bremerton real estate :: SoundBiteBlog.com

It seems like every time I turn around on the Internet, I come across another article on the demise of zero down home financing and the impact it will have on the Real Estate industry and First Time Homebuyers.

These articles run the gamut from shocking to discouraging. Many of the articles blame this situation on the sub prime lending practices in recent years. Many of the articles predict that First Time Homebuyers will no longer be able to attain the American Dream! Many say that 100% financing is gone for good. I say: Don’t believe everything you hear (or read). Zero Down Home Loans are alive and well.

This article is not about the current subprime situation. Subprime situations are a significant portion of the overall mortgage market, but they are nowhere close to being in the majority. The majority of the mortgages that get approved, each and every day in America, are the garden variety, middle-class, blue-collar type of transactions that we share with our neighbors, co-workers, friends and families. This segment of the mortgage market has had access to 100% financing for years and still does today.

Probably the best-known zero down home loan is the VA Loan for Veterans. 100% financing has been available to Veterans for a long time. There is no news that this will change. VA mortgages will actually allow a Veteran to finance not only the price of the home, but the cost of purchasing it (closing costs) as well!

If you are not a Veteran, you still have access to zero down financing. Fannie Mae (FNMA) and Freddie Mac have been supporting 100% financing for home buyers for years. Here are just a few loan programs that your loan officer has access to:

Freddie Mac Programs

• Home Possible® 100
• Home Possible Neighborhood Solutions® 100
• Affordable Merit Rate Mortgage
• Guaranteed (Section 502) Rural Housing (GRH) (this program allows 102% financing)

Fannie Mae Programs

• Flexible 100
• MyCommunityMortgage™
• Pledged Asset Mortgage

This is far from a comprehensive listing of available 100% loan programs. Many lenders have their own programs in addition to those offered by the government.

Just remember the next time your read an article or hear a radio ad about the demise of 100% financing in the mortgage industry; “You can’t believe everything you hear!” Good news just doesn’t sell as many newspapers as bad news.

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Posted in Buyers, Miscellaneous, Mortgage Bites, Real Estate Bites | 3 Comments »

Tags: bremerton real estate, kitsap real estate, port orchard real estate, poulsbo real estate, silverdale real estate

Many residential properties here on the Kitsap Peninsula have a private or shared-party well as their water source. As a Buyer’s Agent, I normally include NWMLS Form 22R (Well Inspection Addendum) along with the Purchase & Sales Agreement. This addendum requires that the Sellers disclose how many connections are served by the well, and verifies an adequate supply of household and yard water to the property. In addition, if required by the Buyer’s Lender, the Sellers will provide, at their cost, a health letter from the County to certify that the water is free from any biological, bacteriological, or chemical agents. This process requires that a water sampling be taken by an approved third party testing lab.

Sounds like boring stuff, right? Well, it can be, unless you’re a relentless advocate for your Buyers like I am!

Neglecting something as HUGE as a meaningful well inspection can land you in some really hot water (pun intended).

In the practice of real estate here in Washington State, there is no such thing as a “standard” or “approved” well inspection criteria. If you call 5 well system specialists and ask them how much it costs to do a well inspection, you’ll get 5 different answers, along with the proverbial, “How much do you want to spend?”

As a minimum, I always require for the well water to be tested. Just because the current owners live there and drink the water doesn’t necessarily make it safe. I can purchase a testing kit from one of the local labs for $20 and do the sampling myself, or my Buyers can pay an extra $100 and have the entire process performed solely by the lab. If I do the sampling, I ensure that my Buyers are present at the time. Typically, we will take a sample during the home inspection, and then afterwards, my Buyer goes with me to the lab to drop off the sample bottle. To avoid potential liability, it is vital that my Buyers follow the sampling chain during the entire process.

In addition, I normally prescribe an evaluation of the mechanical components of the well system by a professional well specialist. This normally includes an inspection of the pressure tank & bladder, the pump & motor, and the electrical supply panel & pressure switch. Other aspects of the well system can be tested as well, such as flow rate, water levels, and depth.

In many instances, we can access a website from the Washington State Dept. of Ecology on Well Logs. This can provide pertinent documentation concerning the original well installation. Another great resource for your Buyers to consult is www.WellOwner.org

As with all elements of the home buying process, you want to provide your clients with a wealth of good resource information, offer them corresponding options, and empower them to make intelligent, informed decisions.

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Tags: bremerton real estate, kitsap real estate, kitsap well agreement, poulsbo real estate, silverdale real estate

Applying for a mortgage is stressfull under the best of circumstances. Even experienced borrowers feel a little twinge of anxiety at the thought of taking on hundreds of thousands of dollars worth of debt. There are things you can do to reduce the stress. Lists such as this one can be found on all mortgage websites, yet no real estate related site is complete without one. So here’s SoundBiteBlog’s list of Do’s and Don’ts.

The mortgage approval process is forgiving of many things, but these items will throw a serious wrench in the works. The following is a list of things that I see most often as a Loan Officer, that derail the process of getting approved for a mortgage loan.

1. Don’t quit your job.
2. Don’t pay your bills late.
3. Don’t procrastinate getting stuff to the loan officer.
4. Don’t lie to your loan officer.
5. Don’t withhold information from the Loan Officer.
6. Tell your loan officer in advance if you plan on making a large purchase.
7. Don’t open any new credit card accounts.
8. Do take your time. Make sure you understand everything that is happening.
9. Do overestimate expenses and underestimate income. Be conservative.
10. Do have fun!

On occasion, you might have to break one of the rules in this list. Life happens and there is just no way to make it a perfect one. When you simply must break one of the rules (with the exceptions of #4 and #5!), let your Loan Officer know about it right away. Let him or her know in advance it at all possible. There are ways to compensate for almost any sitution that can arise during the mortgage loan approval process. But it is much easier to anticipate a problem, than it is to pick up pieces after the fact.

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Posted in Buyers, Credit Bites, Miscellaneous, Mortgage Bites | 9 Comments »

Tags: bremerton real estate, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate

If you’re looking for a unique and enjoyable dining experience, look no further than

 “The Boat Shed Restaurant & Bar!”

Serving Kitsap County since 1979, The Boat Shed is a family restaurant located under the Manette Bridge on the North shore of the Washington Narrows, across from Bremerton, near the quaint artisan town of Manette.

Whether you are looking for something casual and classy, or intimate and cozy, The Boat Shed offers fine dining with spectacular views of the Bremerton waterfront. In the summer months, take full advantage of the incomparable weather and sit outdoors on the waterfront deck.

Dinner entrees include certified Black Angus prime steak, Dungeness crab, Pacific salmon & halibut, fish & chips, poultry and pasta dishes. Lunches feature creative salads, savory sandwiches, and satisfying homemade soups. The beverage selection also includes a complete selection of micro brews, carefully selected wines and a full service bar. For small children, The Boat Shed offers an extensive kid’s menu. They can also accommodate parties of up to 35 people; complete catering services (their place or yours), weddings, birthdays, family reunions, and business banquets.

Perhaps one of the best ways to enjoy your meal at The Boat Shed is to arrive by boat! Pull up to the floating dock and walk right in! Your table, superior friendly service, and exquisite food await you!

Boat Shed Restaurant, 101 Shore Drive
Bremerton, WA 98311  (360) 377-2600

 Hours:

Open everyday: 11am to Midnight

Happy Hour 3pm-6pm & 9pm to Closing

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Posted in Bites of Washington, Bremerton WA Real Estate, Business Bites, Kitsap County Bites | No Comments »

Tags: bremerton business, bremerton real estate, kitsap business, kitsap real estate, kitsap real estate blog

We all have different strengths. Some people are creative geniuses yet housekeeping disasters. Some people paint. Others can do complex mathematical equations in their heads. We all have things we do well. We also have things we don’t do well at all.

Many men are taught from childhood that being completley self-sufficient is a sign of manliness. Women seem to ask for help more easily and naturally. It seems they automatically know that ,as individuals, we can’t be great at everything and it only makes sense to collaborate. When it comes to building and maintaining really good credit, the “I don’t need anyone’s help” mentality can be a serious roadblock.

Play to your strengths and delegate the rest.

If one of your non-strengths (notice I didn’t call it a weakness) is in the area of consistency when it comes to bill paying, consider asking for help. With couples, one of partners will generally be good at this while the other partner is not. That’s great if you are in a commited relationship, but if you aren’t? It doesn’t mean you can’t use the same technique to advantage. Do you know someone you trust who is really good at budgeting and has the credit to prove it? This could be a brother or sister, it could be a close friend, it could even be an uncle or a grandparent. Be open minded about who you can approach to get help. I have several clients each year who are fisherman in Alaska but reside in Washington State. They all have someone in WA handling the chore of getting the bills paid while they are fishing for months at a time. It seems to work very well for all of them. Why can’t the same thing work for a non-fisherman?

How do you pay them back?

How do you even up the scorecard if someone agrees to take on the task of managing your bills? Be creative and think about the old-fashioned idea of barter. When America was young, settlers had very little cash. They traded skills back and forth. The farmer traded grain for livestock. The blacksmith traded horseshoes for clothing. The same system can work vey well today. You probably have a skill that you are good at. Are you a roofer, or a handyman? Believe me, there are many folks who wouldn’t know where to begin tackling jobs like those. Trade what you are good at for the help of someone who is good at maintaining great credit. Do you have more money than time? Cash is always in demand.

Don’t let your ego trip you up.

If you have ever been in a management position you know that one of the most powerful tools a manager has is delegation. Important tasks are assigned to the employee who is best able to handle the task well. Approach your credit report as a manager, not as an employee. If someone else is better suited to handle that job, delegate it. When managers do this they are viewed as efficient, they are not viewed as lacking skill. You do not need to be great at everything to reap the benefits of a great credit report. That is your ego talking.

Don’t let your ego get in the way of a great credit score, or your credit score will end up hurting your ego.

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Tags: bremerton real estate, credit tips, kitsap real estate blog, port orchard real estate, poulsbo real estate, seattle real estate blog, silverdale real estate