This question was posted in June of 2008 and now that it is nearly April of 2009 we have seen many changes. The answer to this questions was drastically different before Sept. 2008. In todays day it is important to understand that there are many options for people to get into a home. The Rural Housing loan is just one option for some buyers that fit in a particular income bracket. This loan offers 100% financing, yep, you got it, there are still loans that offer 100% financing.

With good loan programs, low interest rates, falling home prices, the first time home buyer has a chance again at getting into a home. Not to mention the $8,000 tax credit. Who doesn't want that back into thier pocket. If you are a first time home buyer contact Shannon Neufeld, Realtor to find out when the next first time home buyers seminar is going to be. You can get all of your quesitons answered, learn about loan options and gain an understanding about the home buying process in todays day. Call today, 360-393-1183.

Nathan,

One of my favorites is the Nehemiah down payment assistance program. In this market if you pick the right property this FHA financing + Gift program works great. The big thing to look for is a home that would qualify. If the seller is motivated and they are willing to sell the home at a discount that is below area appraisals and is willing to gift a portion of the lost equity to the Nehemiah program then it works great.
I have worked with dozens of buyers assisting them in this process. Iff the lender knows what they are doing and you find the right house, it is a great opportunity for buyers. This is not an investor program, but designed for buyer's buying as their primary residence. If you would like more info let me know.

Nathan,

Did you try the wshfc.org site?
If you can't find a copy of their CD on the website, email me and I will send you a copy.
If every buyer was required to view it and take the required training for this program, I don't think we would be in the current finacial state of affairs. It provides a tremendous amount of information about the process of buying a home (or a multi-family property or structure for a non-profit entity). The Key program is not very popular with the general lending community because the tranactions are typically smaller, so you need to look at their preferred lender referrals and call them to ask questions. The programs are very short on dollars right now because of the curret state of the finacial markets but I highly recommend the CD for getting a 3rd party perspective on the home buying process in Washington State. Again, email me if you'd like a copy.
For those Realtors or lenders who haven't seen the program, there is enough informatin on the CD to keep buyers happy for hours while you take their kids to the mall. When you come back to pick them up, they will actually have an understanding of who the key palyers are and how they all fit together.

HI Nathan,

There are still great zero down programs available. I can do a program that requires no down payment and the seller can pay all closing costs. This is a better program than FHA because it requires no mortgage insurance resulting in a much lower payment. There are some area and income resrictions that you'll need to hear about but I'd be happy to spend a few minutes with you to explain.

Matthew Berg
Mortgage Advisor
206.914.9438

Nathan,

I would check with your state, often times they have special grants and bond money programs in addition to FHA programs to help you pay for the 3% downpayment. I have found these programs particulary beneficial to first time homebuyers in my state as well. Good luck with everything!

Brent Bester
Mortgage Professional
614-622-8916

No one's giving people money to buy homes so grants are out. You can get into home with no money, however, buy using the Nehemiah gift program with an FHA loan. The seller must participate but in this market many will agree to do that. The seller can also contribute to your closing costs. If your agent is successful in negotiating the Nehemiah gift, processing fee, and your closing costs you can buy a home without spending a nickel. The total cost to the seller will be 6% + $499. That's a lot of money but that's what I'd try.

Hi Nathan,
Check out the Washington State Housing Finance Commission website for answers to your question. I put the link below. Yes, there are grants and programs available to first time homeowners. These programs can be very helpful to certain buyers. If you have any questions let me know. I have attended the training and am certified to teach the homebuyer education seminars. As far as the process, it's not difficult however at this current date there is a wait list for funds. It really depends on your timeline??

http://www.wshfc.org/

Hallie

Nathan ~ Yes there are a few programs that exist, but they can be pretty difficult. I think that best deal right now is FHA financing. It requires 3%, but the rates are favorable. Also, because it is a buyer's market, you can probably have the seller pay up to 3% of your closing costs. I just closed a sale yesterday on a house in Bellingham where the buyer only had to bring $6,000 to closing.