Washington First Time Home Buyer Loans

If you’re a first time home buyer in Washington, you’re getting ready to live in one of the most naturally beautiful and technologically advanced states in the nation.  But you need a mortgage loan to fund your home purchase and this is where the process can get tricky.  We’re here to help.

Washington State First Time Home Buyer Information

The best thing you can do to move the mortgage process along swiftly and easily is educate yourself on how the process works.  Read through our first time home buyer checklist, which is a summary of the steps involved.  It will help relieve any stress or uncertainty you may feel about the future.

• First, figure out how much money you can borrow.  This isn’t about how much money you need in order to buy your dream home.  This is about identifying what size mortgage you’ll be able to afford based on your income.  This is the first step.
• Find out whether or not you have good credit.  Many homebuyers aren’t even aware of what their credit score looks like until they meet with a lender and get denied a loan.  You’ll be wasting your time if you don’t fix your credit before you apply for a loan.
• Determine which mortgage type you need.  This is not hard.  Simply examine the different mortgage terms and packages available and select the one that fits with your long term goals.
• Find a lender who offers low rates.  It’s essential that you get a low interest rate on your mortgage.  The only way to know whether or not a specific lender is offering you a good rate is to compare multiple offers from multiple lenders.
• Don’t take any additional steps until you’ve been preapproved for the mortgage.  If you don’t get preapproved, you may just be spinning your wheels.  Prequalification doesn’t cut it.  You need to have assurance from the lender that you’ll get the money you need once you find the right home.  This is preapproval.

To get started on this checklist, use the mortgage calculator included here to analyze what your financial situation will look like with a mortgage.

1st Time Home Buyer Loan Programs

The Washington FHA loan program is a solid financing choice for residents of the state.  It doesn’t take much to qualify for an FHA loan, which is just how it’s meant to be.  The Federal Housing Administration provides FHA loans to help first time home buyers and low income homebuyers get into homes suitable for their needs.

As a result of this initiative, the down payment amount required with an FHA loan is minimal.  Credit score requirements are lenient as well.  Your loan amount must fall within the Washington FHA loan limits in order to qualify.  Visit the Washington page of the FHA website for additional information

About Washington State

Washington, which is named after the first president of the United States, is the only state named after a president.  It is famous for its Cascade Mountain Range, which contains several volcanoes.  The two most famous are arguably Mount Rainer and Mount St. Helens.

Seattle is Washington State's best known city.  Seattle is home to the grunge-rock music movement.  It is also the founding metropolis of coffee companies Starbucks, Seattle's Best, and Tully's.  Famous companies such as Microsoft and Amazon.com are headquartered around the Seattle area.  Seattle's most famous landmark is probably the Space Needle.  Washington state boasts a median home price of $168,300 and a homeownership rate of 64.6%.  This can make it difficult for first time home buyers to find affordable homes, but with a wealth of mortgage loan options available, there are many solutions to this issue.

Popular loan programs

Lenders in: Washington.