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Washington First Time Home
Buyer
 Washington
had a stronger economy than most of the country but the financial
crisis
has taken its toll. Foreclosures have been rising throughout Seattle and
business closings and layoffs have been hurting their economy. Seattle’s home
values are expected to lose 17% by the end of the year and sales of lower
priced homes should pick up due to the first time home buyer credit. The housing
market could rebound quickly once job losses dissipate and
Seattle’s modern and diverse companies should
fuel a quick recovery.
Washington First Time Home Buyer Stats
| Average Home Sales List Price |
$424,079 |
| Foreclosure Rate |
1 in 107 homes-up 72% from 2008 |
| Best Places to Live |
Camas, Mukilteo, Sammamish,
Silverdale |
| Most Affordable Place to Live |
Youngstown |
Special
Programs
The My Community Pennsylvania First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify. tage of your VA loan eligibility today.
Washington First Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
FHA Single Family Mortgage Limits range from $271,050 to $567,500. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Seattle |
$567,500 |
$726,500 |
$878,150 |
$1,091,350 |
| Olympia |
$361,250 |
$462,450 |
$559,000 |
$694,700 |
| Tacoma |
$567,500 |
$726,500 |
$878,150 |
$1,091,350 |
| Spokane |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Washington USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all non-high cost counties is $73,600. Seattle has 92,000 income limit and Allentown
has $80,500 limit.
List of INELIGIBLE COUNTIES: Asotin, Benton, Chelan, Clark,
Cowlitz, Grays Harbor, King, Kitsap, Pierce, Skagit, Snohomish, Spokane,
Thurston, Walla Walla, Whatcom, Whitman, and Yakima.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
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