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.