If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.
Establishing Credit Scores
September 9, 2015 by 1 Comment
Fannie Mae offering Home Buyer Incentives
April 24, 2015 by Leave a Comment
Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
Washington State Down Payment Assistance Programs and Grants
June 18, 2014 by 18 Comments
UPDATE: This was published in 2014. Please be sure to check out our updated Down Payment Assistance Guide and First-Time Home Buyers Programs Guide for more up-to-date information.
Washington State home buyers have several various down payment assistance programs available, and they’re not just limited to first time home buyers. These funds can go towards closing cost and the down payment of primary residence.
Here’s an updated list of what I have available.
The FHA HAWK Program for Homebuyers
June 10, 2014 by 4 Comments
UPDATE: Please check out our updated FHA guide for current information for FHA mortgages for homes in Washington state.
A few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.
Freddie Mac Home Possible® Mortgage in Washington State
August 30, 2013 by 17 Comments
Freddie Mac Home Possible® Mortgage in Washington State
The Home Possible® mortgage is a low-down-payment conventional loan program designed to help buyers achieve homeownership with more flexibility and lower upfront costs.
Backed by Freddie Mac, Home Possible allows qualified homebuyers in Washington State to purchase a primary residence with as little as 3% down, while offering reduced mortgage insurance and competitive interest rates.
This program is especially popular with first-time homebuyers in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County, where saving for a large down payment can be challenging.
Update: This article reflects current Home Possible mortgage guidelines for 2026. Program details, income limits, and loan limits are subject to change and should always be verified.
More options for Washington home buyers
April 5, 2013 by Leave a Comment
Yesterday I was “in class” at the Washington State Housing Finance Commission learning about programs they have to offer Washington home buyers, including down payment assistance programs.
In order to obtain the down payment assistance, you must use a WSHFC first mortgage product, which includes:
- Home Advantage
- House Key Opportunity (limited funds – state bond). UPDATE: As of June 26, 2013 – this program is not being offered by the Commission. Home Advantage is still available.
The first mortgages may be FHA, USDA, VA or conventional mortgages with private mortgage insurance.
The down payment assistance (DPA) is in the form of a second mortgage that have specific criteria home buyers must meet to qualify.
- Home Advantage DPA has an income limit of $97,000 and does not have a “needs assessment”.
- Commissioned Second Mortgage works with the House Key Opportunity and is available to home buyers with special needs.
Home buyers interested in either program must attend a 5 hour class in order to qualify for these programs. While at class yesterday, I also received training to be a “Commission trained instructor”.
Watch for more details to follow soon!
The ABC’s of Preparing to Buy Your First Home
December 13, 2012 by 1 Comment
NOTE: This post has been updated for 2026.
Borrowers getting ready to buy their first home are often surprised…for different reasons. I find that some are surprised to learn that they do qualify for a home in their price range and some are disappointed to learn that they have a little work to do before they can buy a home.
Getting preapproved with a mortgage professional helps to take some of the “surprise” out of the process.
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