Buying foreclosed homes in Seattle can be cost-effective especially for low income families
. The state of Washington offer various home assistance programs for home buyers. These programs work to reduce down payments and bring down mortgages. Some even provide energy-efficient home rehabilitation assistance and rewards for low-income home owners.
One example of the assistance offered to buyers of foreclosed homes in Seattle is the Affordable Housing Program of the Federal Home Loan Bank of Seattle. The program offers financing for who own homes and earn lower than 80 percent of the city's median income. The grant can be applied to reduce interest rates, lower the principal amount of the loan or the down payment as well as the closing costs.
Home buyers can avail of mortgage credit certificates, which are tax credits given to homeowners to provide mortgage payment assistance. The assistance is provided by a host of participating banks in the state and can be availed there. Federal tax credits are also given to residents who are willing to invest in low-income home.
The local Housing and Urban Development office also provides housing assistance to buyers of foreclosed homes in Seattle. Government-backed entities such as Fannie Mae and Freddie Mac work to enable banks and lending institutions to offer easy terms for home buyers. There would be a number of requirements to meet but the effort would be well worth it.
Dont Just Buy a Home
Go further than just finding a foreclosure to purchase and explore the possibilities of lowering down your costs for an already affordable property. This will increase your savings, which could go into renovating your home maybe adding a new wing or a garage. Every home improvement you undertake goes into your equity and it increases the value of your property, which would be ideal if you ever decide to sell it later on.