720/2011
Everett/ Snohomish County
How does a 3 bedroom, 2 bath, stick built on site, home in Everett with a full payment of only $1622.00 per month sound?
Well I have 29 homes and all have 3 or more bedroom and 2 or more baths in Everett right now. And in Snohomish County have 136 of these homes ready to go today. All with a payment of $1622.00 or less. The rate on a 30 year fixed mortgage is 5.625%, APR 5.826%.
The payment in reality is actually less because your interest is tax deductible and at the end of this discussion I’ll explain how owning a home will impact your federal taxes.
If you are renting in Everett I’ll bet you’re paying more than $1622.00 per month in rent for a decent 3 bedroom, 2 bath home.
These are called Homepath homes and the loan is a Homepath mortgage.
My name is Jim Johnson have been real estate broker currently at Gilmore RE and a mortgage broker currently at Metropolitan Mortgage for over 20+ years. I always tell home buyers that some of the best deals in real estate are available thru the Homepath mortgage. Homepath is simply real estate that has been thru the foreclosure process To buy any one of the 136 homes all you need is 5% down or no more than $12,500 and a credit score of 660 or better.
BTW most of these homes have 2+ car garages, a good piece of land, decks, fences and more.
These are not short sales so they can close quickly.
Here are some of the great points about a Homepath loan.
- No mortgage insurance means lower payments.
- No appraisal so lower closing costs.
- Fannie Mae has priced them competitively.
- To qualify you will need a 660 credit score or better.
- Just 5% down or more.
- Down payment can be a gift.
- These are risk priced mortgages. That means better credit scores and more money down gets a better deal.
- BTW if your credit is not 620 to 660 or better contact me and I will help you get it there in just a few months.
- Fannie Mae is giving 3.5% of the purchase price back for closing costs.
Everybody knows that the interest on a mortgage is tax deductable but what does that mean? In round numbers for anyone making about $70,000 or more per year (single or married) you are probably in the 28% tax bracket. In simple terms what that means is that out of every dollar you pay in interest you are getting 28 cents back as a tax deduction. I used to be an enrolled agent licensed to represent my clients in tax audits and at tax court.
Call me anytime and we can talk about this.
One last thing the, original offer to purchase must contain certain language in order to make these numbers and loans work so I recommend you have a competent real estate broker write it up. The conditions must be in the original offer of the deal will never work.
I you would like to discuss this my cell number is 425-346-0830