You’ve been hearing abou the $8,000 first time home buyer’s tax credit that is available. And you’ve probably even heard that it can now be applied to your downpayment at closing.
Well, there are even more options available for downpayment assistance. With some limitations, the ARCH Housing program allows for up to $30,000 in downpayment assistance. This government sponsored assistance comes in the form of a simple interest loan that doesn’t have to be paid back for 30 years.
There are restriction as to who can qualify (income limits, first time home buyers), location (certain East King County areas only) and the purchase price of the home (there is a cap), but the assistance is available.
For additional information, you can call our friend Fern Lam who is teaching the required classes through the Master Builders Association of King/Snohomish Counties.
