Purchasing a new home is a dream that is not easily attainable for many families. But right now, a program is available in Spokane to make it a reality.
Even if you have been unable to save enough money for a down payment on a home, or have a less than stellar credit, you could still be able to buy a home! The 100% Home Financing opportunity from SNAP Financial Access (SFA) provides a way for you to move into your first home in the Spokane County area.
“We believe that home ownership builds and strengthens our community. We want to make home ownership a reality for YOU!” says Greg Franson, lending specialist at SNAP Financial Access.
The SFA Home Ownership department has an amazing home buyer education program that has been helping people buy homes for many years. Once you have completed the first-time home buyer education course, which is now available online, you can get personal one-on-one consulting to ensure you have all the pieces necessary to complete the loan application successfully.
How does it work?
Part of what makes the SFA Home Ownership program so successful are the lending specialists who are there each step of the way, to ensure that the buyer is ready to take on their mortgage and will be successful in keeping their home for years to come.
“This is the first time that we have been able to offer 100% financing for our prospective home buyers,” says Franson. “We are excited for this opportunity and hope word gets out to people who have been trying to purchase a home through conventional lenders but have been turned down.”
No Minimum Credit Score
No Down Payment
Often it is a low credit score that keeps people from getting a home loan, but this program does not have a minimum credit score requirement.
The other hurdle is saving up the down payment money. But this loan program is 100% funded, so it doesn’t require a down payment at all! The only costs the home buyer will be responsible for are closing costs and reserves, and that is it!
The market value for homes in Spokane County has been growing rapidly.
“Since 2015, the median home price in Spokane has appreciated by roughly 67.2% from 158,000 to $264,212. Spokane housing market 2020 is shaping up to continue the trend of the last few years as one of the hottest markets in the nation.” According to Norada Real Estate Investment blog.
Today’s home value could easily grow in equity over the next five years, bringing more financial opportunities to homeowners in the future.
A Window of Opportunity
Even though the cost of Spokane homes is rising, there seems to be a small window of buying opportunity right now. Home buyers should get into the market before prices go higher.
“The latest Spokane real estate market forecast depicts a little cooling-off trend.” Norada continues, “The home prices are predicted to remain flat or may increase by just 1.4% in the next twelve months. This is perhaps due to the short term impact of the coronavirus pandemic on real estate sales in the Spokane area.”
What about refinance?
For those who already own real estate in Spokane, there are also some refinancing options available from the SFA Home Ownership department. This gives existing home owners a chance to take advantage of their rapidly rising home equity.
“We do refinances at 80% loan to value,” says Franson. “We can help those who have not been able to get refinancing approved.”
The Home Ownership program at SFA
- We do consider self-employed applicants where other lenders may not due to coronavirus.
- We are also able to do debt-consolidation loans against your equity.
- We do foreclosure prevention loans.
- We provide housing counseling.
- At SNAP, we do not sell our loans, so you always speak with someone local.
This shines a bright light of opportunity that helps free up home lending for more people who need it in our community.
For more information on our home loan programs, call SFA Home Ownership at 509-456-7627 ext 5304.
We are a part of SNAP
The Home Ownership is a department of SNAP Financial Access (SFA). We promote the financial health of our local economy by supporting small businesses and residents through coaching, education, and loan programs. You can learn about all of SFA?s services by visiting snapfinancialaccess.org.
SFA is a division of Spokane Action Network Partners (SNAP). Our mission is to increase the human potential of our community by providing opportunities for people in need. Learn more at snapwa.org