Washington Extends Down Payment Assistance for First Time Home Buyers with FHA, Fannie Mae and Freddie Mac
The State Of Washington Announced a New Down Payment Assistance Program for First Time Home Buyers with FHA, Fannie Mae And More. Nothing is more frustrating for first-time homebuyers than finding the home of their dreams only to realize that they do not have the finances needed for making a down-payment and paying any other up-front costs involved. Fortunately, closing costs and down Payment assistance in Washington is available to those families and individuals who want to buy their first home.
Most of these down payment programs for first time home buyers in Washington are derived from two different sources – charitable organizations and government subsidized programs. Where first time home buying in Seattle and other areas in Washington State are concerned, there are 8 different down payment assistance programs available to the first-time buyer*:
- Home Advantage DPA – provides 4% of the mortgage value at 0% interest with deferred payments for 30 years
- Home Advantage Rebound – provides up to $10,000 towards your downpayment if you qualify (applies to foreclosures and short sales)
- HomeChoice Program – maximum amount of $15,000 is available to qualified disabled individuals or family members
- House Key Plus ARCH – up to $30,000 available to first-time homebuyers in east King County (designated areas only)
- House Key Schools – up to $10,000 available to K through 12 school employees (includes accredited or state recognized private or public schools as well as community colleges and tech schools)
- House Key Seattle – Washington down payment assistance of up to $45,000 is available to eligible individuals who meet specific income limits (restrictions: home must be located within Seattle city limits and the price cannot exceed $379,050)
- House Key Veterans – must be an honorably discharged veteran to qualify for up to $10,000 (includes current state National Guard and reserve members and have received an honorable discharge as well as spouses of deceased veterans that have never remarried and their dependent children)
- New Home for You – qualified first-time homebuyers can receive up to $10,000 provided they are purchasing newly constructed homes that have never been occupied and whose FICO score is 680 or higher.
WashingtonHome Buying Resources:
1st Time Home Buyer Overview for Washington
Guide to Responsible Homeownership in Washington
Do You Qualify for Downpayment Assistance When Home Buying in Seattle?
Home Price Limits for Down-Payment Assistance in Seattle, WA
HUD has issued new HOME Homeownership Value Limits for 2014 that are effective January 1, 2014. These new limits apply to homeownership housing to which HOME funds are committed on or after January 1, 2014, and remain in effect until HUD issues new limits. The 2014 limits for the Seattle area are: $288,000 for existing homes and $294,000 for new homes.
Washington Home Buying Assistance with HUD
State of Washington Down Payment Assistance Contact List:
Michelle Campbell, HOME Program Manager
Department of Commerce
1011 Plum St. SE
PO Box 42525
Phone: (360) 725-3039
Fax: (360) 586-5880