2015 First Time Home Buyer Programs for Washington FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. House Key Veterans Program Veterans can get down payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent and there is a 10 year loan term. Qualified buyers in Washington may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. Mortgage Credit Certificate First time homebuyers who are eligible for this program can lower their tax liability by taking advantage of a yearly tax credit that is based on their annual mortgage interest payments. The credit is available throughout the life of the loan. Assistance is available on a first come, first served basis. A nonrefundable $650 MCC fee is due at closing. Qualified buyers in Washington may apply. HomeChoice Program Borrowers who have a disability or who have a family member with a disability (living with them) can get $15,000 in down payment assistance in the form of a 1 percent second mortgage. The second mortgage is due after 30 years, when the home is refinanced or when it is sold. Income limits apply. Qualified buyers in Washington may apply. Home Advantage Downpayment Assistance Second Mortgage Program For borrowers who take out a first mortgage loan with Washington State can qualify for down payment and closing cost assistance as well. The assistance comes in the form of a deferred second mortgage at 0 percent. This second loan amount is equal to up to 4 percent of the first loan amount. Payments are not due until mortgage term expires, or the home is sold or refinanced. There is no first time buyer requirement. Qualified buyers in Washington Home Advantage Built New Program Buyers of never occupied new construction can get down payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent. Participants must be first time homebuyers. Qualified buyers in Washington may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
House Key Schools Program Teachers and employees of community or technical colleges and K 12 public or private schools (accredited or recognized by the state) can get down payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent and there is a 10 year loan term. Participants must be first time homebuyers. Qualified buyers in Washington may apply.
To apply visit http://buyerprograms.net/Washington