Get Approved Today With Any Credit Grade
0%
Loan Type:

State:
What's Your Credit Grade?

Purchase Price of Home
Mortgage Balace
Current Rate

Top 6 Programs for Washington 1st Time Home Buyers

By Joe Silver

Do you want to buy your first home in the state of Washington? You probably are finding that some of the more populated parts of the state are quite expensive these days. This can make it challenging for Washington first time home buyers.

After all, people who own a house currently will usually have equity available to help them with a down payment. But those who have never bought a home have no equity to fall back on. So how to come up with a down payment and closing costs?

Fortunately, if you want to buy a home in Washington State, you can qualify for various grants to help you buy your first home. Below are the most popular Washington first time home buyer programs:

Home Advantage Loan Program

The state of Washington offers a program through the Washington State Housing Finance Commission that is called the Home Advantage Program. This is a low interest, long term loan to help first time home buyers with closing costs and down payment.

You need to get a Commission home loan, and also need to attend a no cost Washington home buyer education seminar.

HomeSight Purchase Assistance Program

This is a home buying assistance program for homes within Seattle city limits of King, Pierce and Snohomish counties. The program helps first time home buyers with their down payment, and many home buyers need to only come up with 1%. There also are no mortgage insurance costs, and the rates and payments for the life of the loan are very affordable.

This program is available to those who are 'first time home buyers,' meaning that they have not bought a home in the last three years. You also need to complete a Washington home buyer education program and plan to live in the home.

Parkview Services

This is a home buyer assistance program for the mentally disabled in King County, Washington. It is made to help these people to afford to buy a home with the help of their live in assistant.

The purpose of Parkview Services is to help to create inclusive housing solutions that will promote stability, community and opportunity in King County.

ARCH East King County Down Payment Assistance

This program is intended to be combined with a Home Advantage first mortgage. The program is made for qualified buyers who are buying a home in an ARCH member city.

The program will provide up to $30,000 in help with a down payment at only 4% interest. A huge benefit of the program is that there are no payments due over the life of the loan. The balance is due when the borrower sells, refinances or transfers the property. The loan also would be due when the home is fully paid off.

The home needs to be your primary residence and you need not be a first time buyer. You do need to attend a pre purchase home buyer education course.

Your income cannot go above $48,550 for a single person and $55,450 for two people.

City of Tacoma Down Payment Help Program

The city of Tacoma offers a down payment help program that is a second mortgage loan that is intended to be held with a Home Advantage first mortgage. This Washington 1st time home program has been designed for those who are going to buy a home inside the city limits of Tacoma.

The program authorizes up to $20,000 in down payment aid. Payments will be deferred for 30 years and at a rate of 4%. The funds can be used for closing costs and down payment assistance.

The loan is due when the home is sold, refinanced or ownership is transferred.

You need to attend a home buyer's education class, and you may not have owned a home in the last three years. The home has to meet a certain maximum purchase price, and you may not have lived in the home before you buy it.

The Arc of Spokane Home Ownership Opportunities

This program helps people in the Spokane city limits buy a home who have some type of intellectual disability or developmental disability. The purpose of the program is to help those who are mentally and/or physically disabled to be able to buy their own home.

You need to document that you have either a developmental or intellectual disability that was caused by some type of mental or physical problem before you were 22. It must be likely to continue on an indefinite basis.

You need to complete a home buyer's class and also attend home buying counseling.

The Bottom Line

Buying a home for the first time in Washington State can see tough at first. But the state and various cities in the state want to help first time home buyers to get into their first home. Home owners lead to more stable and prosperous communities, and one of these programs may be able to help you.

 

FirstTimeHomeFinancing.com provides a news and information service by offering editorial content related to the housing and mortgage industry. FTHF has no affiliation with the State of Washington, the FHA or any other government agency. This site does not guarantee Washington first time home loan applications of any kind. This website is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or mortgage guidelines posted by advertising banks, lenders and brokers.

All rights reserved. FirstTimeHomeFinancing.com - Copyright © 2000-2017 and Beyond

Home | Mortgage Calculator | Apply Now | New Articles | Terms of Use | Privacy