Seattle

There is an enduring myth about home ownership still making the rounds after many years. It says, “You should always make a down payment of at least 20%. That is the norm when buying a house.” But this isn’t exactly true, and we’ll explain in this article.'

If you are looking to close on a home purchase in Seattle, you’ll want to take certain measures to ensure a successful transaction. This article will fill you in on what you need to know to carry out a real estate deal you can be happy with.'

A 20% down payment reassures the bank that if they had to foreclose on the property, the cash put up by the buyer would be enough to protect them. If the buyer wants to put less money down—let’s say 5% — they’ll still approve the loan, but only with some additional protection.'

Home buyers with limited housing budgets often move from pricier coastal areas to more affordable inland cities. It’s a common migration pattern that has been well documented over the years. '

This year was once predicted to be the “year of the buyer” in Seattle’s housing market. Yet, inventory remains low, this along with many other factors, point to a continued Seller’s market in 2024.'

Federal housing officials announced that FHA loan limits for Seattle would remain the same in 2024. Check out our loan limits tool here.'