Home Loan Qualification - Easier Than You May Think

Foreclosure, upside down mortgage, distressed home - these terms are seen with increasing frequency in the news. Along with an air of uncertainty concerning the current economic climate, these issues have caused many potential home buyers to hesitate or put on hold any plans to purchase a new home or a first home. There are so many questions but no simple answers – until recently.

GUARANTEED RURAL HOUSING LOAN PROGRAM
For many people who think they will never qualify for any loan, or be able to afford even the smallest house payment, there is a silver lining to this economic black cloud in the form of guaranteed, low interest , no down payment, 100% financing home loans available to eligible buyers.

Wahkiakum County is defined by the US Department of Agriculture (USDA) as a Rural Development area. Anyone purchasing a home in Wahkiakum County, who meets eligibility requirements based on household size and income, may be able to get financing through this loan program. For instance, principle and interest payments on a 33 year, 4.5% - 5% fixed rate loan on $175,000 would be between $850 and $950 per month. This is a rough calculation and is used here only to illustrate that house payments may be the same or better than rent payments for some home buyers. Add to this the benefit of acquiring and building equity in real property – one of the best investments that can be made in anyone’s lifetime.

Some of the unique features of this program are
· Loan amount of up to 100% of appraised value
· no cash reserves required
· buyers do not have to be first time buyers
· sellers may contribute to buyer’s closing costs
· Gift funds are allowed toward closing costs

Would you qualify for a loan under this program? Don’t assume you wouldn’t. You may be surprised to learn that a two person household with an adjusted income of $42,850 or less may be eligible. Or that a four person household with an adjusted income of $52,200 or less may be eligible. Would you like to know for sure? Let the professionals help you determine your eligibility limits. Go into your financial institution and talk with them or come into our office and talk with us. Let us show you the way home.

130 Glengate Loop - $174,500

The Most Affordable Housing Around

Do you think that the state of the economy means that you should forget about being able to buy a home? Not so fast... prices are really low right now and so are mortgage rates. Take a look at the lowest priced home in Wahkiakum County:

Click here for more information.

This is a move-in-ready home with one bedroom downstairs and the entire half-story upstairs that could easily be used for additional sleeping areas. There's a nice kitchen with a large eating area, a living room and a 3/4 bathroom with a shower. The daylight basement could be used as a workshop. And there's ample room on the over 0.2 acres for picnics, a hot tub or a garage.

This home would easily rent for over $500/month. What do you suppose it would cost per month to own this home?

There are new loan programs available for low income people who wish to buy a home in our area. No down payment is required. Interest rates range from around 4.5% for people with moderate incomes (less than $70,750 for a family of four) to 1% for people with very low incomes (less than $29,200 for a family of four).

This means that you could own this home for a monthly payment of $431 if you have a moderate income, or as little as $ 274! That sure beats paying rent!

These loans are available at banks locally. Stop in our office at 50 Main St. in Cathlamet to find out how you can afford to buy this home or many others... and don't forget to ask for Bill.

Water, Water Everywhere!

Our area is blessed with a multitude of waterfront properties. Here, you could have a home on a small river or stream, one on a canal with a dock, or yet one with a sandy beach that looks out on to the mighty Columbia River. In the past few years we've seen the value and price of these properties escalate to the point where they haven't been attainable to most buyers. However, with the recent turn of events in the economy and housing market, we're seeing prices come down a little. In fact, we have a few waterfront properties that are fabulous deals!

Here are a couple located on Puget Island that just might make you want to pack your bags and move or at least get you thinking about finally buying that second summer home you've always dreamed about.


This cute and cozy cabin type home is situated on a double lot and has 3 bedrooms and 1 bath with a detached garage. There is 160' of waterfrontage with a 90' dock and a 48' x 22' baothouse. Listing price $189,900.

You can dig your toes in the sand at this property that also looks out onto Coffee Pot Island. The large lot boasts 132' of waterfrontage with views of the ships and ferry traveling the Columbia River. There are TWO seperate, very nice manufactured homes plus a 36' x 26' garage with finished loft. Listing price $339,999.

If you'd like more information on either of these great properties or are curious about other waterfront properties that are available, give our office a call at (360) 795 - 8299.

Hello and welcome to our blog! As the Broker for Lower Columbia Realty, it is my pleasure to visit with you about my "hometown". Cathlamet has been my life long place of residence, except for a brief stay in California when my husband was in the Navy. I love this place and never tire of living in this part of "heaven". Some people think that the Pacific Northwest is far too rainy. And, their point is? Without the rain we would not be the fresh, green, clean place that we are today. The air is cleaner here; people are friendly; natural resources abound; what is not to like about Wahkiakum County? IF peace and quiet appeal to you, look no further. It is amazing to me to look out my window from my home on the hill and see the ships traveling the Columbia River. We have various property types in our area. You can live up in the hills, in town next to schools and shopping, on Puget Island on pasture acres or beach front, or in the Valleys of the Elochoman or Skamokawa.

We are perfectly located 30 miles from I-5. To get here you drive alot of the way along the beautiful Columbia River. Our quaint little town is only an hour and a half to Portland and the airport. Our largest city would be Longview 25 miles to the East. If you need WalMart, Lowes, movie theatres, a shopping Mall with JC Penney and Macys, Longview is the destination. Continue driving West and you will come to the Pacific Ocean just one hour away.

Recreation abounds in our area. Fishing either from beaches or boat, hunting, walking, hiking, bike riding, bird watching, kayaking just to name a few.

In my next post, I will visit with you about the history of this magnificent place! Kay