New Down Payment Assistance Program for up to 20% Down?!

Unlock the secrets to overcoming historical housing discrimination with our special guest, Brian LaFlame, as we introduce the groundbreaking Covenant Homeownership Program. Launched recently in Washington State, this initiative targets marginalized communities, offering up to 20% down payment assistance and 0% interest second mortgages to cover closing costs. You'll learn how this program, funded by a $100 document recording fee, aims to rectify decades-old injustices and make homeownership a reality for many who have long been shut out of the market.

Wondering how to boost your buying power and slash your mortgage payments? The Covenant Home Loan Program could be your answer. We break down how providing a 20% down payment can eliminate the need for mortgage insurance, leading to lower monthly payments and higher pre-approval amounts. Compare this to other assistance programs in Washington and discover how being below 80% of the area median income can save you even more money. This chapter is your ultimate guide to navigating the complexities of homeownership in today's market.

Wrapping up our insightful discussion, we explore the historical and current trends shaping the real estate landscape. We tackle the lingering impact of redlining, the role of the Federal Housing Authority and HUD, and debunk the myth that you need a 20% down payment to buy a home. Plus, we shed light on today's market dynamics, showing sustained demand and rising prices despite high interest rates. As always, we finish on a lighter note, sharing casual banter, upcoming plans, and a special birthday shout-out to Aaron Marlowe the Fifth. Tune in for an episode packed with valuable insights and a touch of humor!

👋 Considering a move to Seattle, Washington or its dynamic suburbs like Tacoma, WA & Bellevue, WA? Dive deep into what living in Seattle and its neighboring areas truly feels like.

Explore through neighborhood vlog tours, and city pros and cons videos, and get unmatched insights into relocating to the Greater Seattle area! Transition confidently with guidance from a native Realtor® who's eager to help you settle in your perfect home! 🔑

Whether you are moving in 9 days or 9 months, give us a call ☎, shoot us a text 📝, or send us an email 📨 so we can help you make a smooth move to the greater Seattle, WA area!

Aaron Morrow Realtor Serving (King, Peirce, & Snohomish counties)
📱Call or Text: 206-451-3771
📨Email: aaronmorrow@livinginthegreaterseattlearea.com
📅Schedule a Zoom Call So We Can Meet "In-Person"
https://calendly.com/aaronmorrow/1-on-1-zoom-meeting

*PLEASE reach out if you would like to learn more about this AMAZING Washington State 20% Down Payment Assistance program opportunity to see if you would qualify!*

This is my Intro to every Podcast and YouTube video 

This is my Outro to every Podcast and YouTube video 

Transcript

Speaker 1: 0:18

Hey everyone. It's Jaron Morrow and Brian LaFlame here. We're coming back right at you with a quick one. Today we're going to be talking about a really cool new down payment assistance program that is happening right now here in Washington State. It just released a new one just first, Am I correct, Brian?

Speaker 2: 0:39

I should probably listen to you while we're doing our lives.

Speaker 1: 0:43

You're like oh, I'm trying to get work done while we're doing this.

Speaker 2: 0:46

Yeah.

Speaker 1: 0:46

Yeah, so July 1st is when this new program that we're going to talk about just hit. Right. So this is brand spanking new and, folks, this could be a game changer. If you qualify for it. It's 20 up to 20 percent down. So, brian, why don't I let you kind of take it away and talk about this program called the Covenant?

Speaker 2: 1:12

away and talk about this program called the covenant covenant homeownership program. So, yes, this was um passed because of the covenant homeownership act passed in 2023, which was a bipartisan, had bipartisan support in the washington state legislature. Um, and what that loss uh had them do was one they had to do research study. They had to investigate housing discrimination against marginalized communities in washington, what role government institutions had had in that discrimination, the impacts of it, the potential remedies, and these findings would show who would be eligible for assistance and establish a framework for creation of this covenant home loan program. So, for home buyer assistance, they are getting it from a $100 document recording fee that they have been collecting since January of this year on every real estate transaction that closes and they are filling a fund in order to supply this down payment assistance money to these marginalized communities. So who is eligible? You might ask? Of course you would ask because, well, I'm the one talking and I just asked that.

Speaker 1: 2:13

Well, that's the biggest question. Yes, program, that is limited. Who is eligible?

Speaker 2: 2:19

So it has to be you, or a family member, an ancestor maybe, who, depending on how far back you want to go, who lived in Washington state before April 1968. So April 1968 is when the Fair Housing Act was passed and you have to. And the included classes are black, Hispanic, native American, alaskan, native, native Hawaiian or other Pacific Islander, Korean or Asian Indian. Now I think it's amazing. I think it's incredible and it's wonderful.

Speaker 2: 3:00

And there are people that I've heard say, well, why not these people? Why not these people? Why not these people? It was from the research study that they were. They were bound to do by the Washington state legislature, that they were bound to do by the Washington State Legislature, and they found the classes that were most discriminated against and then built a fund in order to help those people start to build generational wealth that they were held out of. So other qualifying factors are you have to have currently make 100% of the area median income for the county in which you're buying. So here are a couple of counties and their area median income King County, 100% of the area median income is $147,400.

Speaker 1: 3:37

So if you make Do you have to be under that or at that?

Speaker 2: 3:40

At that or under.

Speaker 1: 3:41

At that or under, can't be making over $147,000 in King County.

Speaker 2: 3:46

Now this is what's called qualifying income. So qualifying income is not household income. It's just what we as a lender use to qualify for a mortgage. So say one person makes $100,000 and another person makes $100,000. If we don't need both of those incomes to qualify for the loan and we only use one of them at $100,000, well then you would be under the area median income for this loan program. Or say you have a base salary of $120,000 and you make commissions of $30,000 to $40,000 to $50,000 a year. If we don't need to use the commissions to qualify you, then you'd be under the area median income. So it is quality income, not household. Snohomish County same number $147,400. Kitsap County $119,700.

Speaker 1: 4:29

Okay.

Speaker 2: 4:30

Thurston County, 116.7. And this surprised me the most, pierce County is 112.300.

Speaker 1: 4:37

It surprised me that Pierce County oh, it's lower than some of the other ones yeah, lower than Thurston and Kitsap.

Speaker 2: 4:43

So the way this loan program works it is a 0% interest, second mortgage, no payments, and it is deferred until you sell the house, refinance, move out or pay the loan off in 30 years. So an example you're buying a house for $500,000. Some quick back-of-the-napkin math 25% of $500,000 is.

Speaker 1: 5:05

Wait, you were asking me yeah, 20% of $500,000. I was moderating, right now sorry, $100,000.

Speaker 2: 5:10

$100,000.

Speaker 1: 5:11

$100,000.

Speaker 2: 5:13

20% of $500,000 is $100,000. So you would get $100,000 at 0% interest for your down payment. So you would finance $400,000.

Speaker 1: 5:21

Smokers Incredible.

Speaker 2: 5:24

Additionally, the Housing Finance Commission is setting aside money to allow you to roll in closing costs into a down payment assistance loan as well. So normal, standard buyer side closing costs it doesn't count for a rate buy down, but just normal, standard buyer side closing costs. You could get up to three percent of the purchase price and closing costs too. So what this? What the goal is is people who have historically been marginalized and don't have the opportunity for their parents or their grandparents or their great grandparents to have passed real estate wealth down. Now they get to start here and they get to start with a 20 percent payment so that they can start to build equity, build wealth and then start to push that down to their generations as well.

Speaker 2: 6:08

Those of us who have done well, whose families have done well, because it's been an easier road to own real estate. We've had the opportunities that most people in marginalized communities haven't. Now we're not saying that every person in a marginalized community hasn't had these opportunities and we're not saying every person in a non-marginalized community has had these. There's poor, non-marginalized people and there's wealthy, marginalized people, but the vast majority fall into this and you're not going to be able to in a population as large as ours, you're not going to be able to have individualized solutions. You have to just do the best you can with what you can do.

Speaker 1: 6:46

So it's an incredible program.

Speaker 2: 6:48

Now I told you guys that it is raised by having an extra $100 recording fee on every real estate transaction that's done in Washington. So that means that the money is limited. It's limited by how many people buy real estate and how much they have for those recording fees. So you know it's gonna if the money runs out. The money runs out and then they wait. They wait for it to replenish.

Speaker 1: 7:11

And you're like on a wait list until it replenishes or yes.

Speaker 2: 7:15

OK, yeah, it is an absolutely incredible program it. It launched July 1st. You have to have to have to have two things.

Speaker 2: 7:24

If you're going to get this loan outside of your personal qualifications we just talked about, you've got to work with a Washington Housing Finance Commission trained loan officer and a Covenant Home Program trained loan officer and there's not a lot of us out there, the Covenant Home Program trained officers Both trains Okay, they required us to come to in-person training for this loan program right before they were going to roll it out, and there's only so many people in the Housing Finance Commission that can give this out and there's only so many people on the housing finance commission that can give this training, so there's only so many people that were able to attend and there's only so many people that are now trained to do it.

Speaker 1: 7:56

And sadly Brian is. No, I'm just kidding.

Speaker 2: 8:00

Sadly Brian is, so that means you're working yeah.

Speaker 1: 8:04

So so folks, Brian Laflame here again. For any of you podcast listeners are new, joining our podcast or YouTube live here, TikTok live, whatever clapper, whatever platform. You're watching this on multi-stream.

Speaker 2: 8:18

I'll never believe clapper is a real thing. I think you can.

Speaker 1: 8:20

It is. We've got a thousand viewers right now on clapper.

Speaker 2: 8:25

Again it's not, it's not real.

Speaker 1: 8:27

Yeah, anyways. So any of you folks just tuning in, so Brian with flame here, quick reminder he is a local Washingtonian lender, so here he can help you with pretty much all of the down payment assistance programs here that the state covers. Right, would you say, that's true.

Speaker 1: 8:49

Everyone every one of them, yeah, including this program. So if you would like to, you know, look into, if you call, if you think that this sounded like you fit this description of if home ownership wasn't a possibility, even like, you looked into it last year or six months ago, but the numbers just didn't make sense and you were looking at a different down payment assistance program type. It's worth another look if you qualify for this program.

Speaker 1: 9:16

You should definitely reach out to us so we can get you connected to Brian. I'm going to have all of our contact information, mine or Brian, I don't care whichever you want to start with, reach out to one of us.

Speaker 2: 9:28

Hey, if you're on for now, which I believe is a fake program Aaron's been making up. Do a loan application for the covenant home loan program and that's how I'll know it's real. That's the only way I know it's real. But that's a great point about. Maybe the numbers didn't quite work out for you last year.

Speaker 2: 9:43

Earlier this year we have had clients who the numbers their pre approval because they couldn't get as much down payment assistance money. Their pre-approval was too low for either what they wanted or what was available on the market. And now this covenant home loan program has increased their pre-approval amount without increasing their mortgage amount or their monthly payment. In fact, it brings your monthly payment down because it does two things for you. It allows you to get a conventional loan, so you don't have mortgage insurance of an FHA loan and because you're putting 20% down, you also don't have any mortgage insurance on this conventional loan. So you could have been qualified for, say, a $300,000 loan amount with an FHA down payment assistance and that would have qualified you for maybe a $325,000 purchase price.

Speaker 1: 10:23

We'll say Well, with the covenant home loan program that pre-approval moves up into the 400s for the exact same payment that you were qualified for before.

Speaker 1: 10:40

That is amazing. You literally just jumped like a hundred thousand on a purchase price buying power. There's been no other program in the world that I can think of that I've ever ran into. And I've been doing this for over a decade. Folks, our team has had hundreds of home buyers in Washington state and I cannot think of a program that has just instantly given someone that qualifies for it that much more buying power without having to basically pay a Pied Piper, an arm and a leg to get it. You know what I mean.

Speaker 2: 11:05

What sort of economy are you working in Aaron Morrow, you're paying Pied Piper's body parts.

Speaker 1: 11:12

You don't want to know.

Speaker 2: 11:14

Yeah, no, I think this is a tough market. You just said you don't want to know. Your call me cup up as if it was a well.

Speaker 1: 11:21

I can't talk about it, but if you, call me on Clapper. Yeah, do you remember? I don't know if you remember the, the office, the TV show, but but like the, the, bits the best, show that one where ryan, on the office he came up with woof where it was like you'd send out a blast call, uh, yeah facebook messenger.

Speaker 1: 11:51

Yeah, like that's I mean that's kind of what we're doing right now on multi-streaming. We're just multi-stream, you know so, um, but yeah, okay. So, brian, go into that a little bit more though, like just for the folks in the back that maybe didn't hear it enough. So you're, you're talking about someone that maybe qualified before in the 300s and then now, because of the 20 down boost, like that hundred thousand dollars or whatnot, depending on what county you qualify for. Uh, now it's like a four hundred thousand dollar house same exact market, we're in and yeah, two things happen.

Speaker 2: 12:27

You get to put more money down because you're eligible for more documents and so that dollar for dollar increases your purchase price. But also you one have a little bit lower rate and no mortgage insurance, so your payment goes down. So for the same payment, you could call.

Speaker 1: 12:41

There's no MI.

Speaker 2: 12:42

No, because you're putting 20% down.

Speaker 1: 12:45

Right, oh, my gosh. Okay. And then the interest rates. Are they in line with the other Washington State DPA programs or are they a little bit different?

Speaker 2: 12:55

Yeah, programs, or are they a little bit? Yeah. So the interest rates if you're watching um and you ever want to find out what, how, what the rates are for down payment assistance through the Washington state housing finance commission, just Google Washington state housing finance commission Today's rates. They publish them, um, uh, every day and they are public knowledge and every lender has to abide by those. So home advantage right now, depending on the sort of down payment assistance you're to get, the most common that interest rate for an FHA loan at home advantage is 7%. You get 4% down payment assistance. That's been the most popular up until now. The covenant program. Right now that rate is 6.75% for a conventional loan. No MI, 20% down If you're below 80% of the area median income, that's a government loan. 6.75, excuse me, an FHA or, excuse me, a conventional loan. If you're below 80% of the area median income is 6.75. If you're over, it's going to be 7.125.

Speaker 1: 13:51

Okay. So if you're under, do you have like a rough ballpark Like is that going to save someone like 50 bucks a month on a loan for that 400, or is it going to be no?

Speaker 2: 14:00

I have no idea, but I can. We can get that math out to people yeah, we can definitely get that.

Speaker 1: 14:05

It's going to be a better.

Speaker 2: 14:06

It's going to be a better, uh, monthly payment for sure, yeah so conventional home advantage is at the low is in the mid-seven range, while covenant is in the low seven range. Um Home advantage for government is in the high six to low to mid seven range where government covenant is 6.75, fha covenant, which you could still do if you had to. There'll be reasons that we don't need to get into the technical reasons of why someone would still use a government loan as opposed to a conventional loan, putting that much money down. But there are times when that happens. So the rates are a little bit better than the standard home advantage, which is the most commonly used down payment assistance program. Uh, so they're a little bit better and the 20 down. So a little bit lower rate, no mortgage insurance and 16 more in down payment assistance money to get to a full 20 there's like no downside if you qualify for this program and it's not even folks, it's not even just you gained that much more buying power.

Speaker 1: 15:06

But if, for whatever reason, you just didn't want to dip your toes in the market because you were sticker shocked on your monthly payments, if you but you qualified for a home before before so like, let's say, you found those homes in the 300 000 range and you just couldn't afford the monthly payment then if you do this 20 down program with the same purchase price, now, boom, we've knocked down your monthly payment dramatically so that's another reason to dip your toe back in and look into this program, if you qualify for it, because it's just going to make that much more affordability on your monthly payment than had it been a typical you know, under 5% down payment assistance program that you have before Now.

Speaker 2: 15:58

The Housing Finance Commission has a bunch of really incredible down payment assistance program that you've looked at before Now. The Housing and Finance Commission has a bunch of really incredible down payment assistance programs. This one blows them all out of the water, of course, but they're not for everybody. You have to be part of these communities. You or the family member must have lived in Washington, where the first state of the union to do this and the only one that's done it so far still have lived in Washington before the Fair Housing Act was passed. Now I don't I'm not sure if you guys, if those who are watching, are aware how recent this history of segregation in housing is in our country. What a what a what a, what a horrible stain it is on our country.

Speaker 2: 16:34

The FHA Federal Housing Authority, hud, put them in created the FHA in the 1930s in order to help low and moderate income people be able to get into housing with low down payments and longer payback periods. So they had lower monthly payments Before that. You'd be putting 50 percent down and you'd have a five or 10 year mortgage from your local bank. So the HUD stepped in and said Housing and Development stepped in and said, hey, we will insure these loans, so if these people don't pay, I can't pay for them. We'll buy them back, bank, you're safe. And so then the bank started to lend at lower down payments, much lower and much longer terms for regular monthly payments.

Speaker 2: 17:11

However, you guys may have heard that redlining is illegal, and redlining is literally when you would mark on a map around a portion, a community on that map, with a red line and say we're not lending within this community, we're not lending within this geographic area.

Speaker 2: 17:30

You can imagine what sorts of people, what ethnic groups, lived in that geographic community at that time and why they do that. The FHA is the one who invented that. So it's illegal to do, but the government invented that and that was just in the 1930s. And then, you know, as soon as the 1960s, when my parents were kids, like they were teenagers, april of 1968, you would have clauses and contracts that would say if you buy this house, when you sell it, you are not allowed to sell it to a non-white couple. So this is how these communities were barred from getting into the housing market and that is why this legislation was passed and that is why we're trying to help this generation who are a few generations behind us, like it's so recent in our past that that is the impetus behind helping, get you know, remove a lot of the barriers to homeownership for people.

Speaker 1: 18:25

Right, absolutely, yeah. Now, if and if you're someone that like, if you think you qualify for this, it's definitely worth looking into, and if you find out you don't, there's plenty of other programs that we can rule out for you to at least get started on that path. We've we've said this so many times on this podcast, but there's never a wrong time to look into homeownership.

Speaker 1: 18:56

And the best time is to look into it now versus later, so we can help you come up with a game plan and actionable steps to get there, versus just having it be a pipe dream that you never look into. You never get assistance from a team that actually has your back and wants to see you get there. Um, I can't tell you how many times that I've taken clients on journeys where I meet them four years ago and we finally get them into a house today because they did all that work. And then the biggest feedback I get is Aaron, if I never took that step four years ago to talk to you and get this ball rolling, is, aaron, if I never took that step four years ago to talk to you and get this ball rolling?

Speaker 2: 19:44

I'd still be in the same place now and I wouldn't have keys to a house. I think a great number that people have is that doing a mortgage application or talking to a realtor means I'm buying a house.

Speaker 2: 19:54

You're just fact-finding, you're seeing where you are and where that is in relation to where you want to be, and maybe we've said it before maybe you're at the front door of your new house, maybe you're down the sidewalk, maybe you're down the street, maybe you're in another state and you got to get in a plane to get there. It doesn't matter where you are, you know where you want to go. So let's just find out where you are and then take steps towards where you want to go.

Speaker 1: 20:13

Absolutely, absolutely.

Speaker 2: 20:16

So there's a bunch of other down payment assistance programs. I don't think we should go over them all because it's kind of number dense. But you have Home Advantage, which is the most popular down payment assistance program. We have down payment assistance programs for people who have a disability that meets with the Americans with Disability.

Speaker 1: 20:33

Act.

Speaker 2: 20:33

We have different income limit down payment assistance programs that have different interest rates. We have ones in-house that aren't through the Housing Finance Commission that allow for down payment assistance as well Three and a half to five percent of the purchase price. There's a there's just there's a slew of programs available Sorry if I use too technical of a term. That was from mortgage college slew of programs available that if you, if the down payment is holding you back, that's not the reason to not look into purchasing a home.

Speaker 2: 21:02

I did a class for my business partners earlier this week and one of the data points that we pointed out was 34% of homebuyers still believe you must have 20% down to buy a house. That's a huge number. That's a huge, huge, huge number. And you do not. Now this covenant loan program will give you 20%. That's incredible. But you don't have to wait to save your own 20%. If everything else about you qualifies for a house but you just haven't been able to put away 50, 80, 90, $100,000 because you love your avocado, toast and coffee once a week, that's on you. There's still a way for you to be able to come into the home to the real estate market responsibly and start to build your own equity.

Speaker 1: 21:47

Plus that avocado toast and the daily Starbucks isn't what's going to primarily help you save up for 20% down.

Speaker 2: 21:50

That's a significant income change.

Speaker 1: 21:52

But you know I talk to people all the time that say, hey, aaron, I'm finally ready, I've been saving up for years and I put a hundred thousand to the bank. Let's get into the market, I'm like, because then I'm just thinking about these houses they could have bought in south king county mid 200 thousands, like back in 2000 and now to rip the band-aid off to show them.

Speaker 1: 22:15

This house is now a $600,000 house. But if you wait five more years, uh, the conversation is going to be like this house is now a a million dollar house.

Speaker 2: 22:27

You know, like I mean like do you remember when we did our rent versus own?

Speaker 1: 22:31

Nothing's ever a guarantee, but um, but for the past.

Speaker 2: 22:34

Remember when you did our rent versus own um on the podcast you say nothing's ever a guarantee. But what is a guarantee is that real estate has gone up 74 out of the past 82 years and the past three years, pierce County real estate has gone up 5.09% per year in aggregate. So that's the guarantee. Now, the guarantee that it's going to go up that next year is not that you can't guarantee that could be 3%, could be 2%.

Speaker 1: 23:01

It's already 6%.

Speaker 2: 23:02

Think about it like this Real estate has gone up 6.3% year over year at a time when interest rates have been in the 7% range, at a time when inventory going from all time lows but is continuing upward we're only at a month and a half of inventory in Washington, but we're 3.1 months nationwide.

Speaker 2: 23:23

So at a time when inventory is climbing up, a time when interest rates are steadily at the highest that they've been outside of the past two years you know, for 15 years and at a time when purchase, mortgage application purchases are at a level that we haven't seen since 1995. So we have the amount of purchase applications people looking to buy a house and doing a mortgage for them that we had in 1995. We have 28 percent more people than we had in 1995. That we had in 1995. We have 28% more people than we had in 1995. Inventory is going up, rates of state elevated and real estate prices still went up 6.1% or 6.3% year over year. So everything is betting. Every headwind that could be possibly, you could possibly think of, is beating against real estate appreciation and it continues.

Speaker 1: 24:08

And the reason why it's still the safest thing to put your money in.

Speaker 2: 24:11

Safe One. You get to use it because you got to live inside, so you get to use. Rental prices keep going up and and they're gonna keep going up. You're not control over that. You got to use it and we are so still vastly undersupplied for the amount of people that need housed that there. It has no choice but to go up because even at the levels such low activity levels from buyers, real estate continues to go up because demand still outpins the supply.

Speaker 1: 24:40

It's true. That's the guarantee we can make is basic economics. Yeah, and even like currently, I was looking at a market snapshot and of course there were times that we got to crazy low, like less than one week's worth of inventory in King County during the pandemic. Right now we're back up to about two, two and a quarter months worth of inventory. But that's folks that still very much a seller's market.

Speaker 2: 25:09

You know we're not one to two, two and a half months of inventory, from four to five months. So six months is a balanced market. Yep, two to two and a half months of inventory If we had gone down to there we would be losing our minds with how few homes are for sale. Right, the fact that we went up from one week to two to two and a half months is an emotionally tricky thing because we're still in a seller's market. But sellers now feel like it's more of a buyer's market because they do because they're like why can't I sell my home for 300,000 above list price?

Speaker 1: 25:40

Like I was just talking to not to pivot this, but I was just talking to a homeowner that wanted to know how much he could get for his house he bought it in 2022. It's in Tacoma that wanted to know how much he could get for his house. He bought it in 2022. It's in Tacoma. Um, it was in the four like high three, low, four range of list price. He bought it for 750,000 dollars. I don't know. Um, I'm trying to figure out and talk to him more to figure out if the plan was to try to do a flip or like a long-term play on it. Either way, he's interested in selling it off, but it's not like the actual where it's caught up.

Speaker 2: 26:19

He bought it for $750 and it's worth $400 now.

Speaker 1: 26:22

No, it was worth $400 in 2022. He bought it for $750, all cash, hasn't really done any repairs or updates to it and now he wants to get all of his money back out of it. But like he, I mean it's kind of in the like low fives Folks. One thing we've been looking at is numbers, and this doesn't mean that's an anomaly, that guy was not, oh, poor guy.

Speaker 2: 26:49

But people.

Speaker 1: 26:51

This is going on. This craziness is going on in bellevue in the east side, like like nuts right now. This is going on there but like for tacoma, um yeah, I thought it was a one-off.

Speaker 1: 27:03

I thought it was pretty interesting but, yeah, one thing I will say is, with the market right now, folks is people who bought really high and went crazy during 2022. Right now we're seeing on average this is an over generalized average but house prices in the greater Seattle area are about at where they were in 2022. Because we had such crazy appreciation inflation happen during that first part of the pandemic that we dipped a little in 2023 to kind of just recoup in the market and now it's kind of right back up where it's at a steady pace now and it's on a more healthy line. But the people that bought at that height right then and are trying to sell under two years later and make a huge amount of profit, they're going to have to hold for a little bit longer.

Speaker 2: 27:55

They're thinking it's 2020 to 2022. And let Aaron and I be clear Neither of us want somebody to be able to purchase a house and sell it a crazy profit two years later. That's an unsustainable market. That's snapshot from 2020 to 2022. We never want to see again 4% appreciation. It keeps ahead of inflation. It allows you to build wealth over time. You can live in a house for five, six, seven years and then move into either something that you really want, or move that into investments, or just have a nest egg for your own retirement. That's the responsible way to build wealth over mid to long-term, nobody wants 22% appreciation a year.

Speaker 1: 28:36

No, yeah, like it will be unsustainable for the rest of the world. It won't work. So that's where we're at, folks. I think there's plenty of programs to look into. We've also talked about some other ones like Zero Down USDA. There's plenty of programs to look into. We've also talked about some other ones like zero down usda. That's kind of geographically restrictive, but always a nice one to at least look into. There's so many options. So just reach out to us.

Speaker 1: 29:01

If you're in washington state or you know what, if you're just a, uh, if you're a fan of the show and you like listening and you kind of want to reach out and get connected locally where you are anywhere in the States, feel free to reach out to us and we'll make sure we get you connected with a team that's local to you that can look into all of your options that your state, you know, offers. Homeownership should be for everyone, and I keep, I keep saying that, and it's even on my cup. You know everyone deserves a dream home that you can buy, not rent, you know. So, um, it's that simple, folks. This was a, this was a quicker one. If you have any questions, reach out to us again, like I said, we'll have all of our contact information in the description in the comments.

Speaker 1: 29:49

My name is aaron morrow, local realtor in the greater seattle area, obviously licensed for all of washington state, uh, but I primarily work with clients, both buyers and sellers, in king, pierce and snowish counties. I go down to thurston and up to scab for people I really like, um only the clapper people.

Speaker 1: 30:09

Yeah, only the clapper people, and then Brian, obviously, all of Washington and other states that he can get into with you. But either way We've got you covered for the whole State. Reach out to us, or the whole, the whole US. Reach out to us, we'll get you hooked up. And even in Canada I got Canada peeps that can hook you up with.

Speaker 2: 30:30

A lot of really great information on uh down payment assistance programs that are available to you guys.

Speaker 1: 30:35

Um reach out this is it's a big deal like yeah, rocks, and see if they fit you and again, this is mainly for sizzle for all because people always join at the last minute on on this podcast. Guys, what we just covered was a brand new program in washington state. You got to qualify for it and there's certain parameters. So go back to the beginning of the show to listen if you might qualify. 20 down payment assistance program folks. It's a huge deal. It can add easily 100k to your buying power and have the same monthly payment. Basically like this is a huge deal. Look into it. You'd be crazy not to look into it if you think you qualify. So I'm not calling anyone crazy, but I guess I am literally just did. Yeah, you would be crazy. No, okay, guys, we'll reach out to us. Uh, off next week again. On the next week. You know the drill we'll hate you also.

Speaker 2: 31:38

Hey, happy birthday to aaron marlowe the fifth thank you.

Speaker 1: 31:41

Yeah, right after america's birthday, right yeah, fireworks are still going off and you know timber lane in part of covington. So, yeah, good. Well, thanks, we'll chat with you soon. Have a nice uh. Oh yeah, thanks, ryan, we're both uh drinking coffee super synchronistic yeah, see you next time.