New Mortgage Program For Washington State Veterans

Washington State is offering a great program for low rate mortgage financing for US Veterans.  This is not a VA loan, this is State Bond program called House Key, which is primarily set up for First Time Homebuyers.  However, Veterans are offered a one-time chance to use this program, even if they aren't a first time buyer.  The program allows for purchases up to $230,000 so it is better suited to our side of the state (Eastern Washington) where homes at this price still exist.  House Key rates are currently from 5.25% to 5.75%  for 30 year fixed loans for up to 100% of the purchase price.  Some nay-sayers will scare people to higher rate programs by mentioning something called ‘recapture tax'.  I don't want this to be boring, so I won't go into an explanation, but ask someone who does these loans to explain it to you. Even the state will tell you that it is extremely unlikely anyone will ever have to pay this tax.  Additionally the program offers some 40 year and interest-only loans. Talk to one of the House Key premier lenders in your area for more details.