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First-Time Homebuyer Loans

Loan features:

  • Down payment assistance options for qualified buyers.
  • Low or no down payment options to qualified borrowers.
  • No prepayment penalty.

Ideal for borrowers who:

  • Are making their first real estate purchase.
  • Have little to spend on a down payment or closing costs.

Programs:

  • House Key- Provided by the Washington State Housing Finance Commission. Available to first time homebuyers, or to anyone purchasing in specific “targeted areas.” Below market fixed rate mortgage. Income limits and maximum purchase price limits apply.
  • House Key Plus- Down payment assistance programs offered in conjunction with a House Key first mortgage, up to a maximum of $7,500. This can eliminate the need for a down payment.
  • Home$tart- Down payment assistance funded by the Federal Home Loan Bank, to help first time buyers save for a down payment, by matching $3 to every $1 they save up to $5,000. Income limits apply, limited funds available.
  • FHA Financing- Low down payment mortgage, with flexible guidelines designed to assist the first time homebuyer.
  • VA Financing- Zero down payment mortgage, available to eligible veterans.
  • Conventional loans with low or zero down payment options, including Fixed Rate, Adjustable Rate, Balloon/Resets and Interest First loan programs.
  • First/Second Mortgage Combination loans, used to avoid monthly mortgage insurance.

Contact our Home Loan Center at 206-398-5888 or relending@smcu.com for more information or to start your loan application.

Did You Know?

Things to consider when shopping for a mortgage.

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