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Satisfaction of Mortgage with Individual Acknowledgment Washington Form

Satisfaction of Mortgage with Individual Acknowledgment Washington Form

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okay Chris we've talked about the down payment assistance programs where a buyer who doesn't have a large payment could still purchase a home but how does that work okay let's use a conventional loan as an example okay minimum down payment is 3% the state's going to give you either a 3% 4% or 5% down payment assistance amount to help with your down payment and let's just use 4% as an example so they give you 4% for down payment assistance we're going to cover that 3% down payment and we're going to have 1% left over that can be applied towards your closing costs the really cool thing about this is that that second mortgage is at 0% interest so there's no payment on it and something that I will always remind my clients is that you have a first mortgage that you're making your monthly payments on and that you have the second mortgage that's just kind of sitting out there doing nothing but will need to be paid

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