Mike 425-367-2537 or Sheli 425-293-4568 Office@mikeandsheli.com
Homes For Sale in Lake Stevens – VA Loans: Making a Home for the Brave Possible

Homes For Sale in Lake Stevens – VA Loans: Making a Home for the Brave Possible

Homes for sale in Lake Stevens

 

There are lots of homes for sale in Lake Stevens that qualify for the VA loan program.

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

  1. The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
  2. Primary Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)
  3. Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
  4. There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
  5. Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

Who Qualifies for a VA Home Loan?

One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”

You Can Apply for a VA Loan if You:

  • Serve 90 consecutive days during wartime
  • Serve 181 consecutive days during peacetime
  • Have more than 6 years in the National Guard or Reserves
  • Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability

You Can Use a VA Loan To:

  • Purchase a Home
  • Purchase a Condo
  • Build a Home
  • Refinance an existing home loan
  • Make improvements to a home by installing energy-related features or making energy-efficient improvements

Bottom Line

For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, let’s get together! Thank you for your service!

Source.. KCM Mike Kellogg and Sheli Kellogg blog

 

Homes for sale in Lake Stevens – You DO NOT Need 20% Down to Buy Your Home Now!

Homes for sale in Lake Stevens – You DO NOT Need 20% Down to Buy Your Home Now!

Homes for sale in Lake Stevens

There are lots of homes for sale in Lake Stevens where you don’t need 20% down to buy your home.

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank,revealed that consumers overestimate the down payment funds needed to qualify for a home loan.

According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.

What these people don’t realize, however, is that there are many loans written with down payments of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO®Scores

An Ipsos survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores for approved conventional and FHA mortgages are much lower.

The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724. The chart below shows the distribution of FICO® Scores for all loans approved in May.

You DO NOT Need 20% Down to Buy Your Home NOW! | MyKCM

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but you are not sure if you are ‘able’ to, let’s sit down to help you understand your true options today.

Source.. KCM Mike Kellogg and Sheli Kellogg blog

How A Lack of Inventory Impacts the Housing Market in Lake Stevens

How A Lack of Inventory Impacts the Housing Market in Lake Stevens

 

The Lake Stevens housing market continues to be a seller’s market. Housing inventory is still around one month supply.

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at National Association of Realtors

“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”

Sam Khater, Chief Economist for Freddie Mac

“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”

Javier Vivas, Director of Economic Research for Realtor.com

“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”

Bottom Line

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

Source.. KCM Mike and Sheli Kellogg blog

3 Bedroom, 1 bath | Shoreline

3 Bedroom, 1 bath | Shoreline

3 bedroom, 1 bath | Shoreline

 

Charming 3 bed, 1 bath home.

Enjoy the large living room with beautiful brick fireplace, lots of windows for natural light. Den/office on main floor and there are 3 nice bedrooms upstairs. 1 car garage with attached shop or storage area and lots of parking.

Sits on large level lot with potential for everyone: gardening, pets & entertaining on private deck.

Commuters dream near transit, proposed light rail station, 99/I-5, shopping, restaurants and Shoreline School District. Great for 1st time home buyers or bring your investors and small business owners (TC-3 zoned).

See more pictures and details here!

RE/MAX Elite | Mike and Sheli Kellogg

3 Bedroom, 2.75 bath – Lake Stevens – The Pointe at Crosswater

3 Bedroom, 2.75 bath – Lake Stevens – The Pointe at Crosswater

The Pointe at Crosswater

Simplify your life in this beautifully landscaped, yardwork free, Lake Stevens gated community. This gorgeous townhouse features vaulted ceilings, Brazilian Cherry hardwood floors with newer carpet & paint.

Kitchen features stainless appliances, hardwood floors & granite counter tops. Master bedroom located on the main floor with 5 piece bath & spacious walk in closet. Upper level has 2 bedrooms, loft & large bath.

Walking paths, parks & new picnic areas in friendly, quiet neighborhood with activities for everyone. Near bus transit & shopping.

See more pictures and details here!

RE/MAX Elite | Mike and Sheli Kellogg