Black Diamond and Bonney Lake Buying Costs

It depends on the price point you are shopping, but here is the honest math. Redfin's most recent data shows a median sale price around $667,000 in Black Diamond and around $721,000 in Bonney Lake. On a conventional loan you can put as little as 3% down, and on an FHA loan 3.5%, which means a $700,000 home needs roughly $21,000 to $24,500 down, plus closing costs.

The minimums, plainly

• Conventional loan: 3% down, with mortgage insurance until you build 20% equity.
• FHA loan: 3.5% down with a 580+ credit score (10% below that).
• VA loan: 0% down for eligible veterans and service members.
• USDA loan: 0% down in qualifying rural areas.

Washington down payment assistance

The Washington State Housing Finance Commission runs programs like Home Advantage, which offers up to 4% of the loan amount as a deferred, 0% interest down payment loan, and House Key Opportunity for lower-income buyers. Most programs require homebuyer education and have income and price caps, so it pays to check eligibility early.

Beyond the down payment

• Closing costs: typically 2% to 4% of the purchase price, including lender fees, title, and escrow.
• Earnest money: usually 1% to 3% of the price, held in escrow and credited at closing.
• Inspections: a few hundred dollars for a general inspection, plus optional specialty inspections.
• Reserves: lenders like to see a few months of payments in the bank.

What that means for your monthly payment

Your monthly payment depends on the price, your down payment, your interest rate, property taxes, and insurance. Rates change week to week, so Joe works with local lenders to model your exact payment before you shop. The goal is a number you are comfortable with, not a stretch.

Ready to run your numbers? Call Joe at (206) 960-4985 or send a message through the contact page.