In the State of Washington, the HouseKey program has resumed it's funding. This means Veterans and anyone who has not owned a primary residence in the last 3 years can get 100% financing for their home purchase, including manufactured homes and condos. The program is offered through specific loan officers who have been certified by the Washington State Housing Finance Commission (WSHFC).
The rates are below market, and have some income and purchase price limitations, but you can still find a few homes to fit the parameters in our part of the state (Eastern Washington).
Here are the current rates as set by the State:
30 year fixed
6.5% 0 origination/discount points
6.25% 1 origination/discount points
6.0% 2 origination/discount points
(They also offer 40 year and interest-only rates)
Income limits for our area are $70,000 for households of 3 or more and $60,000 for households of 1-2 people.
House price cannot exceed $230,000
So, to find the house that fits your budget, you may have to be a little farther from town, but it gets you into a home of your own.
At a time when 100% financing programs are as hard to find as baby pigeons, this one is amazing. If you know any veterans, they don't have to be a first time buyer to qualify. Also, it is amazing that someone can get 100% financing on a manufactured home (doublewide, HUD certified).
A couple more things: It has to be your primary residence, and you need to attend a free class in order to qualify. If there aren't any in your area, contact a WSHFC certified lender to find out about other training options.
Some nay-sayers will tell you that you have to pay recapture tax if you sell your home, but talk to a WSHFC certified lender and they can explain the math to you to see why only 1 person has ever had to pay this tax out of the roughly 50,000 clients.
We have done a lot of these loans in our market, and we are glad the state was able to resume the funding of this program.
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