First-time buyer programs offer financial assistance to qualified borrowers who may need some creative solutions to get into their first home. These programs offer financial assistance to qualified borrowers with:
- Down payment assistance
- Grants to help with closing costs, down payments, or home improvements
- Subsidized interest costs
- Reduced lender’s fees eligibility depending on loan program
Required Down payment from the borrower = Zero (0)
Eligible Borrowers = Primary Home Purchase only (meaning you have to live there) but it doesn’t have to be your first home purchase in some cases
Income Qualifications = Some programs have income limits. For example. A married couple can not make more than a combined $97,000 if they want to do the Washington State Bond Program.
What does it cost a borrower to purchase a home? Zero (0) in some cases. In other cases the borrower may have a zero down payment but need to come up with the closing costs.