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How to buy a Home in Olympia WA with a New Market

In 2006 it didn’t take much to buy a home, a proof of income, a credit score above 570, with nothing down.  Of course, we all know what happened to real estate market in Olympia, WA as well as the rest of the country.  We fell into one of the worst recessions since the great depression, fueled by predatory lending, and followed by a plethora of foreclosures.
In 2012 the housing market in Olympia is starting to see some gains, and steady increase’s of homes being sold in Olympia, and the areas surrounding.  With lenders much more cautious, and buyers much more hesitant, those that are looking to buy a home may find the real estate market is favorable for them.
So what do you need in this “new market” to buy a home.  Lenders have been going by what is referred to as the 3 C’s.  The 3 C’s are credit score, capacity, and collateral.  When buying a house you will need a good credit score.  Your gonna need credit score around 720, depending on a co-applicant.  Next lenders check your capacity, whether you can successfully repay the loan.  Obviously, this will mean you need a good paying job that appears long-term.  Finally you will be expected to have collateral. Typically lenders expect buyers to be able to put down 20% of the sale price.
As the real estate market in Olympia slowly gets better, and more people become eligible for loans, the amount of homes available for those that are able to buy will continue to be in the buyers favor.  If you are one who is undecided about whether you should buy a home right now, or want wait for things to get better for the buyer, don’t hold your breath.