On the show today we have an… Down Payment Assistance Programs with Marissa Beach!
Show notes for Down Payment Assistance Programs with Marissa Beach!
The Vantastic Life is…
– is in Chelan WA!
We want to introduce you to our friend Marissa Beach. She’s a down payment ninja, and we are excited to talk with you all about it. Including programs and details.
We’d love to learn all about you!
I grew up in the East Bay Area and went to a Christian school. A very very small school. Real estate was never on my radar.
My parents chose this school for us.
Then we moved near Chico CA, and I went to Chico State University. So my whole life was Spanish studies.
When we grew up we went on RV trips and loved traveling around.
I recently counted and realized that I’ve move 15 times in my life.
I also studied abroad in South America – Chile, Argentina, Puru, Bolivia, I love South America!
When I was looking a masters degrees, I was looking at a city that I wanted to live in. My grandparents lived in Queen Anne, and I always loved going up there. So I applied to UW, and I had no idea how prestigious UW was. It was such a huge difference than going to Chico State. We would party with our professors, and it was like that.
So when I came to Seattle I was accepted into the the school of social services, and I was raised to be very generous and open minded.
So, UW Seattle, I was living in Queen Anne, and biking to school. Taking economics, and qualitative analysis, data geek stuff.
After I graduate from UW I was looking for a job and worked for several non-profiles, but there were a lot of mismatches with the vision and how the companies were fun. And I was never very good at having a boss.
None of the non-profits really worked out.
I even lived in NY for a little while and the Bay Area for a little while.
How did that lead to real estate?
I was bouncing around, and I saw an ad telling you all about how awesome it is to become a realtor. So I went to a Berkshire Hathaway meeting, and was really stoked about what they were saying.
There was a time that I wanted to be a Spanish teacher, so teaching home buyers was something that seemed very interesting.
And you have created the Spanish teaching to people that are wanting to buy real estate! Right?
I have a very similar story of growing up in the Bay Area, and ending up in Seattle.
My friend Marissa is very eloquent, and is a very talented speaker. It’s interesting that if you have a passion about something that if you keep moving down that path you will figure out what you want to do.
As far as deciding to focus on first time home owners… you kinda fell into it that way?
Yeah, a lot of times I’m working with first time home buyers. What’s important is to not have a current home under title.
Before we jump into that. Tell us about NAHREP.
Yeah, National Association of Hispanic Real Estate Professionals. We have about 30k members nationally. And you don’t have to be Hispanic to join, I’m not Hispanic, I’m Pilipino.
Every year we’ve gotten bigger and stronger, and they are doing great.
The first year I was president, and now am an advisory person.
This fills my passion for non-profit and helping people in real estate.
Can you please share that on the Seattle Investors Club Facebook group so we can help share the word?
Yes, I can totally do that!
A lot of stuff that we talk about is National, so even if you’re not in the area you should join our group.
Let’s jump into down payment assistance.
There are state and national agencies that do this.
When you log into the MLS there’s a tab for down payment assistance. It’s a pretty cool tool. And you can see all the programs that assist.
The state housing finance commission provides 3%, which can help a lot.
You have to take a 5 hour class, and I offer those in Spanish and English. I wish they weren’t 5 hours, but that’s what they think it need to be. ‘
You can look at state housing finance commission online to see what you can qualify for. And not all realtors are approved to use it.
You just need to take the 5 hours class, not have a house in your name (at least for the last 2 years), and there are some income requirements.
Do you have to be certified to teach the classes?
As a realtor you don’t have to be certified, but the lender does.
You don’t have to repay this money until you refinance or sell the home.
Who’s your go to for lenders?
I tend to work with Home Bridge and Home Street Banks. Almost every banks has a down payment assistance program, and those from the state.
How about grants?
Bank of America is offer a $17000 grant that you don’t have to pay back. But you should consult with your CPA for tax implications.
You just have to qualify, and want to live in lower valued areas. This doesn’t mean that they are bad neighborhoods, you just have to take a look.
Are there other banks offering grants?
Yes there are others out there.
And you need to look at your situation to see if the grant or the down payment assistance is right for you.
You say that people take the class and then don’t use it… why is this?
Some people don’t like the interest rate, or some have the down payment, some don’t like to get a handout.
The rates and credit scores have changed during COVID, and you should contact the lender you want to use to see what those are.
If you don’t sell your house in 30 years, you would pay back the assistance after 30 years.
Did any of these programs go away with Covid?
They have changed a little bit, and I don’t know what they are off the top of my head.
Also the banks have stopped offering them because they don’t make profit from them.
You need to ask the banks because they don’t market them a lot of times.
The state programs have been cut back, but the grants have been holding strong.
This all depends on the county and city. There are state and county and city funds available.
Where do you do most of your business?
South King County, and in that area. And a lot of my buyers don’t use the program, but they want the information.
Good stuff here!
We are still going to have to think about unemployment. You should look at what Ken McLeroy is saying about unemployment.
What are the first 3 questions you would ask someone to see if it’s a fit?
Is this your first time purchasing?
How much savings do you have in the bank? This will determine if they have enough money for down payment. Even a zero down payment doesn’t mean that you have to pay nothing.
Are you a citizen or ICHEN holder. Someone that doesn’t have citizenship yet.
It’s mostly those…
A lot of investors pulled out ICHEN money because they thought they were more risky. Although the data has shown the opposite. They have to put down a larger down payment.
We plan to see these come back once the stay at home order is lifted.
I’m listening thinking that I know who my partner is…. Marissa! Seriously, if you ever need to be referred to anyone, just let me know.
Out of all the countries that you’ve traveled to… what’s your favorite?
That’s super hard! I would have to say Mexico. The food and culture and history and kindness. This is the opposite of what the media portrays, but it’s not true.
Well, look at the US right now!
The food is just amazing! I will even have a real Coke with a taco. I also love Chile and Argentina as well. I met a lot of different people.
I will give a little plug to EXP, I’m with EXP. They are expanding internationally. If you are interested let me know. It is phenomenal what’s going on there.
If you want to reconnect with your home country or city abroad… it’s really cool.
The result of the health pandemic that we’re in is forcing things to happen that might not have happened so soon!
I’m an eternal optimist!
Awesome stuff Marissa!
Now I can say very clearly that I can’t stop thinking about tacos.
El Catsal here in Beacon hill is the best!
What were we drinking there….
Mojito’s! And you were running off to your daughters play.
Great! I’m so glad that you’ve finally joined us, we’ve been talking about it for some time.
Is there a cost?
It’s completely free and open to the public via ZOOM. June 27th, and you can contact me
Join our Thursday meetup at https://meetup.com/seattleinvestorsclub and go there and join our meetup. Please go there an do this if you would!
I’d actually like to throw a big beach party.
You can checkout the show notes at https://seattleinvestorsclub.com/121, and we would love a review wherever you’re listening to this show! Thanks!
We hope you ALL have a great day, week!