Receive the keys to your first home in Washington.
Buying your first home can be simultaneously one of the most thrilling and one of the most frustrating experiences of your lifetime. The thrill of finding the perfect home in an ideal location may be diminished by the process of securing an affordable mortgage with a feasible monthly payment. Utilizing available resources for first-time homebuyers in the state of Washington and consulting with trustworthy advisers may help to make the process a smoother one.
Washington State Housing Finance Commission
The Washington State Housing Finance Commission (WSHFC) offers state bond programs for first-time and lower-income homebuyers and referrals to mortgage professionals. Those interested in assistance from WSHFC must first attend a free five-hour homebuyer seminar covering the process of purchasing and maintaining a home. Once the seminar is completed, buyers may contact one of several Premier House Key Partners who are authorized to qualify purchasers for a state loan program with low interest rates and down payment assistance. Certain income and purchase price limits may apply, which vary in different regions of Washington. WSHFC also refers first-time buyers to agencies providing post-purchase help with budgeting, weatherization, savings plans and foreclosure prevention.
Washington Homeownership Resource Center
Washington Homeownership Resource Center (WHRC) is a nonprofit agency helping low-to-moderate-income buyers become homeowners. Since 1996, WHRC has counseled over 30,000 prospective buyers about the home buying process and given referrals to lending and real estate professionals. A hotline operated by WHRC provides a free homeownership readiness assessment reviewing income, credit history, location requirements and eligibility for first-time buyer programs. Resources available through WHRC include down payment assistance, low-interest loan programs, affordable housing developments, self-help housing and community land trusts.
Habitat for Humanity International
Habitat for Humanity operates 33 nonprofit affiliate offices across Washington. Families struggling to find an affordable home in Washington may apply to become a Habitat for Humanity partner. Partners are selected for homeownership based on their ability to pay, level of need and willingness to invest sweat-equity hours in helping to build the home. Specific qualifications include being legal U.S. residents, having steady income and good credit, and sustaining a savings account over a period of time. Partner families must attend homeowner education classes and agree to make an affordable down payment as well as timely monthly payments.
USDA Section 502 Direct Loans
The U.S. Department of Agriculture (USDA) offers loans to low-income applicants planning to purchase a home in a rural area of Washington. Known as Section 502 Direct Loans, the program has maximum income limits and is limited to areas where the population is 10,000 or fewer residents. Homebuyers may receive 100-percent financing, meaning no down payment is required, to purchase a new or existing home or purchase land and build a home. Requirements include a satisfactory credit history, stable source of income and legal citizenship. Counties with eligible areas in Washington include Clallam, Jefferson, Kitsap, Snohomish, Clark and Walla Walla.
Tags: down payment, Habitat Humanity, build home, credit history, Direct Loans, down payment assistance
