1st Time Homebuyer Assistance Information

Overview Community Homeownership Center First Homes Program Washington State Housing Finance Commission A Regional Coalition for Housing Overview There are many local, state, and federal programs which assist first-time homebuyers. The Community Homeownership Center, a clearing house for first-time homebuyer information, can provide information on these programs, which range from education and credit counseling for prospective as well as current homeowners, to low-cost financing. King County and the cities of Auburn, Federal Way, Kent, and Tukwila have funded the South King County First Homes Program, a second 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 $25,000 as a second mortgage with payments beginning in the 8th year. HomeSight conducts outreach and offers counseling and education services to first time buyers in South King County through its Kent office. See below for more information. Community Homeownership Center Contact: by telephone (206) 587-5641, or Toll Free (800) 317-2918 or visit the Community Homeownership website. (external link) Community Homeownership Center (CHOC) 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. CHOC can 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 CHOC include mortgage lenders, nonprofit housing organizations, real estate professionals, and government agencies. First Homes Program Contact: HomeSight (external link) 5117 Rainier Avenue South Seattle, Washington 98118 (206) 723-4355 HomeSight provides education, counseling, and purchase assistance (if eligible) to first-time homebuyers in South King County in the cities of Auburn, Federal Way, and Tukwila. The purchase assistance are second mortgage loans up to $25,000 per household if the buyer meets program income and underwriting criteria. The second mortgage loans are amortized over a 30 year period and are at 3% interest. Homeownership classes are offered in collaboration with community partners. At a minimum courses include the state-certified 5 hour first-time homebuyer seminar, a course on the legal aspects of purchase, and a course on the HUD-sponsored 203(k) rehabilitation program. Courses may also include budget and credit management and mortgage default counseling. All program participants are followed up with individual one-on-one sessions to address individual household obstacles to ownership. Washington State Housing Finance Commission (WSHFC) Contact: by telephone 1 (800) 767-HOME (4663) or visit the WSHFC website. (external link) 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 downpayment and closing cost assistance program HomeChoice - a homeownership program for people with disabilities. In addition, the Washington State Housing Finance Commission 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 givin upon completion of the class and is valid for two years. The certificate can help purchasers qualify for some first-time homebuyer programs. A Regional Coalition for Housing (ARCH) Contact: by telephone (425) 861-3677 or visit the ARCH website. (external link) ARCH provides information to persons looking for affordable housing on the Eastside. ARCH works with King County and the cities of Bellevue, Bothell, Issaquah, Kirkland, Mercer Island, Newcastle, Redmond and Woodinville to identify reduced-price condominiums and town homes in market rate developments.