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King Washington Form 8815: What You Should Know

Homeowners are also offered loan counseling and other financial services, such as foreclosure prevention assistance and title insurance, by qualified homebuyers and non-profits. This is available in any county in Washington except King, Pierce and Snohomish counties. There is also interest relief and homebuyer protection available in non-eligible areas. Qualified buyers and sellers can get a loan at an affordable interest rate, with or without principal loans. You must also meet certain home seller and purchaser requirements, including that you own the property, that the sale of the property qualifies under the program guidelines, and that you have adequate funds to pay the loan. The loan program is limited to up to two loan applications per household. The program can provide about 150,000 up to 40% of the purchase price of a home in Washington. If that much mortgage is used on a home for a single family home, the owner can get about 3,000. That's about one-eighth of the purchase price of a home! Qualified buyers and sellers must agree to pay a down payment, a seller's offer, mortgage insurance up to 200,000, a minimum 2-year mortgage, and a mortgage insurance premium, up to 90% of the amount of the mortgage. Qualified home buyers and sellers also must agree to offer the home at fair market value, and the property must not be in foreclosure. Qualified home buyers with incomes up to 200% of the Federal poverty level have an additional 1,000 per household. The down payment and the other criteria remain constant for this group. Homebuyers who do not qualify for the program might also be able to get an interest break. You can only qualify for an interest break if the property cost is less than 85% of the home value, with a down payment of up to 5,000. In that case, there would be no reduction in interest rates. The state of Washington grants qualified home buyers a 20 rebate check every time the buyer purchases a home for 200,000 or less. Applicants to the program must meet Federal income and asset limits. The property also must qualify for the program. Fee 150.00, interest waived. Homebuyers and sellers can obtain an appraisal to determine the property's value and qualify for the loan.

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