I have been doing some researching lately on government back mortgage programs for Washington State first time homebuyers and what I found was quite interesting. House Key State Bond is a program for first time homebuyers (or if you are in a targeted area you can be a second, third...etc homebuyer) that uses educational seminars as an incentive to get a lower interest rate.
Personally, I think the homebuyer educational seminar is an excellent idea. It gives people a closer look at home ownership which can help with creating healthy money management practices as well as give them an idea what home ownership is all about. It seems that that money management practices are left out of the educational process and is something I do not see that often even in the blogosphere.
The program also has options for second mortgage as a way to generate a downpayment. There are certain programs for the downpayment assistance depending on your needs and they all have restrictions placed upon them. Some examples are: must have a House Key Home loan already, be a teacher, veteran and/or have a disability or disabled family member. After reading the info a homebuyer can qualify for up to $7,500 for a second mortgage at a fixed rate, which depends on the program itself.
The one drawback of the program maybe the recapture tax. The recapture tax is used to recaptures monies that it took to fund the program but the state says that few will actually have to pay it back. The three terms for people to meet to avoid the recapture tax are: 1) Sell your home after 9 years. 2) Sell your home with no gain and 3) your income falls within federal limits.
But all in all the program looks very good for Washington first time homebuyers.
| City/Area | Plat Name | Sale Price | Per Lot | Sq/Ft | # Lots |
| Alderwood | Alderwood Ridge | $9,635,000 | $205,000 | 2,900 | |
| Alderwood | Morning View S.P. | $690,000 | $230,000 | 8,396 | |
| Arlington | Summer Creek Estates | $193,333 | $193,333 | 43,560 | |
| Arlington | Meadows at Quail Run | $250,000 | $250,000 | 43,560 | |
| Cathcart | Quinn's Crossing | $750,000 | $375,000 | 24,000 | |
| Cathcart | Quinn's Crossing | $380,000 | $380,000 | 24,000 | |
| Everett | Fant Short Plat | $165,000 | $165,000 | 8,667 | |
| Everett | Valky Short Plat | $162,000 | $162,000 | 8,450 | |
| Granite Falls | Pilchuck East | $222,950 | $222,950 | 217,950 | |
| Granite Falls | Real Estate 2000 BLA | $250,000 | $125,000 | 60,000 | |
| Marysville | Meadows at 2 Cedars | $4,734,000 | $131,500 | 5,500 | |
| Marysville | Mill Rose | $2,000,000 | $153,846 | 7,000 | |
| Northcreek | B.I.G. Short Plat | $180,000 | $180,000 | 7,000 | |
| Northcreek | Castlemount | $1,950,000 | $195,000 | 3,200 | |
| Northcreek | Delap Duplex | $295,280 | $295,280 | 14,810 | |
| Northcreek | Foxglove Meadow | $940,000 | $235,000 | 5,493 | |
| Northcreek | Landmark | $5,250,000 | $175,000 | 3,600 | |
| Northcreek | Sutherland Park | $5,160,000 | $215,000 | 4,300 | |
| Northwest | Copper Station | $4,725,000 | $135,000 | 7,200 | |
| Northwest | Haven Hill | $470,000 | $235,000 | 43,570 | |
| Northwest | Sun Peak Estates | $265,000 | $265,000 | 53,507 | |
| Sky River | Denali Ridge | $1,851,000 | $123,411 | 8,700 |
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