Washington Mortgage Loans

There's nothing we Washingtonians are more proud of than our state. From the misty beauty of Olympia to the majesty of the Cascades to the primordial pines of our forests, we know this is the only place to be. And some say that now that the real estate market is in the doldrums, it is finally affordable for those with a history in this amazing place!

After all, for many years property values were skyrocketing as Californians and others discovered the magnificence of Washington. And as had happened in other states like New Mexico and Washington, incomes didn't rise anywhere near as fast. Before we knew it, many native Washingtonians were out of luck when it came to buying a home here. But now, because that has changed, it is an excellent time to put that situation behind you, and it starts with getting pre-approved for a mortgage loan!

While many have lamented some of the changes in our state, one thing that can benefit you right now are the many programs put in place for the sake of putting buying a home in your reach! What follows are a few of the powerful Washington mortgage loan programs available to you if you qualify:

HomeChoice Mortgage Programs

• House Key Bond Loan Program
  The House Key Loan Program is a thirty-year mortgage with a fixed interest rate in the 5-1/2 to 6% range, depending on the market. However, traditional mortgage sources can still be used for the other programs which follow below. In addition to earning caps to qualify, recipients involved in the Washington programs must attend a no-cost homebuyer education course. After attending this course, qualifying applicants must speak to a loan agent employed and trained by the State who will guide you through the various programs to let you know which are right for you and whether you qualify for one or another.
• Down Payment Assistance Program
  The Down Payment Assistance Program was put in place to help prospective homebuyers who earn below a certain level, depending on the Washington county in which they reside. Additionally, this program is available to those who have a disability or who have family living with them with a disability. While it isn't a first mortgage program, it does bring homebuyers something almost all need these days regardless of credit: as much as $15,000 per family for a down-payment on a home! It isn't a grant or a gift, but rather a one-percent interest second mortgage, payment for which is put off for several years while you adjust to homeownership. To qualify you must be a first-time homebuyer, which means you can't have owned a home in the last three years (or live in certain "targeted areas" of the state). Also, you must meet the required acquisition cost and income limits set out by the House Key Bond Loan Program. As with the above, qualifying applicants must attend free homebuyer education classes.
• HomeChoice Second Mortgage Program
  The House Key Bond Loan program isn't just for first-timers either. The HomeChoice Second Mortgage is designed for helping qualified candidates improve their existing homes. Again, there are income requirements and again there are allowances for those with disabilities or who care for family with disabilities. In a recession with tight credit, this can mean a world of difference. A growing family can expand an existing home rather than trying to buy a larger home. And those who are getting on in years and can't really do the necessary repairs and upkeep they know are needed can also benefit greatly. The low interest rates on these second mortgages will be the same as for the first-time buyer program outlined above.
• Mortgage Credit Certificate (MCC) Program
  This program is rather unusual, but it serves to stretch the qualifying applicant's income so that they can more readily afford a new home or pay a new mortgage. But it is neither a mortgage nor a down-payment grant. Every time you are paid, taxes are automatically deducted from your paycheck, right? Well, under this program, fewer taxes are deducted! That means your take home pay will increase. However, if you qualify for the MCC Program, you will have to pay a one-time fee of $650 that is paid at the time of closing on your new home. This "tax credit" is available to those with traditional Washington mortgage loans, such as FHA, Fannie Mae, Veterans Administration, or other state development loans meant to help those in rural areas of Washington. There are income standards for this program as well.

So, here's to homeownership in the Evergreen State! Enjoy our wonderful environment - and your little slice of heaven!