Home Loans In Washington State – Written by David McMillin David McMillin Written by David McMillin is a contributing writer covering topics such as credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers learn how they can be safer and less stressed. David McMillin
Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is a mortgage aggregator focusing on mortgage and real estate topics for homebuyers, homeowners, investors and payers. Connect with Suzanne De Vita on LinkedIn Linkedin Connect with Suzanne De Vita by Email Suzanne De Vita
Home Loans In Washington State
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Washington First Time Home Buyer
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Washington State First Time Home Buyers Class, October 8 2022
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The beautiful outdoors, big companies like Amazon and Microsoft, and no state income tax, Washington continues to welcome new residents. In fact, more people have settled in the state over the past three decades.
Moving can be difficult for first-time home buyers, but all is not lost. The Washington State Housing Finance Commission works with lenders to offer several programs to help first-time home buyers. The state’s definition of a first-time home buyer also provides some opportunities: a person who has not owned a home in the last three years and lived there for the first time is not a new home owner.
The Washington State Housing Finance Commission (WSHFC) has two first-time home loan programs, Home Benefit and Home Key Opportunity, both of which can be applied to FHA, VA, or USDA loans. To qualify, you must complete a five-hour home buyer training course (the course is currently held virtually) and meet other program requirements.
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A home equity program can help first-time Washington home buyers get low interest rates. The requirements are easy to understand:
Key House Opportunity protects low-income homebuyers and funds some down payment assistance programs. The median income is between $75,000 and $140,000, depending on where you want to buy and how big your family is. The house you want to buy must not exceed a certain amount – $265,000 to $575,000 depending on the condition of the house.
Like Home Equity, home equity has an interest rate that is lower than FHA, VA and USDA loans. For loans, you may be able to get a reduced interest rate if your income is less than 80 percent of the Area Median Income (AMI). This is an 80% ratio guideline by area.
If you qualify for the Home Advantage program, you may want to consider buying a greener home or renovating it to meet Washington’s green standards. That’s because if so, you may be eligible for the EnergySpark program, which offers an additional discount on your interest rate.
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Figuring out a down payment on a Washington home can be daunting, but if you’re a first-time home buyer, the state has some options that can help. In fact, according to the WSHFC, the average homebuyer receives $10,000 in down payment assistance from the agency.
All of these assistance programs are loans and you must pay them back when you sell or refinance your home or pay off your mortgage. To qualify, you must have a credit score of at least 620 and meet financial requirements, which vary by program. You may also qualify if you are not a first time home buyer but are buying in a “target area”.
Combined with a first home loan, this repayment loan can provide up to 4 percent of your total mortgage (or 5 percent if you take out a preferred HFA loan). No interest is charged on the loan and payments are deferred for 30 years.
Along with a first home loan, this program is for homebuyers earning less than $145,000. If your annual income is less than $105,300 (or $134,600 in King or Snohomish counties), you can qualify for a payday loan of up to $10,000. You pay 1 percent interest on the loan and your debt is carried over for 30 years.
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This down payment assistance program with the Key Opportunity Home Mortgage is a second mortgage up to $10,000 with an interest rate of 1 percent and 30 years of scheduled payments. The amount of income is small and varies depending on the situation and the number of people in the family:
Veterans and surviving spouses and dependents and dependent children can receive up to $10,000 in accumulated savings as a second mortgage. Payments and mortgages are transferred for 30 years, with interest at 3 percent. Help can be combined with the value of the house or the first option of the house.
If you or a family member is living with a disability, you may be eligible for up to $15,000 in down payment assistance and a second mortgage. The second loan has an interest rate of 1 percent and, like other down payment assistance, is repaid over 30 years.
First-time homebuyers in Washington can also find help through housing programs. In Seattle, for example, single homebuyers with annual incomes below $75,380 (the large family cap) can receive up to $55,000 in closing costs and a portion of the down payment. Other counties, including Tacoma, Bellingham and Pierce counties, have similar programs.
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It’s not just about where you buy, either—where you get your home financed can make a big difference in your chances of getting help. For example, BECU, Washington, D.C.-based Boeing Employees’ Credit Union, offers first-time home buyer loans of up to $7,500 to eligible members. Grants are better than other mortgages because you don’t have to pay them back (although some other mortgages are forgivable after a certain period of time).
Be sure to use the First Time Home Buyer Program Guide to find one
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