First Time Home Buyer
Programs in Washington
Complete First Time Home Buyer Programs Available in
Washington.
The state agency created by the legislature in Washington to
offer first time home buyer programs is the Washington State Housing Finance
Commission. Here is a
summary of the current first time home buyer programs that are offered:
House Key State Bond Loan Program
House Key 2006-3 funds are now available at the following interest rates:
5.375% fixed interest rate for 30 years /maximum 2.00 points
5.625% fixed interest rate for 30 years /maximum 1.00 point
5.875% fixed interest rate for 30 years /with 0 points
Second Mortgage Loans for Down payment Assistance
These programs provide assistance for down payment and closing costs and can
only be used with the House Key State Bond or House Key Teacher first mortgage
loan programs.
House Key Plus
A second mortgage program for qualified borrowers. Funds up to $7,500 in Clark,
Island, King, Pierce and Snohomish counties, and up to $5,000 in all other
counties.
HomeChoice
A second mortgage program for qualified borrowers who have a disability or a
family member with a disability living with them. Funds up to $15,000.
One-on-one counseling is required.
House Key Plus Arch East King County
A second mortgage program for qualified borrowers buying a home or condominium
within an ARCH member city or surrounding unincorporated east King County ARCH
area.
House Key Plus Seattle
A second mortgage program for qualified borrowers in Seattle. Funds up to
$60,000.
House Key Rural
A second mortgage program for qualified borrowers in rural areas. Funds up to
$10,000 in down payment assistance or 6%, whichever is greater.
For complete details on these first time home
buyer programs available to Washington residents, visit the
Washington State Housing Finance Commission
website.
It is highly recommend that you also visit the
First Time Home Buyer Grants page
for free assistance with the down payment. This will make it possible for many
people to qualify for a first time home
buyer loan who wouldn't have qualified without the grant assistance.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
