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Great News For First Time Home Buyers in Washington State - Down Payment Assistance Near
Great news and big news for the residents of Washington State regarding home ownership, buying and selling.
The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment.  The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.
The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds. 
The program is the first of its kind in the nation and would work as follows:
•·        The State Treasurer's Office would make an off-setting deposit in an FDIC-insured short-term  account with a selected financial institution. The investment would earn a low interest rate to  stay fully ... more

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