound area can make it difficult for some buyers to afford a down payment on a new home. In this situation, assuming an existing mortgage is the best alternative. Assumptions frequently require no down payment and even people with tarnished credit histories can qualify for an assumption. Contact the Federal Housing Administration if you have any additional questions.


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