Home Buying Programs in WA

Home Buying Programs in WA

Home buying programs in WA

Most home purchasing programs offer one or two forms of financial assistance: Down payment  assistance (DPA) and loans. Many of these loans are deferrable, even for the entire length of the  mortgage. Simply put, there’s no interest paid on them. Over the course of 30 years, that can be a huge  savings.

Programs

DPA #1 : Put on by the WSHFC.  Get up to 5% of your loan amount in DPA. Pay 0% interest for up to  30 years. Click  here to learn more.

Qualifications: make no more than $145K annually.

DPA #2 : Put on by the WSHFC.  This is only for active and former military members, offering up to $10k in DPA. Click  here to learn more.

Qualifications: must be in the military or a veteran, and have an annual income of no more than $113,300 for residents of King and Snohomish Counties, or $89,800 in all other counties.

House Key Opportunity DPA:  Put on by the WSHFC. Get DPA of up to 10k, with a 1% interest rate  deferrable for up to 30 years.

Qualifications: this program is for first time buyers only, and has maximum annual income limits per  county: King/Snohomish: $76,200  Clark, Kitsap, Pierce, Skamania, Thurston, Whatcom: $56,250  Other counties: $49,950

Home Choice get up to 15K  in DPA. 

Qualifications: for people with disabilities, or those who live with somebody with disabilities. Income  limit for  King/Snohomish is $113,300, and for all other counties is $89,800.

Single Family Housing Direct Home Loans:  This program is put on by the Rural Development  department of the USDA. Click  here for details.

Qualifications: this program is for families with a “low or very low” income, and only applies to  housing purchases in rural areas with a population of 35,000 or less. Applicants also must be unable to  obtain other loans, and not have what is defined a sanitary and safe residence.

Single Family Housing Guaranteed Loan Programs:  This program is also put on by the Rural Development department of the USDA. Click  here  to learn more.

Qualifications: the applying family’s income must not exceed 115% of the median household income, and it only applies to “eligible rural areas”.

Good Neighbor Next Door Program:  Put on by the Department of Housing and Urban Development. this program is unique to the others on the list in that its more of a discount than a loan. The good  neighbor aspect refers to police, firefighters, EMT’s, and teachers of preK-12. You can learn more here.

Resources 

Washington State Housing Finance Commission. They put on several of the above programs. Get more  info by visiting their website  here . Veteran Affairs. If this applies to you, you already know who they are. Visit the housing assistance  page by clicking  here . Federal Housing Administration. Click  here to visit the FHA site and  get more info about their programs.






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