Discovering Your Options as a First-Time Buyer in Spokane

Embarking on your adventure into homeownership in Spokane, Washington, begins with understanding the array of assistance available for first-time homebuyers. Here’s a snapshot of loan options you might explore:

• Conventional loans: Typically require 20% down, but some options allow as little as 3% down.
• FHA loans: A minimum of 3.5% down and flexible credit score requirements.
• VA loans: No down payment required, exclusively for veterans and service members.
• USDA loans: Zero down payment for homes in rural areas.
• WSHFC Home Advantage Program: Specialized down payment assistance and other benefits.

Dive into the WSHFC Home Advantage Program for tailored assistance that simplifies the first-home buying process.

Keeping Up with Mortgage Rates

With mortgage rates constantly changing, staying updated is crucial. You can track these changes yourself or partner with a loan officer who will help manage this aspect for you, ensuring you lock in the best rate possible.

How to Apply and Use Down Payment Assistance Loans

First Steps to Financing Your Home

1. Attend a Seminar: Begin with a Homebuyer Education Seminar for a comprehensive overview of the home buying process. You’ll receive a certificate upon completion, a key component for loan application. If you haven't registered yet, you can do so here.
2. Meet a Loan Officer: Consult with a WSHFC-trained loan officer. They’ll guide you to the right loan type and check your eligibility for down payment assistance.
3. Find Your Home: With your loan pre-approval, team up with a real estate professional to find the perfect home in Spokane.

Getting More Help

Extra Support for Washington Buyers

The Washington State Department of Financial Institutions can be a valuable resource, offering free advice on avoiding foreclosure, purchasing a home, or refinancing. It’s an additional layer of support for home buyers in Spokane.

Qualifying for the Home Advantage Program

Do You Qualify?

• Seminar Certificate: Required. If you don’t have one from the last two years, register here.
• Income Limits: Your income should align with the program’s requirements.
• Loan Officer Approval: You’ll need approval from a WSHFC-trained loan officer, confirming you meet the criteria for a loan according to FHA, VA, Conventional, or RHS standards.

Working with the Right Lenders

Partnering Up for Down Payment Assistance

Accessing down payment assistance requires collaboration with a loan officer approved by the WSHFC. They are essential for navigating the Home Advantage Program and maximizing the financial assistance available.

FAQs

How do I keep track of mortgage rates?

You can monitor them yourself or work with a loan officer who will keep you informed, helping you secure the best rate.

Who can attend the Homebuyer Education Seminars?

The seminars are open to all potential homeowners and are essential for those interested in the Home Advantage Program.

What are the income limits for the Home Advantage Program?

The program’s income limit is set at $180,000 statewide, making it accessible for many first-time buyers in Spokane.