Getting Creative: Seller Financing & Assumable Mortgages in Seattle

Looking for a lower rate than you can get through a conventional lender?

The most common strategy is to have the seller pay for a 3-2-1 or 2-1 rate buy-down.

But what about some uncommon, more creative strategies?

This is where seller financing or an assumable mortgage come in.

List of Seattle-area Seller Financing Homes for Sale

As of this writing, there are 21 listings in the Seattle area offering seller financing. This is where instead of borrowing money from a bank or mortgage company, the seller effectively becomes the bank and lends you the 50-80% that you need.

For instance, the first on the list below, 6723 1st Ave NW is offering a 4.75% interest-only rate with 25% down for five years. 4.75% sure beats the 6.61% which is the rate today for a conventional 30-year fixed loan! The assumption you’re making is that before or when the five years is up, you’d get a conventional loan and pay back the seller.

List of Seattle-area Seller Assumable Mortgage Homes for Sale

As of this writing, there are 7 listings in the Seattle area offering to have you assume their mortgage. So when you by the home, you’d take over their existing mortgage, likely at much lower rates than you’d be able to get today. Many of those on the list below are offering financing with VA loans (a government-backed mortgage option available to Veterans, service members, and surviving spouses) at 2-3%.

Want an up-to-date list of homes in the Seattle-area (or beyond) that are offer seller financing or have an assumable mortgage? Reach out and we’ll send you an up-to-date list – hello@urban-living.com.