Home Ownership Programs
There are many local, state, and federal programs which assist first-time homebuyers. The Washington Homeownership Center, listed below, can provide information on these programs, which range from education and credit counseling for prospective as well as current homeowners, to low-cost financing.
Washington Homeownership Center
(206) 587-5641, or Toll Free (800) 317-2918
Or visit the Washington Homeownership Center's website at www.homeownership-wa.org
Washington Homeownership Center (WHC) is the best resource for information on a variety of first-time homebuyer programs. This nonprofit organization charges no fees for the information and guidance it provides to its clients. WHCcan put you in touch with resources that match your needs including:
- homebuyer education programs
- below market interest rate mortgages
- downpayment assistance programs
- "sweat equity" programs (where one's labor is included as a portion of the downpayment on a new home)
- multi-lingual homebuyer resources
- first-time homebuyer education and counseling program
- lenders offering VA, FHA, conventional, state bond, and portfolio loan programs for first-time homebuyers
- referrals to realtors and housing counseling agencies
Members of WHC include mortgage lenders, nonprofit housing organizations, real estate professionals, and government agencies.
Washington State Housing Finance Commission (WSHFC)
(800) 767-HOME (4663)
Or visit the WSHFC website at www.wshfc.org
WSHFC offers many home ownership programs to assist families in buying a home including:
- House Key - a below interest rate first mortgage loan for first-time homebuyers
- House Key Plus - a $10,000 downpayment assistance loan at 5% interest rate
- HomeChoice - a first mortgage program for people with disabilities
WSHFC offers state-certified 5 hour homebuyer classes regularly. These classes give an overview of the various steps involved in purchasing a home and help the participant become familiar with the industry's jargon. A certificate is given to participants upon completion of the class and is valid for two years. The certificate can help purchasers qualify for some first-time homebuyer programs.
House Key King County
House Key King Countyis a second mortgage program administered by the Washington State Housing Finance Commission for qualified borrowers living in King County. The program allows up to $30,000 in down payment assistance as a deferred payment loan at 4% simple interest. There are no monthly payments on the second mortgage with the balance due and payable when the Borrower sells or refinances their home, or pays off the first mortgage.
A Regional Coalition for Housing (ARCH)
Or visit ARCH website at www.archhousing.org
ARCH provides information to persons looking for affordable housing on the Eastside. ARCH works with King County and the cities of Beaux Arts Village, Bellevue, Bothell, Clyde Hill, Hunts Point, Issaquah, Kenmore, Kirkland, Medina, Mercer Island, Newcastle, Redmond, Sammamish, Woodinville and Yarrow Point. ARCH assists homebuyers identify reduced-price condominiums and town homes in market rate developments.
House Key Plus - ARCH
House Key Plus ARCH is a downpayment assistance program administered by the Washington State Housing Finance Commission for qualified borrowers living in the ARCH member jurisdictions listed above. The program offers a second mortgage of up to $30,000 with a 4%simple interest rate. There are no monthly payments on the second mortgage with the balance due and payable when the Borrower sells or refinances their home, or pays off the first mortgage.
First Homes Program
5117 Rainier Avenue South
Seattle, Washington 98118
Or visit their website at www.homesightwa.org
King County and the cities of Auburn, Federal Way, Kent, and Tukwila have funded the South King County First Homes Program, a mortgage purchase assistance program, which is administered by HomeSight. Currently funds are available for loans for first-time homebuyers, with qualified recipients receiving up to $35,000 as a deferred loan. There are no monthly payments on the loan with the balance due and payable when the Borrower sells or refinances their home, or pays off the first mortgage. HomeSight conducts outreach and offers counseling and education services to first time buyers in South King County.
Homestead Community Land Trust (Homestead CLT)
Or visit Homestead CLT website at www.homesteadclt.org
A community land trust (CLT) is a private non-profit corporation created to acquire and hold land for the benefit of a community and provide secure affordable access to land and housing for community residents. In particular, CLTs attempt to meet the needs of residents least served by the prevailing market. CLTs prohibit speculation and absentee ownership of land and housing, promote ecologically sound land-use practices, and preserve the long-term affordability of housing.
The HCLT ADVANTAGE program which is a home purchase assistance program operated by Homestead CLT. Through HCLT ADVANTAGE, your household may receive up to $45,000 of purchase assistance with no interest and no repayments to help buy your family a home in the White Center, Boulevard Parkand Skyway neighborhoods of unincorporated King County.
Habitat for Humanity of East King County
Or visit Habitat of East King County's website at www.habitatekc.org
Habitat for Humanity of East King County is an affiliate of Habitat for Humanity International, which operates independently but has the same mission and goals as Habitat for Humanity International. The goal of this affiliate is to make it possible for low-income Eastside residents to be able to purchase simple, decent, affordable homes. The Eastside chapter is one of over 35 Habitat affiliates in Washington State.
Habitat of East King Countyensures long-term affordability of the homes by retaining interest in the land and operating the housing under a land trust model. Homebuyers acquire equity in the home itself and when the home is sold, it is priced to be affordable to another income-qualified Habitat homebuyer.
Habitat for Humanity of Seattle/South King County
Or visit Habitat of Seattle/South King County's website at www.seattle-habitat.org
Since 1986 the local affiliate of Habitat International has built simple, decent affordable housing in partnership with 121 very low-income families. The Habitat model is not a giveaway program. Homeowners invest hundreds of hours of their own labor -- sweat equity -- into building their Habitat house and they pay a no-profit, no-interest mortgage. Materials and labor are donated.