Category: Financial (4)

The Seattle market has continued to thrive and drive up home prices in and around the Puget Sound making it harder for some buyers to purchase a home. A new startup wants to help you buy a house in Seattle, but there is a small catch.

Loftium is a new company that seeks to help eager home buyers purchase 50 homes in the Seattle area by helping with the down payment. For those who do not have enough money saved for a down payment, Loftium can help buyers in the competitive market.

The catch – home buyers who opt to use Loftium must sign a contract renting a room on Airbnb for a specified time and turn over the majority of the income from Airbnb to pay back the company. Contracts can range from one year up to three years. For more information on Loftium, read the full article HERE.

 

It’s no secret that over the past several years Seattle has been a haven for relocating families, foreign investors, and transferring tech workers. That’s why it also came as no surprise to us that home values have been steadily increasing; and that the Seattle real estate market continues to be ranked one of the hottest in the nation. A recent article in the Seattle Times stated that 40% of all homes for sale in Seattle were listed at $1 million (in March). That’s months before the home-buying season even truly begins!

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The New York Times reports that when evaluating home loan applications, they will soon begin to look further back into consumer credit histories. As the article describes, “beginning mid-2016, Fannie Mae will require lenders to use what is known as ‘trended credit data’ when submitting loan applications through the agency’s proprietary automated underwriting system.” So what does this mean for potential borrowers?

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