WASHINGTON, D.C. – January 28, 2013 – (RealEstateRama) — If you’re looking to buy your first house in East King County, where housing prices are tough for the working class and middle class, there’s a program in King County that can help people back home in the 45th District.
Owning a home isn’t just part of the American Dream – it’s a crucial step for any family to build up savings, since your home is typically the most valuable thing any family ever owns.
A partnership is helping working class families buy their first home, including an innovative way of raising up to $30,000 for a down payment and closing costs through a second mortgage that has zero payments until the borrower sells the home, refinances the loan or pays off the entire mortgage.
“This program can make homeownership possible for households who might not otherwise be able to put together the necessary financing,” said Karen Miller, chair of the Washington State Housing Finance Commission.
According to the state housing commission, here are the requirements and details:
- First-time homebuyer purchasing a home as a principal residence in the East King County ARCH area
- House Key Plus ARCH must be used with one of the Commission’s first mortgage programs.
- Household income and home purchase price are limited (see www.wshfc.org/buyers/arch.htm)
- All borrowers must attend a free Commission-sponsored homebuyer education seminar and a one-on-one pre-purchase counseling session.
Further information
House Key Plus ARCH downpayment loans: www.wshfc.org/buyers/arch.htm
ARCH ownership housing programs: www.archhousing.org
