Programs available in Washington to assist first-time home buyer market

In 1983, during a previous bleak period in the economy, legislation was passed to create the Washington State Housing Finance Commission (WSHFC) to provide lower-than-market rates on loans for low to moderate income first-time home buyers. The state did this to provide more affordability and to stimulate the economy at a critical time. The following year, more than 3,000 first-time home buyers from communities across Washington took advantage of 30-year loans financed by the Commission and made through bankers around the state at 11.18 percent. This was a time when interest rates were at 20 percent.

Today, with interest rates at nearly a quarter of what they were in the early 80’s, and with home prices more affordable than they have been in five years, now is a great opportunity for first-time home buyers to take advantage of WSHFC’s education and financing programs to purchase and maintain a home.

The programs offered at the Commission are valuable because home buyers with minimal savings can receive down payment assistance to achieve home ownership with very little, if any, of their own funds.

Commission sponsored homebuyer education seminars are the first step in purchasing a home. Home buyers feel supported with the expertise of WSHFC-approved real estate and mortgage professionals who instruct the classes and guide the new buyers through the process.

One study shows that 46 percent of the people attending the seminars buy houses within six months.  

Nancy Hill, along with her Windermere associate Patty Worgan are WSHFC first-time home buyer education class instructors. They conduct classes every quarter at the YMCA in Newcastle with anywhere from 2-8 home buyers of all ages and experience.

HOW to get started;

1.     Watch a great video at www.WAhomeowners.com that will help explain the WSHFC programs. 

2.     Home buyers can attend a Housing Finance Commission Sponsored Home Buyer Education class; this 5-hour class is a a requirement for getting a loan from the Commission. Select a class to attend at www.wshfc.org or you can contact Nancy to attend her class on August 18, 2010.

3.    Get connected with a House Key trained loan officer, Keane Ng/Cobalt Mortgage, or any other trained loan officer listed at: http://www.wshfc.org/buyers/premier.htm

4.     Look into the House Key Loan Program for first mortgages for first-time home buyers; and, there are Second Mortgage Loans for Down Payment Assistance available through House Key Programs. There are also Second Mortgage House Key Programs for down payments for those with disabilities, for teachers, and veterans.

Information and help with all these services are available through the Housing Finance Commissions Homeownership Division at www.wshfc.org or Contact Nancy Hill