There are first-time Home Buyer and Mortgage Assistance for Washington resisdents that offer educational resources and down payment assistance. These programs are state, county, or community based, and eligibility requirements typically include income limits and completion of an approved home buyer education program.
First-time home buyers usually include anyone who hasn't owned a home within the preceding three years. Washington housing-related programs include financial education, credit counseling, and assistance with avoiding foreclosure. For most of us, our home will be the largest purchase made in our lifetime, so it pays to do the research and compare lenders and mortgage rates.
Washington Reverse Mortgage Information
If you're thinking about getting a reverse mortgage, it's essential to understand how a reverse mortgage works. There is a useful Washington reverse mortgage fact sheet provided by the Washington State Department of Financial Institutions, which supplies consumer information
Home buyer education programs are designed to "cover all the bases" of home ownership. Budgeting for all costs of owning a home is important. Once you buy a home, you can't call the landlord to fix the plumbing! You'll also pay property taxes, hazard insurance and possibly mortgage insurance. Taking a home buyer education course can help in preparing for the costs of owning your own home.
Your Washington Mortgage Loan: Avoiding Foreclosure
Foreclosure proceedings in Washington can be conducted through either civil or judicial proceedings; typically, foreclosure takes about 120 days, but this can vary. If you 're considering "walking away" from your mortgage, please note that Washington state law allows lenders to file a deficiency judgment against you if your home is abandoned six months before the foreclosure is filed. Lenders may pursue deficiency judgments only in judicial foreclosure proceedings. The right of redemption--regaining ownership of your home after foreclosure is completed--is rare, and can be granted only if your home was foreclosed under judicial proceedings.
If you're having difficulty making payments, make every effort to contact your mortgage lender and ask for help with your home loan. If your lender can't help, please check the resources here for links to credit counselors and government programs designed to help you keep your home.
List of Washington Mortgage Resources & Homebuyer / Homeowner Information
US Dept of Housing and Urban Development WA:
Veterans Administration:
Washington property tax rates: (Estimated property tax rates for your state)
Washington State Housing Finance Commission (WSHFC) homepage:
WSHFC Homebuyers programs:
WSHFC homebuyer education program
WSHFC homebuyer down payment assistance:
WSHFC Homeowners resources page:
Washington Home Ownership Center
King County First Time Homebuyer Assistance Information:
City of Seattle Office of Housing
Kitsap County Consolidated Housing Authority First Time Home buyer's Course
Pierce County Housing Programs
Washington State Dept of Financial Institutions
Washington State Dept of Financial Institutions Reverse Mortgage Fact Sheet
Washington Tribal Housing Guide
Washington State Office of the Attorney General Foreclosure Information
