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    State of Washington Mortgage Help

    Does Washington state offer government mortgage help ? Are there Washington government mortgage assistance programs in place to help those of you who are in danger of losing your homes? Washington state, as well as the federal government offers you a wide array of assistance in preventing foreclosure in the state of Washington., Among those programs that are free for the use of Washington residents are foreclosure prevention programs, home mortgage counselors, as well as many others.
    Taking advantage of the help that is offered to you to save your mortgage is just good sense.. Your home is Washington is worth trying to save.
    You are eligible for free help so far as foreclosure counseling. Counselors will assist you to try to find you a way to keep your home, and you may contact them by telephone hotline at  Washington State Home ownership Information Hotline at 1.877.894.HOME (1.877.894.4663) or visit the Washington State Home Ownership HELP

    The Washington Housing Finance Commission (WSHFC) has set up a number of omeownership Programs with the purpose of opening doors to a better life. These programs help first-time, low-and moderate-income buyers by giving them down payment assistance, homebuyer education, and counseling.  The following is one of the four available programs: The House Key Plus  Program now available, is combined with The House Key State Bond  Program which became available the 14 September 2010 and is a fixed interest rate for 30 years. The House Key Plus Helps you if you are a first time buyer (which means that you have not owned a home at any time in the last three years) or if you plan to buy a property in a target area(an area where the government is encouraging citizens to live).

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    You must be within certain income limits to qualify for the help. Depending on the county the income limits are from $70,400 to $85,600. To be entitled to these programs the buyer must use the home acquired as his principal  residence and it must be owner-occupied.

    Borrowers will be given a free Homebuyers Education Seminar that the Washington State Housing Finance Commission will sponsor. This will help you decide which is the best program for your needs and how to purchase and maintain your first home. The amount you will be able to borrow varies depending on interest rates taxes and insurance costs and other factors. Obviously the better your credit situation is the better  off  your are, but even if your credit history is not perfect, you will not necessarily be excluded from getting a mortgage.

    A House Key Plus loan officer knows there are legitimate reasons for past credit problems and will be able to help you decide on an acquisition price that is within your budget, on how much closing costs will be (expenses incurred in transferring  ownership of the property) and on how much you can borrow.  With the loan officer you will also be able to discuss about the other three programs available, which are:

    – The House Key State Bond Program mentioned above which is a fixed rate mortgage for 30 years.

    A New Home For Your Pilot Program which is also a fixed interest rate loan for 30 years but for newly constructed never lived in homes and a credit score of 680 or more is required.

    Heatwave Pilot Program another fixed rate mortgage for 30 years with the added advantage for first time mortgages of commission free assistance with down payments. A 680 or more credit score is also required.

    These programs help citizens of Washington become  homeowners and by extension the whole community. Studies show that when a person owns a home in the community, the community is strengthened and  they are more supportive of community projects and activities which can create a vibrant social and economic atmosphere. For more details contact the Washington Housing Finance Commission

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