Resources
The following resources are more than links to information, they are sources for down payment assistance and low interest loans for many household incomes.
Federal Housing Administration (FHA)
Operates within HUD and has the primary responsibility for administering
the government home loan insurance program. This program allows a first time
home buyer, who might otherwise not qualify for a home loan, to obtain one
because the risk is removed from the lender from FHA who insures the loan
for the lender. The most common loan offered by FHA only requires a 3
percent down payment and that down payment can be a gift from a relative,
non-profit organization or government agency.
US Department of Housing and Urban Development (HUD)
This is where you will find valuable leads and information about all federal
programs that assist first time home buyers, including FHA, Fannie Mae or
Freddie Mac.
HUD resources for Washington State
Good listing of non-profit organizations that assist first time home buyers.
Washington State Housing Finance Commission (WSFC)
Helps low and moderate income first time home buyers purchase
their first home in Washington. Classes, resources and answers are available
at 800-767-4663.
Washington Homeownership Center
A non-profit information clearinghouse recommended by HUD
Washington State and regional HUD programs
Assistance with buying a home from the US Department of Housing and Urban Development
American Dream Downpayment Initiative (ADDI)
Many local agencies that assist with first time home buyers.
US Department of Agriculture Rural Development loan programs.
These programs are for rural development and you may qualify.
100 questions and answers about buying a new home - from HUD and FHA
“Shopping for a Mortgage? FHA Improvements Benefit You.”
FHA has made dramatic improvements to the application process for FHA-insured mortgages. The best features of FHA have been retained, such as more generous debt and payment to income ratios, low down payment requirements, no prepayment penalties, and liberal treatment of credit history. Click above to download brochure.
