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You’re closer to homeownership than you might think.

You don't need 20% anymore!

To those looking to buy a home and secure their part of the American Dream, Seattle Credit Union says—do not fear! We are committed to helping you on your path to homeownership and prosperity with a variety of low-rate programs that don’t require large down payments.

Every time house prices rise, it seems like it’s going to be even harder to save up enough for a down payment. Many people look at the price of a house and figure that anything selling for $500,000 is going to require a six-figure bank account—that will get wiped out at closing—to buy.

We'll make it so you don’t need to be discouraged even though you keep reading about the hot Seattle real estate market. And once you own your own home, those rising prices work in your favor. You just need to find a lender who can help you work around the median King County home price of $670,0001 (As reported for August 2019 in the Seattle Times.) Even the “bargains” are appreciating—prices are up 9.1% in southwest King County and 8.9% in north King County as buyers seek lower prices within commuting distance. And the recent reduction in homes for sale2 probably means a coming bump in prices.

Good news—that’s not true. There are options for buying a house with less money down, and Seattle Credit Union knows them all. We even created a brand new one specifically for our local community members.

Everybody knows the Seattle Market is Hot

The key to owning your own home and setting out on the way to prosperity is getting started. Because the market is hopping.

The “why” is simple. Seattle is a city with plenty of job opportunities and a 3.6% unemployment rate3 (lower in all King County) that’s falling4. That’s lower than the rest of the county. Employed people can afford to buy all sorts of things, which means all sorts of businesses do well, and in turn they have to hire employees as more business comes their way.

If you’re renting then chances are your rent has probably increased. Seattle rents were up 3.3%5 from June 2018 to June 2019. Seattle’s $2,122 monthly average rent6 is way more than the national average of $1,471.

The Seattle Times advises homebuyers that “Buyers who went with big banks often regret it”7 because of extra layers of bureaucracy and because they don’t know the market as well as a local financial institution. It’s as if they were writing about Seattle Credit Union. Because we’re local and committed to making everyone in Seattle prosper—no matter who they are and where they moved here from—we can adapt to the local market better than anyone. It’s that flexibility and commitment to service that put our members into the homes that grow and strengthen our community. That’s what Seattle Credit Union is all about.

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3 Options for Buying With Little To No Money Down

0% down loan options through U.S. Department of Veterans Affairs

The One Percent Down Mortgage

3% down loan options through Rise

Click on the product for details. Certain restrictions apply with each loan program.

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Home prices are more affordable with low mortgage rates

Seattle Credit Union has been helping ordinary folks in Seattle get ahead since 1933—before there was a floating bridge, before Seattle-Tacoma International Airport, before Seafair. The first members of Seattle Credit Union pooled their own resources because they couldn’t get the help they needed from commercial banks. And while our earliest days go back to before there was an I-5 through town, our approach to member prosperity through home ownership is as modern as the new waterfront tunnel.

We’ll work to get you into a home you love at a price you can afford. That way you can build your own equity instead of someone else’s. We’re committed to helping all community members prosper with a diversity of flexible, low-money-down mortgage options the ones below.

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VA Loans with 0% Down

You need to be able to make the monthly payments, but if you’re a qualifying vet with a job this gives you a chance to own a home immediately.

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The 1% Down Mortgage

We created this product specifically for members in our local housing market trying with their first home purchase. This is a great option when rising prices have made it difficult to save what other lenders require to qualify for a mortgage. Handy people can even do away with the 1% if they buy a fixer and make improvements themselves.

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3% down Home Possible and Home One Mortgages

These two products are available for those who haven’t been able to save the big down payment, and require just 3% of the sale price as a down payment: Home Possible for those with lower incomes, or Home One Mortgage without an income cap.

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We make homebuying simple

Every home mortgage comes with its own unique set of rules, especially if it’s established to make it easier than usual to qualify to buy a home. Some mortgages are available only in certain areas or for certain types of home. Some mortgages depend on certain types of income, or don’t count certain types of income. The goal is always to make sure that the people who buy homes can afford the payments. That’s for the good of both the mortgage provider and the homebuyer.

These rules can get complicated. Seattle Credit Union has a staff full of mortgage loan experts who know them forward and backward and will guide you through the process. They have many years’ worth of experience matching people to their dream of home ownership. Each one of—or any home—that were able to with Seattle Credit Union’s help.

What do you need to get your home loan? The easiest way to find out is to talk to one of our mortgage loan experts. Stop by one of our branches, call us at 206.398.5888, send us a message, or apply today.

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What Our Members Say

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Marco L.

Member since Seatle, WA

I could not be more satisfied. Despite the length of time, my agent was continuously responsive and helpful at every step, often well after 5 PM. I always knew where we were in the process and what was coming next. They worked very hard to get the three refis correct and balanced them out so we were not out of pocket any money.

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Joel K.

Member since Seattle, WA

We really appreciated the great experience you provided for our mortgage loan. Your communications were timely. You led us through the process step by step. And you were so fast in getting the process completed! It was really refreshing to work with you.

Disclosures

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Llamanos

Por favor llame al 206.398.5594 para comunicarse con nuestros representantes que hablan Español a fin de obtener detalles o si tiene preguntas.

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