95% of first time homebuyers in Washington State don't know that there are tens of thousands of dollars in grants and loans available to them! As a first time homebuyer, make sure to review these two major programs in WA state to see if they're a good fit for you:
Washington State Housing Finance Commission: WSHFC is a non-profit dedicated to helping every Washingtonian own their own home, and this program allows us to take out a loan with 3% down, then get 4% down payment assistance so the cash required to close is super-minimal (as little as $6,000 in some cases, depends on the purchase price of the property though).
Here’s the info on the program: http://www.wshfc.org/buyers/downpayment.htm . You need to attend a homebuyer’s class taught by a WSHFC trained Realitor and Lender, Michael Haas is trained and am teaching a few of these. Reach out to HouseHack Seattle now if you’re interested and we will send you the details for the upcoming Homebuyer Classes, and answer your questions about the program.
Bank of America Homebuyer’s Grant: https://www.bankofamerica.com/mortgage/affordable-housing-programs/. Contact our team at HouseHackSeattle for more information and an introduction to a qualified Bank of America Lender.
In Summary: These are the two biggest programs in Washington, but there are many less commonly used programs, like the City of Seattle’s Office of Housing's DPA program for first-time buyers with low incomes. Those who qualify and want to buy a home with three or more bedrooms can get up to $90,000, or $70,000 for fewer bedrooms. For more programs like this and an individualize assessment of the best loan options for you, reach out to our team at [email protected] / (408) 439-7873.
