There is a great program here in Seattle that helps first time homebuyers get into their first home with little or no money down.

It's a state bond program through the Washington State Housing Finance Commission (www.wshfc.org).

One real-life example of this program:

Single person, makes less than $46,000 per year, was able to qualify for a $254,000 purchase at about $1,250 per month using some of the many programs available through WSHFC.  The second mortgage had a deferred interest - deferred for 30 years. 

What's the catch?  There are some income limits and work experience criteria, but they are pretty lenient.  You are also required to take a free First Time Homebuyer class through the Commission.

Basically, the local government wants to help people get into their first home.

Contact me if you want more info about this program.

- Jay